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Central Bank of India Home Loan Highlights
| Particulars | Details |
| Interest Rate | 8.35%-9.50% p.a. |
| Loan Amount (LTV Ratio) | For Salaried: Up to 90% of loan cost For Non-Salaried: Up to 80% of loan cost |
| Tenure | Up to 30 years |
| Processing Fee | Waived off till 31st December 2024 |
Note: Rates as of 6th November 2024
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Central Bank of India Home Loan Interest Rates
Central Bank of India Home Loan interest rates start from 8.35% p.a. onwards. The lender offers differential home loan interest rates depending on the loan amount offered to the applicants.
| Product | Interest Rate (p.a.) |
| Cent Grih Lakshmi | 8.35%-9.25% |
| Cent Home Loan | 8.50%-9.50% |
Note: No fresh sanction to customers with credit scores below 675 from CIBIL/CRIF and below 700 from Experian
Compare Interest Rates of Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Central Bank of India Home Loan Fees and Charges
| Particulars | Details |
| Processing Charges | Waived off till 31st December 2024 |
| Documentation Charges | Rs 1,350 + GST For Top-up loan- Rs 450 + GST |
Documents Required for Central Bank Home Loan
Central Bank of India has not mentioned the documents required for home loan. However, just like other lenders, Central Bank of India may also ask for the following documents from its home loan applicants.
ID Proof: PAN card, Aadhaar card, Passport, Voter ID, Driving License
Address Proof: Aadhar card, Passport, Driving License, Voter ID, PAN Card, electricity bill, telephone bill
Income Proof:
- For Salaried – Salary slips for past 3 months, ITR and Form 16, Last 6 months bank account statement showing salary credit
- For Self-employed – ITR with income computation for past 3 assessment years of both individual and business entity (duly attested by a CA), current account statement of business entity for past 6 months and savings account statement of the individuals of both individual and business entity (duly attested by a CA), balance sheet and profit and loss account statement for last 3 years, with schedules and annexures.
Check Lenders Offering Home Loan With Overdraft Facility Click Here
Eligibility Criteria for Central Bank of India Home Loan
Central Bank of India home loan eligibility criteria are mentioned below.
- Individuals, group of individuals (18 years of age on date of application), and including co-operative societies with identified, legal, regular income source either alone or jointly with spouse, parents, son.
- NRI can also apply for the home loan.
- Net Annual Income:
| Net Annual Income | EMI/NMI Ratio |
| Up to Rs 1.20 lakh | 20% |
| Above Rs 1.20 lakh up to Rs 3 lakh | 30% |
| Above Rs 3 lakh up to Rs 5 lakh | 55% |
| Above Rs 5 lakh up to Rs 8 lakh | 60% |
| Above Rs 8 lakh up to Rs 10 lakh | 65% |
| Above Rs 10 lakh | 66.67% |
Central Bank of India Home Loan EMI Calculator
Central Bank of India Home Loan EMI Calculator can be used to calculate the EMI payable throughout the loan tenure and the total interest cost. The applicants can enter the interest rate, loan amount and loan tenure in the home loan EMI calculator given below to calculate the total interest cost and monthly instalments payable.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Types of Central Bank of India Home Loan
Cent Home Loan
This is a regular home loan scheme offered for the following purposes:
Purpose:
- For acquiring/construction of new home or flat, or for acquiring existing home or flat with remaining life of applied loan tenure plus 10 years
- For renovation/repair/alteration of existing home/flat
Tenure:
- Up to 30 years
- For repair/renovation- Up to 10 years
Loan Amount (LTV Ratio):
| Loan Amount | LTV ratio |
| Loan amount up to Rs 30 lakh | Up to 90% of cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 25 lakh) |
| For Plot Purchase | Up to 75% of the cost of plot |
| For construction on the plot purchase | As per loan quantum as above |
EMI/NMI ratio:
| Nat annual income | EMI/NMI ratio |
| Up to Rs 1.20 lakh | 20% |
| Above Rs 1.20 lakh and up to Rs 3 lakh | 30% |
| Above Rs 3 lakh and up to Rs 5 lakh | 55% |
| Above Rs 5 lakh and up to Rs 8 lakh | 60% |
| Above Rs 8 lakh and up to Rs 10 lakh | 65% |
| Above Rs 10 lakh | 66.67% |
Minimum CIC Score:
| Name of CIC | Minimum threshold limit |
| Transunion CIBIL | 700 |
| Experian | 700 |
| Equifax | 700 |
| CRIF | 650 |
Cent Grih Lakshmi
Purpose: Cent Grih Lakshmi is a special home loan facility for women applicants wherein the sole or primary home loan applicant is a woman.
