Central Bank Home Loan Interest Rate - Sep 2017
Central Bank of India Home Loan Interest Rates
| Interest Rate | 8.50% - 9.50% Check Best Offers |
| Lowest EMI | Rs. 769 per lakh |
| Max Tenure | 30 years |
| Processing Fee | Upto 0.50% Maximum Rs. 500 |
| Prepayment, Foreclosure Charges | Allowed with Nil charges for floating rate loans |
| Age | Min 18 and Max 60 years for Salaried Min 21 and Max 65 years for Self Employed |
Central Bank of India Home Loan
Central Bank of India offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Central Bank of India has the following benefits:
Central Bank of India Home Loan Interest Rates
In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.
Central Bank of India Floating Rate Home Loans
| Central Bank of India Home Loan | Interest Rates |
|---|---|
| Central Bank of India Home Loan Floating | 8.50% Details+ |
| Cent Home Loan Plus | 8.50% Details+ |
Central Bank of India home loan interest rate depends upon
- Loan amount: Housing loan rate in Central Bank of India depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
- Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
- Type of loan opted for: Central Bank of India also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
Interest Rate and its impact on Central Bank of India Home Loan Eligibility
Central Bank of India has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offered by Central Bank of India also impacts the amount of loan you can avail from Central Bank of India.
Some of the key eligibility criteria are summarized in the table below:
| Interest Rate | 8.50% - 9.50% |
| Age | 18 - 60 years |
| Job Stability in case of Salaried (in years) | 2 years |
| Minimum Credit Score | 650 and above |
| Loan Amount | Rs. 1,500,000 to Rs. 100,000,000 |
| Loan to Value Ratio | Upto 90% |
| FOIR (Fixed Obligations to Income Ratio) | Up to 0.65 |
Home Loan Charges Applicable (Other than Interest)
In addition to interest rates, home loan also carry some other charges which include:
- Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Central Bank of India allows prepayment of house loan with Nil prepayment charges
- Processing Fee - Central Bank of India charges a processing fee of 0.50% of loan amount Maximum Rs. 500 with applicable tax
- Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.
Home Loan Products and Rates
Central Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:
Central Bank of India Home Loan Eligibility Calculator
Central Bank of India Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Central Bank of India. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.
SBI Home Loan EMI and Interest Calculator
Further, you can also use the Central Bank of India Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure
- EMI calculator of Central Bank of India helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
- You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
- Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates
- Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Central Bank of India Housing Loan EMI?
- EMI calculator helps you to calculate your monthly EMI at different rate of interest
- Central Bank of India Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Housing Loan Central Bank documents required
For Salaried employee
- Filled up loan application form
- 2 Passport Size Photo
- 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
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
Frequently Asked Questions
Central Bank of India offers housing loan at 8.50% rate with the lowest EMI of Rs. 769 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Central Bank of India.
What is the maximum loan tenure I can opt under Central Bank of India house loan?Central Bank of India offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.
Do I get tax benefit on home loan from Central Bank of India?As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
Can I foreclosure my home loan? What are the charges applicable?Yes, you can foreclose your loan with Nil charges.
Can I transfer my house loan from another bank to Central Bank of India?Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Central Bank of India offers you to pay lower EMIs and save money.
Can I club the income of my spouse with mine and apply for joint home loan?You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
What is the benchmark applicable for housing loan?The benchmark applicable for home loan in Central Bank of India is 1 Year MCLR.
What is the effect of part payments on Central Bank of India housing loan EMI ?Part payments 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 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 loan.
How will interest rate on Central Bank of India housing loan change in future?- Floating rate on Central Bank of India housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.30%. When Bank offers a home loan at 8.50%, it applies a premium of 0.2% to its MCLR Rate to arrive at this home loan rate.
- When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
Central Bank Home Loan in India
Central Bank of India Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches
| City | Customer Care Number |
|---|---|
| Agra | 1800-200-1911 |
| Ahmedabad | 1800-200-1911 |
| Ambala | 1800-200-1911 |
| Anand | 1800-200-1911 |
| Aurangabad | 1800-200-1911 |
| Bangalore | 1800-200-1911 |
| Bhilai | 1800-200-1911 |
| Bhilwara | 1800-200-1911 |
| Bhiwadi | 1800-200-1911 |
| Bhopal | 1800-200-1911 |
| Bhubaneswar Cuttack | 1800-200-1911 |
| Bikaner | 1800-200-1911 |
| Chandigarh | 1800-200-1911 |
| Chennai | 1800-200-1911 |
| Cochin | 1800-200-1911 |
| Coimbatore | 1800-200-1911 |
| Dehradun | 1800-200-1911 |
| Delhi | 1800-200-1911 |
| Durg | 1800-200-1911 |
| Faridabad | 1800-200-1911 |
| Gandhinagar | 1800-200-1911 |
| Ghaziabad | 1800-200-1911 |
| Goa | 1800-200-1911 |
| Greater Noida | 1800-200-1911 |
| Gurgaon | 1800-200-1911 |
| Guwahati | 1800-200-1911 |
| Gwalior | 1800-200-1911 |
| Hyderabad | 1800-200-1911 |
| Indore | 1800-200-1911 |
| Jabalpur | 1800-200-1911 |
| Jaipur | 1800-200-1911 |
| Jalandhar | 1800-200-1911 |
| Jodhpur | 1800-200-1911 |
| Kanpur | 1800-200-1911 |
| Karnal | 1800-200-1911 |
| Kolhapur | 1800-200-1911 |
| Kolkata | 1800-200-1911 |
| Kota | 1800-200-1911 |
| Kozhikode | 1800-200-1911 |
| Lucknow | 1800-200-1911 |
| Ludhiana | 1800-200-1911 |
| Madurai | 1800-200-1911 |
| Meerut | 1800-200-1911 |
| Mehsana | 1800-200-1911 |
| Mohali Sas Nagar | 1800-200-1911 |
| Mumbai | 1800-200-1911 |
| Mussoorie | 1800-200-1911 |
| Nagpur | 1800-200-1911 |
| Nashik | 1800-200-1911 |
| Noida | 1800-200-1911 |
| Noida Extn | 1800-200-1911 |
| Panipat | 1800-200-1911 |
| Patna | 1800-200-1911 |
| Pondicherry | 1800-200-1911 |
| Pune | 1800-200-1911 |
| Raipur | 1800-200-1911 |
| Rajkot | 1800-200-1911 |
| Ranchi | 1800-200-1911 |
| Rohtak | 1800-200-1911 |
| Roorkee | 1800-200-1911 |
| Salem | 1800-200-1911 |
| Shimla | 1800-200-1911 |
| Sonepat | 1800-200-1911 |
| Surat | 1800-200-1911 |
| Trichy | 1800-200-1911 |
| Udaipur | 1800-200-1911 |
| Vadodara | 1800-200-1911 |
| Varanasi | 1800-200-1911 |
| Vijaywada | 1800-200-1911 |
| Vizag | 1800-200-1911 |
