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Central Bank Home Loan Interest Rates 2021

Central Bank of India Housing Loan Interest Rate

Last Updated 24th Mar 2021

Current Central Bank of India Home loan interest rates for Apr 2021 starts at 7.30% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%, Maximum ₹ 20,000.

Loan AmountCentral Bank of India Repo Rate Home Loan Rate
Upto ₹ 25 Lakh7.30%
₹ 25 Lakh - ₹ 75 Lakh7.30%
₹ 75 Lakh - ₹ 1 Cr7.30%
Above ₹ 1 Cr7.30%
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Central Bank of India Home Loan Interest Rates

Central Bank of India offers various products on home loan. Central Bank of India home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Central Bank of India Home Loan Interest Rate starts from 7.30%.
  • Central Bank of India charges a processing fees of Upto 0.50%, Maximum ₹ 20,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Central Bank of India is ₹ 686 per lakh offered at the lowest interest rate of 7.30% at the longest loan tenure of 30 years.
  • Central Bank of India allows prepayment of home loans with Nil charges on floating rate loans.
  • Central Bank of India has an average customer rating of 3.5/5.0 from customers who have taken a home loan from the bank.

Central Bank of India Home Loan Rate

Current Central Bank of India home loan interest rates are in the range of 7.30% to 7.30%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.30%. The table below gives the interest rates on various housing finance schemes of Central Bank of India.

Central Bank of India Home Loan Scheme Interest Rates
Cent Home Loan Plus Repo Rate7.30%
Central Bank of India Repo Rate Home Loan7.30%

Central Bank of India Home Loan Charges

Central Bank of India Home Loan Processing Fee

The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Central Bank of India housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Central Bank Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Central Bank of India Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Central Bank of India if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Central Bank of India Home Loan Interest Rate
Maximum Annual Percentage Rate (APR) 7.32% to 7.32%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Central Bank of India Home Loan Interest Rate: 7.30% to 7.30%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 686 for 30 Years ₹ 1,00,000 loan at 7.30% (lowest rate, longest time period) to ₹ 1,994 for 5 Years ₹ 1,00,000 loan at 7.30% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7.32% to 7.32%
  • Total cost payable over loan tenure: ₹ 20,158 for 5 Years loan to ₹ 1,47,305 for 30 Years loan

FAQs

What is Central Bank Home Loan interest rate?

Central Bank Home Loan interest rate ranges between 7.30% to 7.30%.Central Bank of India cuts Home Loan rates by 0.45% from 0.45%.

Why should I opt for balance transfer to Central Bank of India?

Central Bank of India offers competitive Home Loan rates with the best EMI of ₹ 686 per lakh availed at a low-interest rate of 7.30% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 686 per lakh, you should consider the option for a loan transfer to Central Bank of India from your existing bank. EMIs can be calculated through Central Bank of India Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Central Bank of India?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Central Bank of India housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Central Bank of India housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

  • Central Bank of India offers RBI Repo Rate linked Home Loan which starts at 7.30%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Central Bank of India Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.3% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Central Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Central Bank of India Repo Rate linked Home Loan rate will cut from 7.30% to 7.15%.

What is the current Central Bank of India Home Loan rate?

The current Central Bank Home Loan rate starts from 7.30% with a processing fee of Upto 0.50%, Maximum ₹ 20,000


Central Bank of India Home Loan Reviews 3.5/5  by 3 customers
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3.3/5.0
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3.7/5.0
Deepak , Mumbai
Reviewed on 13th Feb 2016
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Kalathi Murugan, Hyderabad
Reviewed on 08th Oct 2015
3 / 5 stars
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Gopalaswamy R, Bhopal
Reviewed on 17th Jul 2014
2.5 / 5 stars
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Central Bank of India Home Loan News - Apr 2021
  • 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.
  • 2020-01-14 : Central Bank of India plans to ease loan management for customers
    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.
  • 2019-08-19 : Central Bank of India revises MCLR by 20 basis points
    Central Bank has reduced its MCLR rate by 20 basis points with immediate effect from August 15 across loan tenures. The one year MCLR is reduced from 8.50 % to 8.30 % while the rate for 6-months MCLR have been reduced from 8.40% to 8.20%.
  • 2019-07-15 : Central Bank of India revises MCLR rates across loan tenure
    Central Bank of India has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across loan tenure for the month of July. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has revised a one-year MCLR rate to 8.50%. For one-month and three months, the rate has been revised to 8.15% and 8.25% respectively. The rates are effective from July 15, 2019.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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