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Central Bank Home Loan EMI Calculator

Central Bank Home Loan Calculator

Last Updated 10th Jun 2021

  • Central Bank of India home loan EMI per ₹ 1 Lakh is ₹ 686, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in Central Bank of India is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Central Bank of India home loan before applying. Use an online Central Bank of India loan EMI calculator to estimate your EMI.
  • Check Central Bank of India home loan EMI for different tenures at the current Central Bank of India home loan interest rate of 7.30%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 11,766₹ 9,157₹ 6,856
    ₹ 20 Lakh₹ 23,532₹ 18,314₹ 13,711
    ₹ 30 Lakh₹ 35,298₹ 27,471₹ 20,567
    ₹ 50 Lakh₹ 58,830₹ 45,784₹ 34,279

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Central Bank Home Loan EMI Calculator Online

Central Bank of India Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure and interest rate. You can calculate your Central Bank of India housing loan EMI in advance to plan your loan payments and expenses using a Central Bank of India home loan calculator. Central Bank of India home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why should you use Central Bank of India Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Central Bank of India offers the lowest EMI per lakh at . To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Central Bank of India home loan.
  • Compare Central Bank of India Home Loan EMI: With Central Bank of India home loan EMI Calculator, you can also estimate EMI on your home loan from Central Bank of India with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

Central Bank of India Home Loan EMI Calculator to estimate the EMI that fits your budget

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on Central Bank of India Home Loan EMI calculator. The below-mentioned table shows the calculation of Central Bank of India Home Loan at the various combinations of loan amount and years at the lowest rate of 7.30%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Central Bank of India Home loan plan for you.

Central Bank of India home loan EMI is calculated for different loan amounts and tenures at 7.30% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,892 ₹ 19,835 ₹ 17,139
₹ 50 Lakh ₹ 45,784 ₹ 39,670 ₹ 34,279
₹ 75 Lakh ₹ 68,676 ₹ 59,506 ₹ 51,418
₹ 1 Cr ₹ 91,568 ₹ 79,341 ₹ 68,557

Benefits of using Central Bank of India Home Loan EMI Calculator

Central Bank of India Home Loan Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate and tenure. Thus, using Central Bank of India Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Central Bank of India Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Central Bank of India Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Central Bank of India gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 10,00,00,000.

Interest Rate

Higher interest rate increases your Central Bank of India housing loan EMI which will increase the total cost of the loan. Central Bank of India current home loan interest rate starts at 7.30%. Do a complete market research and compare rates and calculate EMI online using Central Bank of India home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in Central Bank of India. Your EMI will be lower if you take a 0 years loan from Central Bank of India as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

Central Bank Home Loan EMI Calculator Formula

Central Bank Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Central Bank of India Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Central Bank of India home loan amount can range from ₹ 15,00,000 to ₹ 10,00,00,000
  • r = Rate of interest per month. Current Central Bank of India housing loan rate 7.30%.
  • n = tenure in month. For Central Bank of India, maximum home loan tenure is 360 months

Comparison of Central Bank of India Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Central Bank of India 7.30% ₹ 6,856 ₹ 20,567 ₹ 34,279
HDFC 6.75% ₹ 6,486 ₹ 19,458 ₹ 32,430
ICICI Bank 6.75% ₹ 6,486 ₹ 19,458 ₹ 32,430
SBI 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
LIC Housing Finance 6.90% ₹ 6,586 ₹ 19,758 ₹ 32,930
Axis Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264

