Central Bank of India Home Loan

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Central Bank of India Home Loan

Central Bank of India Home Loan Key Features

Feature Value
Interest Rate 6.90% onwards
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.

Central Bank of India Home Loan Interest Rates & Offers

Central Bank of India Home Loan Schemes Interest Rate For Women Interest Rate for Others
Central Bank of India Home Loan 6.90% – 7.95% 7.00% – 8.00%
Central Bank of India Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

Central Bank of India Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. Must have working experience and a legitimate source of salary, i.e. working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Central Bank of India Home Loan. This includes everybody who is a:

  • Traders
  • Commission agent
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the Central Bank of India Home Loan. This includes everybody who is a:

  • Doctors
  • Lawyers
  • Charted Accountant
  • Architect
  • Consultant
  • Engineer
  • Company Secretary

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

Please find more information on Eligibility by visiting Dialabank.

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Common Documents for Salaried and Self-Employed

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns.
  • Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

  • A cheque for processing fee favouring ‘Central Bank of India.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)
  • Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘Central Bank of India.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘Central Bank of India.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across.

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Central Bank of India Home Loan Procedure

Obtaining a home loan from the Central Bank of India with an online application form is very easy. In five simple steps a home loan from the Central Bank of India can be received:

  • Fill out your application form, the required loan sum, property information, your personal information, occupational specifics, and your contact number on an approved online channel partner’s website, branch or website.
  • An employee of the Central Bank of India or an online partner can contact you for negotiation of your loan eligibility and loan rates, terms, processing expenses and other costs.
  • If you agree to continue applying for the loan, you must electronically apply your income and property accounts, or you must be retrieved by a representative of the Central Bank of India.
  • The Central Bank of India will apply for transaction fees, which require a few days until a credit evaluation and technical examination of the house takes place.
  • If you are entitled and your property counts as a credit, you may receive a letter of sanction from the Central Bank of India and must enter into a loan agreement with the Bank. You then pay the loan to your account.

Different Home Loan Schemes By Central Bank of India

Central Bank of India Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Central Bank of India Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

Central Bank of India Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 7.10% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Central Bank of India Top Up Loans – For Central Bank of India Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 8.30% onwards

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Central Bank of India Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

Central Bank of India Home Loan Balance Transfer – For All Home Loan Borrowers

Central Bank of India Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Central Bank of India Home Loans under Pradhan Mantri Awas Yojana

This type of loan is specially established for EWS/LIG families under MIG-I and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

Central Bank of India Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 8.75% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

Central Bank of India Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 7.00% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

Central Bank of India Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Central Bank of India Pradhan Mantri Awas Yojana Subsidy 2021

The Government of India’s Pradhan Mantri Awas Yojana is a home loan subsidy programme designed to encourage everybody to own a home. The scheme provides financial assistance to lower-income classes in society who receive less than 18 lakh rupees per annum by providing them with home loans with subsidised interest rates. 

EWS (economically weaker section), LIG (lower-income group), MIG-1 (middle-income group-1) and MIG-2 (middle-income group-2) are the four income groups. On Central Bank of India home loans, a gross subsidy of approximately 2.67 lakh can be obtained via PMAY. The Central Bank of India PMAY Home loan has a 15-year maturity period. Applicants for a home loan from the Central Bank of India that is qualifying for the PMAY subsidy will do so. PMAY, or the Home Loan Subsidy Scheme, was founded in 2015 to help the homeless find housing. If you meet the eligibility requirements, you can apply for PMAY at the Central Bank of India. The following are the PMAY plans supported by the Central Bank of India: 

  • The Pradhan Mantri Gramin Awas Yojana helps homeless families by providing pucca houses with basic facilities.
  • The DDA Housing Scheme seeks to provide housing to low-income, middle-income, and high-income families.
  • The Tamil Nadu Housing Board Scheme began in 1961 with the aim of providing housing to people of all income levels.
  • Mhada Lottery Scheme: Every year, the Mhada Lottery Scheme is launched for buyers of various income categories.
  • The Rajiv Awas Yojana was founded in 2009 with the goal of getting the illicit building into the formal framework and encouraging India to become slum-free.

Both of these programmes have their own set of eligibility requirements, as well as limits to the amount of money that can be lent and the interest rate that can be charged.

Advantages of Central Bank of India Home Loan

Central Bank of India Home Loan

Central Bank of India Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

  • A huge variety of home loan schemes.
  • Provide a 0.05% concession to women to encourage them for their own homeownership.
  • It is a part of the Pradhan Mantri Awas Yojana.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as the Central Bank of India promises no hidden costs and fees.
  • Easy application with minimum documentation and paperwork.
  • Provides loan approval prior to the selection of the property.

