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Central Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Central Bank of India 2021

Last Updated 15th Nov 2021

Eligibility CriteriaCentral Bank of India Home Loan
Eligible Age of Borrower18 - 60 years
Work Experience for Salaried2 years
Business Stability for Self Employed2 years
Home Loan Eligibility Calculator

What is Central Bank Home Loan Eligibility?

Central Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Central Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Central Bank home loan using the Central Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Central Bank?

Central Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Central Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Central Bank of India home loan age limit to get a Central Bank of India home loan is 18 years at the time of loan commencement and maximum age limit is 60 years. Central Bank of India offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Central Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Central Bank of India home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Central Bank of India, the loan amount that you will be eligible for would be ₹ 28,17,833 to ₹ 49,59,869 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,35,665 to ₹ 99,19,738 for the same property at the same rate depending on your age at the time of loan application. However, Central Bank of India asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.60 Lakh74.40 Lakh99.20 Lakh
30 years49.60 Lakh74.40 Lakh99.20 Lakh
35 years46.61 Lakh69.92 Lakh93.22 Lakh
40 years42.41 Lakh63.62 Lakh84.82 Lakh
45 years36.50 Lakh54.75 Lakh73 Lakh
50 years28.18 Lakh42.27 Lakh56.36 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Central Bank of India home loan eligibility.

  • Nature of employment: Central Bank of India will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Central Bank of India requires minimum income history and job stability of more than 2 years for salaried individuals and of 2 years for self-employed individuals.

Home Loan Eligibility Central Bank of India based on Value of Property

  • Value of property: Central Bank of India does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Central Bank of India's legal team.

The housing loan eligibility calculator of Central Bank of India can be a useful tool to assess your eligibility for the loan.

Central Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Central Bank of India to determine your home loan eligibility. Central Bank of India considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Central Bank of India home loan is 0.65. Calculate your eligibility with the Central Bank of India home loan calculator and apply for the eligible loan amount hassle-free.

Central Bank of India Home Loan Eligibility for Women

Central Bank of India offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Central Bank Home Loan

Central Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Central Bank. However, a low CIBIL score reduces your chances to get a home loan. Central Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Central Bank Home Loan Eligibility?

You can enhance the Central Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Central Bank’s Home Loan Eligibility Calculator?

To check Central Bank of India home loan eligibility perform the following steps:-

  • Go to the Central Bank of India website
  • Now navigate to the option Central Bank of India home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get Central Bank of India home loan?

The basic criteria to get a home loan from Central Bank of India are as following:

Age18 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Central Bank of India?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Central Bank of India?

The minimum salary required to avail home loan from Central Bank of India is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Central Bank of India.

Is Central Bank of India good for home loan?

The lowest interest rate provided by Central Bank of India is 6.85% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Central Bank Home Loan News - Nov 2021
  • 2021-10-06 : Central Bank of India Partners With IIFL Home Finance
    Central Bank of India has announced a strategic co-lending partnership with IIFL Home Finance. Under the partnership, IIFL Home Finance Ltd will process credit parameters and eligibility criteria. Central Bank of India will take into its book 80% of the SME LAP Loans under mutually agreed terms.
  • 2021-06-10 : Central Bank of India to become co-lending partners with Edelweiss
    Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMEs. MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.
  • 2021-06-09 : IIFL Home Finance signs MOU with Central bank of India
    IIFL Home Finance signed a MOU with Central bank of India for co-lending. The Central bank will be providing 80% of the loan amount of IIFL.
  • 2021-06-08 : The Central Bank of India joined hands with Indiabulls Housing to provide Home Loans
    On monday, the Central bank of India and Indiabulls Housing Finance Limited entered into a partnership to provide Home Loans under priority sector at competitive prices that will lead to a greater disbursement of Housing loans by both the entities.
  • 2020-06-30 : Central Bank of India Q4 loss narrowed
    Central bank of India reported narrowing of loss to Rs 1,529.07 crore for March quarter 2019-20 as provisions for bad loans declined. The bank reported a loss of Rs 2,477.41 crore in January-March, 2018-19. Total income backed by the retail loan like home, personal, gold, two-wheeler, car along with business and mudra loan, grew to Rs 6,723.73 crore in the three months to March.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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