Central Bank Loan Against Property EMI Calculator

Lowest EMI on Central Bank of India Loan Against Property - Rs. 1,446 per lakh

Last Updated 10th Dec 2016
Loan Tenure
Loan Amount (Rs.) 7 years 10 years 10 years
2,500,000 Rs. 44,400 Rs. 36,157 Rs. 36,157
5,000,000 Rs. 88,799 Rs. 72,315 Rs. 72,315
7,500,000 Rs. 133,199 Rs. 108,472 Rs. 108,472
10,000,000 Rs. 177,599 Rs. 144,629 Rs. 144,629

Check Central Bank Loan Against Property EMI for a loan amount and tenure

Central Bank of India Loan Against Property EMI Calculator
X
  • Loan Against Property EMI (or equated monthly instalment) is a fixed amount of money you pay Central Bank of India towards repayment of your property loan every month on a fixed day of the month till your loan is fully paid back.
  • With Central Bank of India now offering loan tenure upto 18 years at attractive interest rates starting is 12.20%, your EMI can be as low as Rs. 1446 per Rs. one lakh loan amount.
  • The Loan Against Property EMI comprises of both principal repayment and interest payment. While the EMI amount remains constant, the interest component of keeps reducing and the principal component keeps increasing, except in case of an increase in interest rate on the loan.
Use the above quick and easy tool to easily calculate and compare monthly EMI on Central Bank of India Loan Against Property.

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?

  • 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 an 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?

  • 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 pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying 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?

  • EMI is calculated using a combination of loan amount, loan tenure and interest rate.
  • EMI is calculated 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.
Central Bank Loan Against Property EMI Calculator News - Dec 2016
01st Aug 16 Central Bank of India reduces MCLR by 0.05 percent
Central Bank of India has reduced its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This has reduced its one-year MCLR to 9.35 percent, from the current rate of 9.4 percent . The month MCLR is reduced to 9.3 percent and 3 month MCLR is reduced to 9.25 percent. Overnight MCLR has been reduced to 8.9 percent , while 1 month MCLR has remained same at 9.2 percent. The new MCLR is effective from August 1,2016. This rate cut of the bank will lead to lower interest rates on home loan, car loan, personal loan, etc, for loans taken under floating rate schemes. However, borrowers who have taken a loan at fixed rate, will not be benefitted by this reduction.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.