Apply for Central Bank of India Home Loan

 Purpose: Central Bank of India Home Loan

  • For the development / obtaining of new or current house/flat not mature than 30 years.
  • For expansion in the current house/flat.
  • For repairs/renovation/alteration of current house/flat.
  • Financial (Max. Rs.25.00 lakh) may be provided to buy the plan.

 

Eligibility: Central Bank of India Home Loan

  • Individual 'salaried-employees', 'self-employed persons', or any other 'professional'.
  • The applicant must be 18 yrs old (completed) as on the date of his/her application.

 

 Quantum:

  • 75% of the price of development / buy of new / current flat/house or price of expansion of current house/flat up to 10 yrs of age.
  • 75% of the price of repairs/renovations/alterations of current house/flat topic to the highest possible of Rs.10.00 lakh
  • 75% of the price of buy of plan topic to the highest possible of Rs.25.00 lakh

However, the quantum of loan is subject to minimum net take home pay of 40% of Gross Monthly Income after including EMI of proposed loan.

 

 Margin:

            Loans up to Rs.25 lakh    10.00% Minimum
            Loans above Rs.25 lakh    25.00% Minimum

Financial institution may facilitate/support funding for the extra edge amount of 10%/15%, as Personal/Gold Loan based on approved restrict.

 

Security: Central Bank of India Home Loan

  • 'Equitable'/'Registered' mortgage of the property being financed.
  • Where home mortgage of the residence being borrowed is not possible, other physical investments such as home mortgage of some other residence, commitment of loan companies FDR/ LIC policy/Govt. Securities, NSCs, KVPs, IVPs, Ties, etc. similar to 125% of the amount borrowed may be taken as protection offered in all such situations, the mortgage pay back money influx is clearly demarcated.

 

Guarantee: Central Bank of India Home Loan
  • Condition of 100% assurance is waived for 'salaried-individuals' irrespective of loan amount. 
  • In case of self-employed /other(s) for loan(s) up to Rs.20 lakhs, no guarantee is being required. However, for loans that are above Rs.20 lakhs to  self-employed/others wife, husband, or any family member should join as co-applicant.
  • Bank may want guarantee / cash-collateral if there is deviation(s) in the 'EMI'/ 'Gross-income' norm or in the eligibility norm(s).

 

Rate of Interest & Processing Charges: Central Bank of India Home Loan

 

 

Rate of Interest

Tenor

RoI

I) up to Rs.30 lacs

 

a) up to 5 years

11.25%  (BR+0.50%)

b) 5 to 10 years

11.50%

(BR+0.75%)

c) 10 to 25 years

11.75%

(BR+1.00%)

II) above Rs.30 lacs but < Rs.75 lakh

 

a) up to 5 years

12.00%

(BR+1.25%)

b) 5 to 10 years

12.25%

(BR+1.50%)

   

c) 10 to 25 years

11.75%

(BR+1.75%)

III)Rs.75 lakh & above

 

a) up to 5 years

11.50%

(BR+1.50%)

b) 5 to 10 years

12.50%

(BR+1.75%)

c) 10 to 25 years

12.75%

(BR+2.00%)

 

 

 

 

 Re-payment:

  • Max period of 25 yrs or age of retirement or on borrower reaching the age of 70 yrs whichever is earlier.  
  • In the situation of new development, payments will begin after 18 months from the time frame of first payment or 6 months, after the time frame of achievement whatever is previous.  In other situations, payments will begin from 2nd-mnth of payment.

 

 Prepayment Charges:Central Bank of India Home Loan

 

  • Nil in case the borrower re-pays entire 'loan' amount out of his/her re-sources.  1% of out-standing amount if a/c is taken over by other Bank/FIs.

 

Take over of loan: Central Bank of India Home Loan
  • For people with annual-income up to Rs.5 lakhs, the Net Take 'Home-Pay'/'Income' should not be min. than 35% of Gross-Monthly Salary/Income after such as the earnings of the co-borrower/s. This can be comfortable up to 30% for people with annual-income above Rs.5 lakhs but up to Rs.10 lakhs and 25% for people with yearly earnings above Rs.10 lakhs.
  • Tax- benefit(s)  accruing from proposed "housing loan" may be taken into consideration at the time of arrival of loan eligibility and Nth Pay/ Income.