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Central Bank Loan Against Property Eligibility Calculator

Central Bank Loan Against Property Eligibility Criteria 2021

Last Updated 02nd Jul 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 10 years 10 years
  • Central Bank of India loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Central Bank mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Central Bank of India Loan Against Property Eligibility

Central Bank of India allows you to fund immediate or urgent needs with a loan against property. Central Bank of India loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Central Bank of India lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Central Bank of India Loan Against Property Eligibility Based on Age

    Central Bank of India considers your age as one of the important parameters to calculate your Central Bank of India property loan eligibility. To be eligible for availing a loan from Central Bank of India, one has to be of 21 years of age. The maximum age for loan from Central Bank can be 60 years. 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 Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. 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. However, the net monthly income required by Central Bank of India to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% 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 (₹)
    50,000 75,000 100,000
    25 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 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. 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 Property Loan 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. You can get a maximum of 50% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh. On the other hand an industrial property of ₹ 20 Lakh might allow you to take a lower loan amount of ₹ 10 Lakh. The percentage of Central Bank of India loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Industrial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Central Bank of India, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you 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 Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Central Bank of India requires a minimum credit score of 650 to be eligible for a property loan.

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 calculates your fixed obligations to monthly income ratio that 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.

How to Calculate Central Bank of India Loan Against Property Eligibility?

To check loan against property eligibility Central Bank of India follow the below given steps:-

  • Visit to the Central Bank of India website.
  • Click on Central Bank of India loan against property.
  • To check eligibility criteria use a Central Bank of India loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Central Bank of India Loan against property.

Central Bank of India Loan Against Property Schemes Eligibility

Central Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular Central Bank of India loan against property products with their basic eligibility are listed 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.
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.
  • 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.

Documents Required for Central Bank of India Loan on Property

To avail Central Bank of India loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

FAQs

What factors determine the eligibility criteria of property loan from Central Bank?

The factors that determine the eligibility criteria of Central Bank of India property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Central Bank of India mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure Central Bank of India of your ability to repay the loan.

What is the minimum and maximum age required for Central Bank of India loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Central Bank. Central Bank considers your age as an important parameter to determine your Loan against property tenure.

What is the tenure of Central Bank property loan?

Central Bank of India offers property loan for a tenure upto 10 years. However, longer the loan tenure, higher will be the eligibility. Also, higher loan tenure means higher rate of interest.

How much Central Bank of India mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Central Bank of India up to 50% of the market value of the property if they mortgage residential property whereas you can avail up to 50% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Central Bank of India if I am not a Central Bank of India customer?

Yes, you can get a loan against property from Central Bank of India if you are not a Central Bank of India customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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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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