Central Bank of India Home Loan Amortization Calculator

Central Bank of India Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Central Bank of India gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 25 Lakh for 25 years from Central Bank of India at an interest rate of 7.30%. EMI calculated for this loan amount is ₹ 18,151 and the total annual EMIs to be paid annually is ₹ 2,17,809. The EMI schedule of loan for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,06,079 ₹ 20,977 ₹ 1,27,055 ₹ 24,79,023
2022 ₹ 1,79,711 ₹ 38,099 ₹ 2,17,809 ₹ 24,40,924
2023 ₹ 1,76,835 ₹ 40,975 ₹ 2,17,809 ₹ 23,99,950
2024 ₹ 1,73,741 ₹ 44,068 ₹ 2,17,809 ₹ 23,55,881
2025 ₹ 1,70,414 ₹ 47,395 ₹ 2,17,809 ₹ 23,08,487
2026 ₹ 1,66,836 ₹ 50,973 ₹ 2,17,809 ₹ 22,57,514
2027 ₹ 1,62,988 ₹ 54,821 ₹ 2,17,809 ₹ 22,02,693
2028 ₹ 1,58,850 ₹ 58,960 ₹ 2,17,809 ₹ 21,43,733
2029 ₹ 1,54,399 ₹ 63,411 ₹ 2,17,809 ₹ 20,80,322
2030 ₹ 1,49,612 ₹ 68,198 ₹ 2,17,809 ₹ 20,12,125
2031 ₹ 1,44,463 ₹ 73,346 ₹ 2,17,809 ₹ 19,38,779
2032 ₹ 1,38,926 ₹ 78,883 ₹ 2,17,809 ₹ 18,59,895
2033 ₹ 1,32,971 ₹ 84,838 ₹ 2,17,809 ₹ 17,75,057
2034 ₹ 1,26,566 ₹ 91,243 ₹ 2,17,809 ₹ 16,83,814
2035 ₹ 1,19,678 ₹ 98,131 ₹ 2,17,809 ₹ 15,85,683
2036 ₹ 1,12,270 ₹ 1,05,539 ₹ 2,17,809 ₹ 14,80,144
2037 ₹ 1,04,303 ₹ 1,13,507 ₹ 2,17,809 ₹ 13,66,637
2038 ₹ 95,734 ₹ 1,22,076 ₹ 2,17,809 ₹ 12,44,561
2039 ₹ 86,518 ₹ 1,31,291 ₹ 2,17,809 ₹ 11,13,270
2040 ₹ 76,606 ₹ 1,41,203 ₹ 2,17,809 ₹ 9,72,067
2041 ₹ 65,947 ₹ 1,51,863 ₹ 2,17,809 ₹ 8,20,204
2042 ₹ 54,482 ₹ 1,63,327 ₹ 2,17,809 ₹ 6,56,877
2043 ₹ 42,152 ₹ 1,75,657 ₹ 2,17,809 ₹ 4,81,219
2044 ₹ 28,891 ₹ 1,88,918 ₹ 2,17,809 ₹ 2,92,301
2045 ₹ 14,629 ₹ 2,03,180 ₹ 2,17,809 ₹ 89,121
2046 ₹ 1,633 ₹ 89,121 ₹ 90,754 ₹ 0

In the above illustration, on a Central Bank of India Home Loan of₹ 25 Lakh, taken at the lowest interest rate of 7.30, EMI paid is ₹ 18,151 and an annual total of EMIs is ₹ 2,17,809, the interest component is ₹ 1,81,294 while the principal component is ₹ 36,515 in year 1 of loan disbursement. You repay only 1.46% of the total principal after paying 12 EMIs during the first year.

Central Bank of India Home Loan EMI for ₹ 10 Lakh

The following table shows Central Bank of India Housing Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 7.30%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 7.30% 5 Years ₹ 19,943
₹ 10,00,000 7.30% 10 Years ₹ 11,766
₹ 10,00,000 7.30% 15 Years ₹ 9,157
₹ 10,00,000 7.30% 20 Years ₹ 7,934
₹ 10,00,000 7.30% 0 Years

Central Bank of India Home Loan EMI for ₹ 20 Lakh

The following table shows Central Bank of India Housing Loan EMI for ₹ 20,00,000 for different tenures at an interest rate of 7.30%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 7.30% 5 Years ₹ 39,886
₹ 20,00,000 7.30% 10 Years ₹ 23,532
₹ 20,00,000 7.30% 15 Years ₹ 18,314
₹ 20,00,000 7.30% 20 Years ₹ 15,868
₹ 20,00,000 7.30% 0 Years

Central Bank of India Home Loan EMI for ₹ 30 Lakh

The following table shows Central Bank of India Housing Loan EMI for ₹ 30,00,000 for different tenures at an interest rate of 7.30%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 7.30% 5 Years ₹ 59,829
₹ 30,00,000 7.30% 10 Years ₹ 35,298
₹ 30,00,000 7.30% 15 Years ₹ 27,471
₹ 30,00,000 7.30% 20 Years ₹ 23,802
₹ 30,00,000 7.30% 0 Years

Central Bank of India Home Loan EMI for ₹ 50 Lakh

The following table shows Central Bank of India Housing Loan EMI for ₹ 50,00,000 for different tenures at an interest rate of 7.30%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 7.30% 5 Years ₹ 99,715
₹ 50,00,000 7.30% 10 Years ₹ 58,830
₹ 50,00,000 7.30% 15 Years ₹ 45,784
₹ 50,00,000 7.30% 20 Years ₹ 39,670
₹ 50,00,000 7.30% 0 Years

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FAQs

Will the Central Bank of India home loan EMI remain constant or change in future?

