20,00,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Central Bank Home Loan Balance Transfer

Home Loan Transfer to Central Bank of India: Details

Last Updated 15th Nov 2021

Interest Rate6.85%
Processing FeeNil
Lowest EMI per lakh₹ 655
Loan Tenure30 years
  • Central Bank of India offers a home loan balance transfer facility at low interest rates starting at 6.85% for a tenure of upto 30 years.
  • You can transfer your home loan to Central Bank of India to reduce EMIs and save more on interest.
  • Avail home loan top up from Central Bank of India at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Central Bank Home Loan Transfer

Central Bank, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Central Bank of India at the lowest interest rates. To transfer your housing loan to Central Bank of India, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Central Bank.

Central Bank of India Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Central Bank of India, compare and calculate all the costs of loan transfer. The table below mentions Central Bank of India home loan transfer interest rate and other home loan transfer charges of Central Bank of India.

Central Bank Home Loan Transfer Rates 6.85%
Processing Fees Upto 0.50% and Maximum ₹ 20,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Central Bank of India Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Central Bank of India offers lower home loan rates starting at 6.85% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Central Bank of India.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Central Bank of India, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Central Bank of India home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Central Bank of India Home Loan Transfer

To transfer your home loan to Central Bank of India, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Central Bank.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Central Bank of India.
  • You must be an Indian resident within the age criteria of Central Bank of India. The minimum & maximum age to avail a Central Bank of India home loan takeover is 18 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Central Bank of India home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Central Bank of India

The home loan balance transfer process to Central Bank of India is smooth and quick. To transfer your existing home loan to Central Bank of India, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Central Bank of India upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Central Bank of India and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Central Bank of India will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Central Bank of India will be completed.

Document Required for Central Bank Home Loan Transfer

To avail of home loan balance transfer from Central Bank, you need to submit the following documents to Central Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Central Bank?

Yes, transferring your home loan to Central Bank of India is a good idea for home loan borrowers as Central Bank of India provides lower home loan rates starting at 6.85%, and minimal processing fee is Nil.

How can I transfer my Central Bank home loan from one branch to another?

To transfer your Central Bank of India home loan from one branch to another, you can request through net banking/mobile banking. Central Bank of India also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Central Bank home loan balance transfer?

Yes, Central Bank of India charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Central Bank home loan balance transfer?

If you apply for a home loan transfer to Central Bank of India, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Central Bank of India home loan balance transfer?

To know your Central Bank of India home loan status, you can call Central Bank of India home loan customer care number or visit Central Bank official website to check the status.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Central Bank Home Loan News - Nov 2021
  • 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
Loader
Please wait while your information is being processed...