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Central Bank Home Loan Interest Rates 2022

Central Bank of India Housing Loan Interest Rate -Today

Last Updated 21st Jan 2022

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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Central Bank of India Home Loan Rate

Central Bank of India offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.85% up to 7.30%. Apart from the interest rate, the bank also has various other charges such as Central Bank of India processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

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
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Central Bank Home Loans Schemes

Central Bank of India offers a housing loan interest rate at 6.85%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Central Bank of India home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

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 Rate for Salaried and Self-Employed

The home loan interest rates in Central Bank for salaried and self-employed 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 Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Central Bank Home Loan Rate For Women Central Bank Home Loan Rate For Govt Employee
Upto ₹ 25 Lakh 6.85% 6.85%
₹ 25 Lakh - ₹ 75 Lakh 6.85% 6.85%
₹ 75 Lakh - 1 Cr 6.85% 6.85%
Above ₹ 1 Cr 6.85% 6.85%

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 loan balance transfer rate of 6.50%.

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

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. If you are paying an EMI more than ₹ 655 per lakh, you should consider the option for a loan transfer to Central Bank from your existing bank. Current Central Bank balance transfer rate is 6.50%.

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. Apart from the home loan rates, you can also negotiate over the processing fee.

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

Yes, Central Bank offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised 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?

For home loan upto ₹ 25 Lakh, Central Bank provides home loan interest rate starting at 6.85%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

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 rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Central Bank home loan rate today ?

Central Bank home loan rate today is in the range of 6.85% to 7.30%.The bank also charges a processing fee of upto Upto 0.50%, Maximum ₹ 20,000 of the home loan amount.

How much interest does Central Bank take on home loans?

The rate of interest on Central Bank home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Central Bank home loan current interest rate 2021 are in the range of 6.85% to 7.30%.


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Central Bank Home Loan News - Jan 2022
  • 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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