No, your Central Bank of India Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Central Bank of India Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in Central Bank of India interest rate?

Central Bank of India offers floating rate home loans only. If you take a floating rate loan from Central Bank of India, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Central Bank of India home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will Central Bank of India home loan EMI change in case of prepayment?

Central Bank of India allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Central Bank of India home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Central Bank of India home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Central Bank of India home loan calculator.

Why should I calculate Central Bank of India loan EMI before taking a loan?

It is advised to calculate Central Bank of India home loan EMI before taking a home loan. There are several benefits of calculating your Central Bank of India housing loan EMI which can be done using Central Bank of India loan calculator Central Bank of India housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Central Bank of India EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Central Bank of India.

What is the EMI for home loan in Central Bank of India?

The Central Bank of India EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Central Bank of India home loan calculator. Based on the lowest rate of 7.30% and maximum tenure of 30 years, the Central Bank of India home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,856
₹ 12 Lakh ₹ 8,227
₹ 15 Lakh ₹ 10,284
₹ 30 Lakh ₹ 20,567
₹ 50 Lakh ₹ 34,279

You can compare Central Bank of India home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Central Bank of India Housing Loan EMI calculator?

Online Central Bank of India housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Central Bank of India home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Central Bank of India Home loan EMI Online?

To pay the EMI of Central Bank of India home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Central Bank of India home loan EMI calculated?

The Central Bank of India Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 Lakh home loan in Central Bank of India?

You can use a 10 lakh home loan emi calculator Central Bank of India, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 7.30% 10 years loan ₹ 11,766
₹ 10 Lakh 7.30% 15 years loan ₹ 9,157
₹ 10 Lakh 7.30% 20 years loan ₹ 7,934

What is the EMI for ₹ 20 Lakh home loan in Central Bank of India?

You can use a 20 lakh home loan emi calculator Central Bank of India, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 7.30% 10 years loan ₹ 23,532
₹ 20 Lakh 7.30% 15 years loan ₹ 18,314
₹ 20 Lakh 7.30% 20 years loan ₹ 15,868

What is the EMI for ₹ 30 Lakh home loan in Central Bank of India?

You can use a 30 lakh home loan emi calculator Central Bank of India, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 7.30% 10 years loan ₹ 35,298
₹ 30 Lakh 7.30% 15 years loan ₹ 27,471
₹ 30 Lakh 7.30% 20 years loan ₹ 23,802

What is the EMI for ₹ 50 Lakh home loan in Central Bank of India?

You can use a 50 lakh home loan emi calculator Central Bank of India, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 7.30% 10 years loan ₹ 58,830
₹ 50 Lakh 7.30% 15 years loan ₹ 45,784
₹ 50 Lakh 7.30% 20 years loan ₹ 39,670

What is the EMI for a 25 lakhs home loan in Central Bank of India and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Central Bank of India:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 7.30% 10 years loan ₹ 29,415
₹ 25 Lakh 7.30% 15 years loan ₹ 22,892
₹ 25 Lakh 7.30% 20 years loan ₹ 19,835

What is the EMI for 12 lakhs home loan in Central Bank of India?

A borrower will pay ₹ 12,533 if he/she takes a loan for 12 years at an interest rate of 7.30%. The 12 lakh home loan emi Central Bank of India may vary across Central Bank of India home loan interest rate.

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Central Bank Home Loan News - Jun 2021
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    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.
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    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.
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    Public sector lender, Central Bank of India, plans to ease the loan management for its customers by setting an end-to-end loan life cycle management system. The system will help customers by guiding them about retail loans like personal and home loans, by informing them about loan-related concepts like credit monitoring and collateral management. Further, this will also help the Bank in the systematic management of loan borrowers.
  • 2019-11-14 : Central Bank to start loan drive
    Central Bank of India would start a loan drive named “Double Delight” on Friday. Bank aims to offer loans to customers for home, vehicle, and MSMEs at a low rate of interest. Central Bank has also waived off the processing on a home loan, personal loan, and car loan. The purpose of the campaign is to provide a maximum number of loans, repo rate linked interest rates on home and car loan.
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