Central Bank of India Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonour charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

Compare Central Bank of India Home Loan with Other Banks

Particulars Central Bank of India SBI HDFC
Interest Rate 7.30% – 7.30% 6.70% – 7.05% 6.75% – 8.20%
Processing Fees Up to 0.50%

Max ₹ 20,000

Min ₹ 10,000 Min ₹ 3,000
Loan Tenure 30 Years 30 Years 30 Years
Maximum Loan Amount ₹ 10 Cr ₹ 7 Cr ₹ 5 Cr
Age 21 – 65 Years 18 – 70 Years 24 – 65 Years
Benchmark Rate RLLR RLLR PLR
Lowest EMI Per Lakh ₹ 686 per lakh ₹ 645 per lakh ₹ 649 per lakh

How to apply for the Central Bank of India Home Loan

  • Visit Dialabank for a Home Loan.
  • Go to the Central Bank of India Home Loan page.
  • Check out all the eligibility and documents criteria for a Home Loan.
  • Fill out all the details required in the Home Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

Central Bank of India Home Loan Customer Care

Central Bank of India is famous for its customer relations management; as a result, they provide special home loan customer care service and a special contact number to ensure convenience for the customer:

1800 110 001

Customers do not need to look up all these customer care numbers every time, and they can just get one contact number for all their financial needs with India’s First Financial Helpline and just contact us for assistance in any matter.

Dialabank: 9878981166

Central Bank of India Home Loan EMI Calculator

Other Loan Products from Central Bank of India

Central Bank of India Personal Loan Central Bank of India Gold loan Central Bank of India Car Loan
Central Bank of India Education Loan Central Bank of India Two Wheeler Loan

Central Bank of India Home Loan FAQ

How to repay my Central Bank of India home loan?

There are different payment methods through which you can repay your Central Bank of India home loan, and this can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for the Central Bank of India’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity, the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates. The rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How can Dialabank help you get a Home Loan?

Dialabank works as a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through.

If you want to apply for a Central Bank of India Home Loan, get in touch with Dialabank by phone by dialling 9878981166 or by visiting Dialabank.

News for Central Bank of India Home Loan

2020-06-30: 

The Central Bank of India’s Q4 loss has shrunk. The Reserve Bank of India announced a narrowing of its loss for the March quarter 2019-20 to Rs 1,529.07 crore, owing to lower provisions for bad loans. In the first quarter of 2018-19, the bank lost Rs 2,477.41 crore. In the three months to March, total income backed by retail loans such as a house, personal, gold, two-wheeler, and auto, as well as company and mudra loan, increased to Rs 6,723.73 crore.

2020-01-14: 

The Central Bank of India intends to make loan servicing easier for consumers on January 14, 2020. The Central Bank of India, a public sector lender, intends to make loan servicing easier for its borrowers by implementing an end-to-end loan life cycle management scheme. Customers will benefit from the system’s guidance on retail loans such as personal and home loans, as well as loan-related principles such as credit reporting and liquidity management. This would also assist the Bank in the handling of loan holders in a more structured manner.

2019-11-14:

The Central Bank will begin a loan drive on November 14th, 2019. On Friday, the Central Bank of India will begin a loan drive dubbed “Double Delight.” Customers would be able to get low-interest loans for their homes, vehicles, and small businesses. The processing fee for a home loan, a personal loan, and a car loan has also been waived by Central Bank. The campaign’s goal is to include as many loans as possible with repo rate related interest rates on home and auto loans.

2019-08-19:

MCLR was revised by 20 basis points by the Central Bank of India on August 19, 2019. With immediate effect from August 15, the Central Bank has reduced its MCLR rate by 20 basis points across all loan tenures. The 6-month MCLR rate has been reduced from 8.40 per cent to 8.20 per cent, while the one-year MCLR rate has been reduced from 8.50 per cent to 8.30 per cent.

2019-07-15:

On July 15, 2019, the Reserve Bank of India (RBI) revised the MCLR rates for all loan tenures. For the month of July, the Central Bank of India revised its Marginal Cost of Funds Based Lending Rate (MCLR) through the loan period. The switch is intended to lower the cost of customer loans such as home loans and mortgage loans. A one-year MCLR average of 8.50 percent has been updated by the issuer. The average has been changed to 8.15 per cent for one month and 8.25 per cent for three months, respectively. The new prices go into effect on July 15, 2019.

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