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Central Bank Home Loan Interest Rates 2021

Central Bank of India Housing Loan Interest Rate -Today

Last Updated 10th Jun 2021

Current Central Bank of India Home Loan interest rates Jul 2021 starts at 6.85% p.a. for a maximum tenure of 30 years. The 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 Lakh6.85%
₹ 25 Lakh - ₹ 75 Lakh6.85%
₹ 75 Lakh - ₹ 1 Cr6.85%
Above ₹ 1 Cr6.85%
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Current Central Bank of India Home Loan Rate

Today Central Bank of India home loan interest rates are in the range of 6.85% 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 6.85%.

Below-mentioned are Central Bank of India home loan rates for multiple housing schemes.

Central Bank of India Home Loan Scheme Interest Rates
Central Bank of India Repo Rate Home Loan6.85% - 7.30%
Cent Home Loan Plus Repo Rate7.30%

Central Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Central Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 6.85%
₹ 25 Lakh - ₹ 75 Lakh 6.85%
₹ 75 Lakh - 1 Cr 6.85%
Above ₹ 1 Cr 6.85%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 6.85%
₹ 25 Lakh - ₹ 75 Lakh 6.85%
₹ 75 Lakh - 1 Cr 6.85%
Above ₹ 1 Cr 6.85%

Central Bank of India Home Loan Processing Fee and Other Charges

Central Bank of India home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Central Bank of India charges the maximum processing fees at ₹ 20,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to 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.

Processing Fees Upto 0.50% of the loan amount; maximum fee of ₹ 20,000
Foreclosure Charges Nil for floating rate home loans

Central Bank Home Loan Balance Transfer Interest Rates

Central Bank of India home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Central Bank of India at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Central Bank of India offers the lowest home loan balance transfer rate of 6.85%.

Illustration on Home Loan Interest Rate Central Bank of India
Maximum Annual Percentage Rate (APR) 6.87% 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: 6.85% to 7.30%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 655 for 30 Years ₹ 1,00,000 loan at 6.85% (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: 6.87% to 7.32%
  • Total cost payable over loan tenure: ₹ 1,18,883 for 5 Years loan to ₹ 2,36,394 for 30 Years loan

FAQs

What is Central Bank Home Loan Interest Rate?

Central Bank Home Loan interest rate ranges between 6.85% to 7.30%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Central Bank reduced home loan rates?

As per the current rates, Central Bank has cut its home loan rates by 0.45% from 7.30% to 6.85%, which is one of the best rates in the market. The new rates are effective from 01 Apr, 2021.

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

Central Bank of India offers lowest Home Loan EMI of ₹ 655 per lakh availed at the lowest interest rate 6.85% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 655 per lakh, you should consider the option for a loan transfer to Central Bank of India from your existing bank.

  • Central Bank of India offers RBI Repo Rate linked Home Loan which starts at 6.85%. Current Repo Rate of RBI is 4.00%. The 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 2.85% 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 the 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 6.85% to 6.7%.

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

The current Central Bank Home Loan rate starts from 6.85% with a processing fee of Upto 0.50%, and Maximum ₹ 20,000.Central Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Central Bank offers different home loan rates for different home loan products.

Can Central Bank of India housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Central Bank to lower the home loan rates.

What are the interest rates of home improvement loans in Central Bank?

You can avail of Central Bank home loans for home improvement at regular home loan rates starting at 6.65%.

Can Central Bank revise the home loan interest rates for their existing customers?

Central Bank home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Central Bank offer a concessional home loan interest rate for women?

Yes, Central Bank offers special home loan interest rates for women. As against Central Bank home loan rates for male which is 6.85%, the home loan interest rate for women starts at %.

What is the Central Bank home loan rate of ₹ 25 Lakh for 15 years?

Central Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Central Bank provides home loan interest rate starting at 6.65%.

At what interest rate does an Central Bank employee get a home loan?

Central Bank offers concessional home loan rates of about 1% than the current home loan rates to Central Bank employees.

Is Central Bank of India home loan a floating rate loan or fixed-rate loan?

Central Bank home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Central Bank of India Home Loan News - Jul 2021
  • 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.
  • 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.
*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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