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Central Bank Loan Against Property EMI Calculator

Central Bank of India Mortgage Loan EMI

Last Updated 24th Mar 2021

Get monthly EMI as low as ₹ 1,383 per lakh on Central Bank of India loan against property. Mortgage loan EMI in Central Bank of India depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan10 Year loan
₹ 20 Lakh₹ 43,585₹ 34,350₹ 27,663
₹ 30 Lakh₹ 65,377₹ 51,525₹ 41,495
₹ 50 Lakh₹ 1,08,962₹ 85,875₹ 69,158
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    Loan Against Property EMI Calculator Central Bank of India

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Central Bank of India Loan Against Property.

    Central Bank Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from Central Bank for 15 years at an interest rate of 11.10%, the EMI calculated for this loan amount would be ₹ 17,143 and the total annual EMIs to be paid annually is ₹ 2,05,719. The Central Bank Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,23,763 ₹ 30,527 ₹ 1,54,289 ₹ 14,69,473
    2022 ₹ 1,60,876 ₹ 44,844 ₹ 2,05,719 ₹ 14,24,630
    2023 ₹ 1,55,637 ₹ 50,082 ₹ 2,05,719 ₹ 13,74,548
    2024 ₹ 1,49,786 ₹ 55,933 ₹ 2,05,719 ₹ 13,18,614
    2025 ₹ 1,43,252 ₹ 62,468 ₹ 2,05,719 ₹ 12,56,147
    2026 ₹ 1,35,954 ₹ 69,765 ₹ 2,05,719 ₹ 11,86,381
    2027 ₹ 1,27,803 ₹ 77,916 ₹ 2,05,719 ₹ 11,08,466
    2028 ₹ 1,18,701 ₹ 87,018 ₹ 2,05,719 ₹ 10,21,447
    2029 ₹ 1,08,535 ₹ 97,184 ₹ 2,05,719 ₹ 9,24,263
    2030 ₹ 97,182 ₹ 1,08,538 ₹ 2,05,719 ₹ 8,15,726
    2031 ₹ 84,502 ₹ 1,21,218 ₹ 2,05,719 ₹ 6,94,508
    2032 ₹ 70,340 ₹ 1,35,379 ₹ 2,05,719 ₹ 5,59,129
    2033 ₹ 54,525 ₹ 1,51,194 ₹ 2,05,719 ₹ 4,07,935
    2034 ₹ 36,861 ₹ 1,68,858 ₹ 2,05,719 ₹ 2,39,077
    2035 ₹ 17,135 ₹ 1,88,584 ₹ 2,05,719 ₹ 50,493
    2036 ₹ 937 ₹ 50,493 ₹ 51,430 -₹ 0

    Each Central Bank Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 20.06% of your EMI has been used to repay the principal amount. This means that the remaining 79.94% of the EMI went into interest payment. Thus, you end up paying only 2.75% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Central Bank.

    In year 15, the interest component of Central Bank EMI is around 5.76%, while the principal component is around 94.24%. Upto 15 years, you have cumulatively repaid 100% of your total Central Bank Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Central Bank of India?

    After the announcement of RBI on 22nd May 2020, Central Bank of India has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Central Bank of India. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Central Bank of India customer care or its nearest branch.


    Will the Central Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    Central Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Central Bank of India subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, Central Bank of India will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Central Bank of India, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that Central Bank of India may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Central Bank of India mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Central Bank of India?

    You can avail of a maximum loan of ₹ 10 Cr, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Central Bank of India assesses the property before approving your mortgage loan application.

    Central Bank Loan Against Property News - Apr 2021
    • 2019-08-19 : Central Bank of India revises MCLR by 20 basis points
      Central Bank has reduced its MCLR rate by 20 basis points with immediate effect from August 15 across loan tenures. The one year MCLR is reduced from 8.50 % to 8.30 % while the rate for 6-months MCLR have been reduced from 8.40% to 8.20%.
    • 2019-07-15 : Central Bank of India revises MCLR rates across loan tenure
      Central Bank of India has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across loan tenure for the month of July. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has revised a one-year MCLR rate to 8.50%. For one-month and three months, the rate has been revised to 8.15% and 8.25% respectively. The rates are effective from July 15, 2019.
    • 2019-07-01 : Central Bank of India lowers MCLR by 5 basis points
      Central Bank of India has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for July. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For overnight, the rate has been revised to 8.00% from 8.05% earlier. For one-month tenor, the MCLR now stands at 8.20% from an earlier rate of 8.15%. While for six-month tenor, the new MCLR stands at 8.40% from 8.45% before. The revised rates are effective from July 1, 2019.
    • 2018-01-05 : Bank of Maharashtra, Central Bank of India and UCO Bank Raise Funds From Govt
      Bank of Maharashtra, Central Bank of India and UCO Bank raised a total of Rs 2,348 crore by selling shares to the government. The government has now allotted a total of Rs 7,577 crore to six public sector banks, under the prompt corrective action (PCA) by the RBI.
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