Central Bank of India Loan Against Property
Last Updated : March 5, 2020, 2:50 p.m.
About Central Bank of India Loan Against Property
The loan against property or mortgage loan of Central Bank of India is one of the leading loan providers in India. You can apply for Central bank mortgage loan against mortgage of immovable property located in Metro/Urban/Semi-Urban/Rural Centres where title deeds can be mortgaged for other than agricultural purpose. The attractions of this loan are the longer tenure period and fixed rate of interest.
Central Bank of India Mortgage Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 9.40% - 9.60% |
| Loan Amount |
Property located in Rural / Semi urban areas
Minimum ₹1 Lakh and Maximum ₹50 Lakhs Property located at District headquarters in Semi urban areas Minimum ₹1 Lakh and Maximum ₹2 crores Property located in Urban and Metro area and all Semi Urban Branches in the State of Goa Minimum ₹1 Lakh and Maximum ₹5 crores |
| Tenure | 10 years |
| Processing Fees | 0.50% of the loan amount subject to a maximum of ₹40,000 for term loan |
|
Repayment Mode
|
EMI |
|
Prepayment Charges
|
NIL in case prepaid from borrower's own sources else 1% of the prepayment amount |
Features & Benefits of Central Bank of India Mortgage Loan
- Loan against mortgage of immovable property located in Metro / Urban / Semi-Urban/Rural Centres only those Rural centres where title deeds can be mortgaged for other than Agricultural purpose.
- Loan for personal needs excluding any speculative purpose/real estate activity/capital market activity
- Higher loan amount of up to ₹5,00,00,000
- Decent rate of interest of 10.90% p.a.
- Longer tenure period of up to 10 years
- No prepayment charges in case prepaid from borrower’s own sources
- Easy repayment facility
- Quick loan approval
Central Bank of India Loan Against Property Eligibility
The list of the individuals eligible for the loan against property at Central Bank are as follows:
- Individual with minimum age of 21 years
- Individual with maximum age of 60 years for salaried class and 65 years for others
Central Bank of India Mortgage Loan Documents Required
The documents that you need to submit at the time of sanction are as follows:
| For Salaried | For Companies/Proprietorship/Partnership Firms, Societies |
|---|---|
|
- Filled loan application form
- Identity Proof - Address Proof - Last 2 months salary slip - Post-dated cheques Letter of Hypothecation of vehicle and articles of agreement - Letter of undertaking from the borrower for comprehensive insurance of the vehicle with bank clause and blank transfer forms duly signed by the borrower |
- Filled loan application form
- Identity Proof - Address Proof - Audited balance sheet - Last 2 years Profit and - Loss account - Latest ITR |
Central Bank of India Mortgage Loan Application Form
The borrower must fill up all the details as mentioned in their KYCs. Here is the list that must be mentioned in the application form:
- Name of the applicant
- Name of the co-applicants name if any
- PAN number
- Address
- Telephone number/Mobile number
- Date of birth as mentioned in the certificate
- Details of occupation
- Income details
- Bank account details
- Assets details
- Details of existing loan if any
How to Apply for Central Bank Mortgage Loan
Any individual/s or companies eligible for the loan can submit the filled loan application form along with the KYCs and submit it to the nearest bank branch.
Central Bank of India Loan Against Property EMI Calculator
EMI calculator is a tool that lets you know how much you have to pay on a monthly basis against the loan amount you have taken. By filling up the loan amount, tenure period and the rate of interest, you can know the monthly EMI. For eg. If you have taken a loan of ₹50,00,000 at the interest rate of 10.90% p.a. for a tenure period of 10 years, the monthly instalment comes out to be ₹68,592/-. Similarly, to know all the EMIs, total interest outgo and the total amount, have a look at the table given below:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Year
Principal
Interest
Balance Amount
1
₹ 2,92,430
₹ 5,30,677
₹ 47,07,569
2
₹ 3,25,947
₹ 4,97,160
₹ 43,81,622
3
₹ 3,63,305
₹ 4,59,802
₹ 40,18,317
4
₹ 4,04,944
₹ 4,18,162
₹ 36,13,372
5
₹ 4,51,357
₹ 3,71,750
₹ 31,62,015
6
₹ 5,03,088
₹ 3,20,018
₹ 26,58,926
7
₹ 5,60,749
₹ 2,62,358
₹ 20,98,176
8
₹ 6,25,019
₹ 1,98,088
₹ 14,73,156
9
₹ 6,96,655
₹ 1,26,452
₹ 7,76,501
10
₹ 7,77,118
₹ 46,606
₹ 0
Central Bank of India Loan Against Property Interest Rate
The rate of interest irrespective of Term Loan is MCLR (1 year) + 2.50%. Presently, the interest rate on loan against property is 10.90% p.a.
Central Bank of India Customer Care Number
For any further details, you can contact the branch on the toll-free number: 1800 200 1911
