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Central Bank Loan Against Property

Central Bank of India Mortgage Loan Interest Rates 2021

Last Updated 02nd Jul 2021

Central Bank of India is one of the largest Public Sector Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 13.75% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Central Bank of India Loan against property are mentioned below: Check Best Offers

Processing Fee Upto 0.50%
Max Tenure 10 years
Lowest EMI ₹ 1,538 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

    Central Bank of India Loan Against Property Fees and Other Charges

    Along with Central Bank Loan against Property Rates, Central Bank also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Central Bank LAP Loan is 0.75%. This fee is charged by Central Bank to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in Central Bank of India for Salaried Employees

    The mortgage loan interest rates in Central Bank of India for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 13.75%
    ₹ 25 Lakh - ₹ 75 Lakh 13.75%
    ₹ 75 Lakh - ₹ 3 Cr 13.75%
    Above ₹ 3 Cr 13.75%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 13.75%
    ₹ 25 Lakh - ₹ 75 Lakh 13.75%
    ₹ 75 Lakh - ₹ 3 Cr 13.75%
    Above ₹ 3 Cr 13.75%

    Central Bank of India Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 13.75%
    ₹ 25 Lakh - ₹ 75 Lakh 13.75%
    ₹ 75 Lakh - ₹ 3 Cr 13.75%
    Above ₹ 3 Cr 13.75%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 13.75%
    ₹ 25 Lakh - ₹ 75 Lakh 13.75%
    ₹ 75 Lakh - ₹ 3 Cr 13.75%
    Above ₹ 3 Cr 13.75%

    Steps to Apply for Central Bank of India Loan Against Property

    You can apply for Central Bank of India Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official Central Bank of India bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for Central Bank of India Loan against Property online, you need to follow these steps:-

    • Visit the official website of Central Bank of India and navigate to Loan Against Property.
    • Before applying, now check your eligibility for Central Bank of India Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a Central Bank Loan against property. Here, you can compare offers Central Bank with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. Central Bank Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare Central Bank of India Loan Against Property Interest Rate with Top Banks

    Central Bank of India offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Interest Rate 13.75% - 13.75% 8.80% - 9.30% 8.75% - 9.90%
    Processing Fees Upto 0.50%
    Max ₹ 20,000
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 10 Years 15 Years 15 Years
    Maximum Loan Amount ₹ 10 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,538 per lakh ₹ 1,002 per lakh ₹ 999 per lakh
    Central Bank of India Floating Rate on Loan Against Property

    As on 25 Jul, 2021, Central Bank offers the lowest rate starting at 13.75%. Central Bank Loan against property rates have been hiked by 3.85%, from the earlier rate of 9.90% with effect from 02 Jul, 2021.

    Central Bank of India Mortgage Loan Interest Rates
    Central Bank of India Loan Against Property Floating 13.75%
    Central Bank of India Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 13.75%
    ₹ 25 Lakh - ₹ 75 Lakh13.75%
    ₹ 75 Lakh - ₹ 3 Cr13.75%
    Above ₹ 3 Cr 13.75%
    with OD Facility
    Loan Amount Rate
    Upto ₹ 25 Lakh 0%
    Above ₹ 25 Lakh - ₹ 75 Lakh 0%
    Above ₹ 75 Lakh - ₹ 3 Cr 0%

    Central Bank Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    02 Jul, 2021 13.75%
    20 Apr, 2021 9.90%
    01 Apr, 2021 11.10%
    31 Mar, 2021 11.10%

    Factors Affecting Central Bank Loan against Property Interest Rates

    Some of the factors that impact Central Bank Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Central Bank depend upon the loan amount you apply. You can get a minimum loan of ₹ 1 Lakh from Central Bank.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
    • Type of loan opted for: Central Bank offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: Central Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Central Bank Loan Against Property Eligibility Criteria

    Central Bank has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Loan Amount ₹ 1 Lakh to ₹ 0 Cr
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    Central Bank of India Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online Central Bank of India Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The Central Bank of India Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in Central Bank of India

