Availing of a home loan is no longer a hassle, as all you need to know about is the Central Bank of India home loan. Yes, how can interest rates be missed if we are talking about the same? The lender offers you the best home loan credit facility at competitive interest rates from 8.50% to 9.50% to lower your burden. So, to know more about the same, simply read the page below.
Central Bank of India Home loan Interest Rates February 2025
Everybody wants interest rates as low as possible on their home loan facility. Do you know that the Central Bank of India Home Loan Interest Rate is one of the lowest among lenders in India? The Central Bank of India Home Loan allows a borrower to lower the repayment burden from his/her pocket.
On this page, we will be telling you everything about the Central Bank of India Home Loan interest rates. Some of the important details related to it are provided in the table below. Have a look!
| Loan Aspects | Details |
|---|---|
Interest Rate | 8.50% - 9.50% p.a |
Loan-to-Value Ratio |
|
Maximum Tenure | 30 years or 75 years of age. In case of repairs or renovation - 10 years |
Processing Fee | Waived until 31st March 2025 |
Moratorium Period | Upto a maximum of 48 months |
Purpose of Central Bank of India Home Loan
These are some important purposes of the Central Bank of India Home Loan, read to know more -
- Purchase of Land: For constructing a house on the plot.
- Purchase/Construction of New House/Flat: For buying or constructing a new property.
- Purchase of Existing Property: For purchasing an existing house/flat (not older than 40 years with at least 10 years of remaining life, exceeding the loan tenure).
- Home Repair/Renovation: Loan up to Rs. 10 lakh for repairing or renovating an existing house/flat.
- Home Loan Takeover: Transfer of home loans (completed or under construction) from other Banks/HFCs/FIs.
- Furnishing/Interiors: Up to 20% of the furnishing & interiors cost can be included in the project cost, with a maximum of Rs. 50 lakh, subject to the LTV ratio.
- Reimbursement of Investment: Reimbursement for expenses made from personal funds in the last six months for purchasing, constructing, or repairing a house/flat.
Central Bank Of India Home Loan Eligibility Criteria
Read about the eligibility criteria for the people who are applying for the Central Bank of India Home Loan -
- Individuals over 18 years of age with a steady source of income, including those engaged in agriculture and allied activities, are eligible.
- If the property holder does not have an independent income source, a close relative with a steady income can join as a co-borrower, and their income will be considered for loan eligibility.
Service Charges & Fees of Central Bank of Indian Home Loan
Here are the service charges of Central Bank of India Home Loan -
| NO | SCHEMES | PROCESSING FEES | DOCUMENTATION CHARGES |
|---|---|---|---|
HOUSING LOAN | |||
1.1 | Housing Loan | 0.50 percent of the loan balance
| ₹ 1350/-
|
Takeover of Loan ₹2,500/- | |||
1.2 | Top-Up Home Loan (Term Loan) | 0.50% of the loan amount | ₹ 450/- |
EMI/NMI Ratio of Central Bank of India Home Loan
| Net Annual Income | EMI/ NMI Ratio (Maximum) |
|---|---|
<=Rs.1.20Lakh | 20% |
>Rs.1.20L & <=Rs.3.0 Lakh | 30% |
>Rs.3 L & <=Rs.5.0 Lakh | 55% |
>Ea.5 L &<= Rs.8.0 Lakh | 60% |
>Rs.8 L & <= 10 Lakh | 65% |
>Rs. 10.0 Lakh | 66.67% |
Net Monthly Income (NMI): It is calculated as Gross Monthly Income (GMI) minus all statutory deductions and taxes, excluding any existing or proposed EMIs.
Calculate your Central Bank of India Home Loan EMI
Here’s an example of different EMIs for a home loan of Rs. 20,00,000 with a tenure of up to 30 years and interest rates ranging from 8.50% to 9.50% p.a. You can use the Wishfin Central Bank of India Home Loan EMI Calculator for accurate calculations. Simply enter three key details:
- Loan Amount
- Tenure
- Interest Rate
| Tenure (In Years) | EMI (at 8.50% interest rate) | EMI (at 9.50% interest rate) |
|---|---|---|
5 | ₹ 41,033.06 | ₹ 42,003.72 |
10 | ₹ 24,797.14 | ₹ 25,879.51 |
15 | ₹ 19,694.79 | ₹ 20,884.49 |
20 | ₹ 17,356.46 | ₹ 18,642.62 |
25 | ₹ 16,104.54 | ₹ 17,473.93 |
30 | ₹ 15,378.27 | ₹ 16,817.08 |
Summary!
Central Bank of India home loan interest rates range from 8.50% to 9.50% per annum, depending on the applicant's Credit Information Company (CIC) score. The bank provides flexible repayment tenures of up to 30 years, allowing borrowers to choose a term that best suits their financial situation. Additionally, processing charges are currently waived until March 31, 2025, making it an opportune time for prospective homeowners to consider financing through the Central Bank of India.
FREQUENTLY ASKED QUESTIONS
1. What is the current Central Bank of India Home Loan interest rate?
The Central Bank of India offers home loan interest rates starting from 8.50% per annum, subject to the applicant's credit profile.
2. How can the Central Bank of India House loan EMI be calculated?
To calculate the interest rate of a Central Bank of India housing loan, you need to consider factors such as the loan amount, tenure, and applicable interest rate. By using the Wishifn Central Bank of Indian Home Loan EMI calculator, you can determine the total interest payable over the loan period based on these inputs.
3. Who can be the co-applicant for my home loan availed from the Central Bank of India?
Parents, spouses, sons, daughters, and siblings (brothers and sisters) can be co-applicants for your home loan with the Central Bank of India.
4. How can you apply for a home loan at the Central Bank of India?
You can apply for a Central Bank of India home loan online through the "Apply Online" option available on the bank's official website. Alternatively, you can visit any branch to apply in person.
5. What is the Central Bank of India Home Loan customer care number?
For any inquiries regarding Central Bank of India home loans, you can reach customer care by calling the toll-free numbers 1800-221-911 or 1800-202-1911. Pensioners can contact 1800-203-1911 (toll-free).
