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Central Bank Home Loan

Central Bank Housing Loan 2021

Last Updated 10th Jun 2021

Central Bank of India is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.30% with quick approval and online process. Home Loan in Central Bank of India is quite popular with its special features and attractive rates under various Central Bank of India home loan schemes for different income and occupation groups. Some of the key features of Central Bank of India housing loan are:

  • Central Bank of India also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Central Bank of India has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Central Bank of India home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Central Bank Home Loan Details

Central Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Central Bank

Age Min 18 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 7.30%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Maximum ₹ 500
Lowest EMI Per Lakh ₹ 686
  • Purpose of Loan: Central Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Central Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 18 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 7.30% to 7.30%.
    • Central Bank home loan EMI per lakh starts from ₹ 686. However, you can calculate your home loan EMI using Central Bank home loan calculator 2021.
  • Special schemes: Central Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Central Bank Home Loans

Some of the features and benefits of Central Bank of India Home Loans are listed as follows:-

  • Central Bank of India Home Loan Interest Rate starts from 6.75%.
  • Central Bank of India charges a processing fees of Upto 0.50%, Maximum ₹ 500.
  • 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 per lakh offered at the lowest interest rate of 6.75% 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.

How to Get Easy Home Loan from Central Bank?

Getting a home loan from Central Bank is fairly easy with an online application process. 5 Steps for Central Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Central Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Central Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Central Bank’s representative will visit your home or office to collect your documents.
  • Step 4: Central Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Central Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Central Bank Home Loan Documents Required

To apply for a home loan in Central Bank, the bank asks you to submit the following Central Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Central Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Central Bank Home Loan EMI Calculator

Central Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Central Bank of India Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Central Bank Home Loan Eligibility Calculator

Central Bank of India Home loan eligibility calculator is an online tool that helps the Central Bank home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Central Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Central Bank?

To apply for Central Bank of India Home Loan, you will be required to submit Central Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Central Bank of India ?

Below-mentioned is the reason why you must avail a home loan from Central Bank

Can I apply for an Central Bank home loan online?

Yes, you can apply for a Central Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Central Bank home loan scheme?

Choosing the best Central Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Central Bank home loan scheme is based on one’s needs.

Is Central Bank good for a home loan?

Central Bank is one of the best home loan lenders in the country. Currently, Central Bank home loan interest rate 2021 starts at 6.65%.

How can I check my Central Bank home loan status?

One can check their Central Bank home loan status on Central Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Central Bank mobile app

What is the eligibility for a Home Loan of Central Bank of India?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Central Bank of India Home Loan procedure?

There are two methods to complete the application for Central Bank of India Home Loan Process online:

  • Apply online at Central Bank of India official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does Central Bank of India check CIBIL for home loan?

Yes, to avail home loan from Central Bank of India, you must fulfill Central Bank of India Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to Central Bank of India can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Central Bank of India is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Central Bank Home Loan News - Jun 2021
  • 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.
  • 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.
*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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