Tenure: Up to 30 years
Cent Home Double Plus Scheme
Purpose:
- Home Loan with overdraft facility
- Term Loan for Other Purposes such as repair/renovation/refurbishing or furnishing of new house/purchase of new vehicles/purchase of consumer durables/furniture/solar energy equipment/marriage/education/medical/holiday/tour
Loan Amount (LTV Ratio) for Salaried Borrowers:
| Particulars | Details |
| Loan amount up to Rs 30 lakh | Up to 90% of cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Loan Amount (LTV Ratio) for Non-Salaried Borrowers:
| Particulars | Details |
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Tenure: Up to 30 years
Cent Home Loan Scheme for Purchasing 3rd or 4th house/flat
Purpose: Home loan for construction, purchase of new house/flat or purchase of existing house/flat which is not older than 40 years and has remaining life of 10 years more than loan tenure
Loan Amount (LTV Ratio) for Salaried Borrowers:
| Particulars | Details |
| For loan amount up to Rs 30 lakh |
|
| Loan amount above Rs 30 lakh-Rs 75 lakh |
|
| Loan amount above Rs 75 lakh | Up to 75% (For construction/purchase of new or existing flat/extension of existing house/flat/plot purchase) |
Loan Amount (LTV Ratio) for Non-Salaried Borrowers:
| Particulars | Details |
| For loan amount up to Rs 75 lakh |
|
| Loan amount above Rs 75 lakh | Up to 75% (For construction/purchase of new or existing flat or home/extension of existing flat/house) |
Tenure:
- For construction/purchase of new house or existing flat not older than 10 years: Up to 30 years (salaried); Up to 25 years (non-salaried) or up to 70 years of age of the borrower
- For purchase of flat/house older than 10 years: Up to 25 years or 70 years of age of the age
Cent Top-up Scheme
Purpose:
- Home loan top-up facility for additional loan on the existing home loan for construction/purchase of new house or flat or for acquiring existing home/flat and for repair/renovation/alteration of existing home/flat
Loan Quantum: Rs 2 lakh-Rs 1 crore
Tenure:
- Up to 30 years or 75 years of age of the borrower
- For repair/renovation- Up to 10 years
FAQs on Central Bank of India Home Loan
What is the current Central Bank of India Home Loan interest rate?
Home loan interest rates at Central Bank of India start from 8.45% per annum depending on the credit profile of the applicant.
Does Central Bank of India offer preferential rates to women borrowers?
Yes, Central Bank of India offers an interest rate concession of 20 bps along with waiver of last few EMIs to women borrowers.
How to calculate Central Bank of India Housing Loan interest cost?
Central Bank of India Housing Loan interest cost can be calculated with the help of Home Loan EMI Calculator. Applicants need to enter the loan amount, loan tenure and interest rate in the EMI calculator and get the interest cost instantly.
At what minimum credit score can the applicants avail home loans from Central Bank of India?
Central Bank of India requires home loan applicants to have CIBIL score of 675. In case of CRIF and Experian, the home loan applicants are required to have credit scores of at least 675 and 700 respectively.
Who can be the co-applicant for my home loan availed from Central Bank of India?
Parents, sons, spouse, brothers, sisters and daughters can be the co-applicant to your home loan.
Does Central Bank of India offer top-up home loans to its existing borrowers?
Yes, Central Bank of India offers top-up home loans to its existing home loan borrowers branded as ‘Top-up Facility to Cent Home Loan Beneficiaries’. The loan can be availed to meet their personal requirements, except for speculative purposes.
What is the maximum tenure provided by the Central Bank Home Loan for EMI payments?
The maximum tenure provided by Central Bank of India to applicants availing home loan for construction or purchase of new/existing property is up to 30 years. Tenure for applicants availing home loans for extension/repair/renovation/alteration of existing property is up to 10 years.
How to apply for home loan at Central Bank of India?
Applicants can apply for Central Bank of India Home Loan through the “Apply Online” option provided in its official website of Central Bank of India. Alternatively, they can also visit bank branches to apply for Central Bank of India Home Loan.
What is the moratorium period offered to the applicants of Central Bank of India Home Loan?
Central Bank of India offers moratorium period of more than 18 months up to 24 months for home loan applicants.
How do I contact Central Bank of India Home Loan customer care?
You can contact Central Bank of India Home Loan customer care by calling at the toll free number- 1800221911/18002021911. Pensioners can call at 18002031911(toll free number). For failed or disputed transactions you can contact the Nodal Officer Mr. Amit Nayak at 022-49197318.