    Central Bank of India offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Central Bank of India at an affordable interest rate, higher loan amount and convenient loan tenure. Central Bank of India loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Central Bank of India are 13.75%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against Property Central Bank of India Products

    Central Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Cent Trade

    • Cent trade is a mortgage loan designed for traders such as commission agents, manufacturers, or processors. A minimum of Rs 2 lakhs and a maximum of Rs 5 crores can be availed under this mortgage loan scheme.
    • The loan is taken to fulfil financing needs for lawful trading activities.
    • For loans, up to Rs 2 crores, the market value of the mortgaged property should be 150% of the loan amount, whereas for loans above Rs 2 crores the market value of the property should be 200% of the loan amount.

      Cent Mortgage

      • Cent mortgage is a secured loan offered by the Central Bank of India that allows owners of immovable properties whether residential, commercial or industrial, to borrow loans against it.
      • The loan is taken to fund business and personal needs that should be lawful and not speculative.
      • The minimum gross income of the applicant should be Rs 2 lakhs.
      • The loan can be taken by salaried individuals, self-employed people, proprietory or partnership firms, or by self-employed professionals.

      Cent Rental

      • Cent Rental is a mortgage loan designed for property owners to fund their property and business needs. One can avail a loan up to Rs 5 crores as per this facility which is to be repaid within 120 months.
        • The loan can be availed by property owners who have their property situated in the metro, urban or semi-urban areas and have let out or leased their properties.

          Central Bank of India Loan Against Property Documents Required

          For Self-Employed

          • Filled up loan application form
          • 2 Passport Size Photo
          • ITR of last 0 years
          • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
          • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
          • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
          For Salaried employee
          • Filled up loan application form
          • 2 Passport Size Photo
          • ITR of last 0 years
          • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
          • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
          • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
          Property documents
          • Registered Sale Deed/ Conveyance/ Lease Deed
          • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
          • Latest House Tax Return/ Receipt
          • Approved Building Plan from Municipal Corporation

          FAQs

          What is Central Bank of Indias loan against property interest rate?

          Central Bank of India offers loan against property at a rate of 13.75% with the lowest EMI of ₹ 1,538. If you are currently paying a higher interest rate than Central Bank of India rate, you can opt for a balance transfer of loan to Central Bank of India.

          Did Central Bank of India Loan against property rates drop?

          No, Central Bank of India lowest rates on loan against property have been increased from 02 Jul, 2021. The new rates have been hiked to 13.75% from 9.90% earlier.

          How to increase my eligibility on Central Bank of India Mortgage loan?

          If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

          Can I foreclose my Mortgage loan? What are the charges applicable?

          Yes, you can foreclose your Central Bank of India loan against property anytime you want with Nil foreclosure charges.

          What is the maximum loan tenure I can opt under Central Bank of India Property loan?

          Central Bank of India offers a maximum tenure of 10 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

          What is the benchmark rate applicable for Mortgage loan?

          The benchmark rate applicable for property loans in Central Bank of India is RLLR

          Can I transfer my LAP from another bank to Central Bank of India?

          Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Central Bank of India offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Central Bank of India are 13.75%.

          What is Central Bank of India mortgage loan processing fees?

          The loan processing fee charged is 0.50% of the total loan amount.

          What security do I need to provide for Central Bank of India Mortgage Loan?

          Central Bank of India requires a registered mortgage of the property against which the bank will provide you a loan.

          • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
          • Your total EMIs on all loans and credit cards (from Central Bank of India and other banks) are no more than 60 - 70% of your net monthly income.
          • You have not defaulted on loans or credit card dues to Central Bank of India and other banks and all EMI's have been paid. Note that Central Bank of India can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Central Bank of India in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
          • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
          • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

          Are prepayment or foreclosure charges applicable on Central Bank of India loan against property?

          You can prepay loan against property (LAP) without any penalty or charges in case:

          • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
          • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

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          Central Bank Loan Against Property News - Jul 2021
          • 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.
          • 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.
          *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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