All About 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: Central Bank of India Home Loan
- 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: Central Bank of India Home Loan
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.
- 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
|I) up to Rs.30 lacs|
|a) up to 5 years||11.25% (BR+0.50%)|
|b) 5 to 10 years||11.50%|
|c) 10 to 25 years||11.75%|
|II) above Rs.30 lacs but < Rs.75 lakh|
|a) up to 5 years||12.00%|
|b) 5 to 10 years||12.25%|
|c) 10 to 25 years||11.75%|
|III)Rs.75 lakh & above|
|a) up to 5 years||11.50%|
|b) 5 to 10 years||12.50%|
|c) 10 to 25 years||12.75%|
- 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.
- 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.