Central Bank Loan Against Property Eligibility

• Age: Central Bank of India considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Central Bank of India, one has to be of atleast 21 years of age. The maximum age for loan from Central Bank can be 60 years for salaried and 65 years for self employed. Central Bank of India eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your current age	Max tenure for salaried	Max tenure for self employed
25 Years	10 Years	10 Years
30 Years	10 Years	10 Years
40 Years	10 Years	10 Years
50 Years	10 Years	10 Years
60 Years	-	5 Years

Central Bank of India Mortgage loan eligibility based on income

• Net Income: The amount of loan you can avail is a function of your net income. Central Bank of India typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For e.g. if your net monthly income is Rs. 70,000 and you take a mortgage loan of Rs. 50 lakh at 10.95% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
  

  Age	Net Monthly Income (Rs.)
  	50,000	75,000	100,000
  25 years	23.64 Lakh	35.46 Lakh	47.28 Lakh
  30 years	23.64 Lakh	35.46 Lakh	47.28 Lakh
  35 years	23.64 Lakh	35.46 Lakh	47.28 Lakh
  40 years	23.64 Lakh	35.46 Lakh	47.28 Lakh
  50 years	23.64 Lakh	35.46 Lakh	47.28 Lakh

  You may consider repaying any loans with short tenure and high EMI in order to increase your Central Bank of India loan against property eligibility.

• Nature of Employment: Central Bank of India will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Central Bank of India requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Central Bank of India Loan against property eligibility based on value of property

• Value of property: Central Bank of India does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth Rs. 20 lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth Rs. 20 lakh will fetch the highest loan amount of Rs. 10 Lakh. On the other hand an industrial property of Rs. 20 lakh might allow you to take a lower loan amount of Rs. 10 Lakh.
  

  Property Type	LTV	Property Value	Maximum Loan Amount
  Industrial Property	50%	Rs. 20 Lakh	Rs. 10 Lakh
  Commercial Property	50%	Rs. 20 Lakh	Rs. 10 Lakh
  Residential Property	50%	Rs. 20 Lakh	Rs. 10 Lakh

• Co-applicant: In order to enhance the eligibility of a loan with Central Bank of India, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility
• Property documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Central Bank of India

Central Bank of India property loan eligibility based on CIBIL score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Central Bank of India requires a minimum credit score of Central Bank of India credit score to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Central Bank of India.

Late payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Central Bank of India.

High number of unsecured loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.

Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.

Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Central Bank of India, improve your credit worthiness to get a good score before putting in an application in another bank.

Central Bank of India Mortgage loan eligibility based on FOIR

Central Bank of India calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Central Bank of India will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Central Bank of India. Always calculate your eligibility with Central Bank of India mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

Frequently Asked Questions

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