How to take home loan from Central Bank of India?

Central Bank Of India Home Loan Central Bank is providing home loan at attractive interest rate to fulfill the dream of the people. In this article, we will take a look at Central Bank of India Home Loan and try to get complete information about it.

in present time Central Bank Home Loan Interest Rate 8.20% p.a. starts with | You can get this home loan for a long tenure of 30 years. If you are thinking of building a house and you are short of money then you Central Bank of India can be linked with home loan.

To take a loan from the Central Bank, you have to apply, whose complete information is given in detail here.

Central Bank of India Home Loan in Hindi

Anyone can take a home loan for construction of a house, purchase of a house or renovation of a house. Central Bank of India offers various types of home loan schemes to the customers. The interest rate and loan amount of each home loan scheme can be different.

The central bank also provides subsidy on home loans under the Pradhan Mantri Awas Yojana. The loan amount depends on the applicant’s various factors like CIBIL Score, income, age, place of residence etc. of the applicant.

Central Bank of India Home Loan The processing fee is 0.50% of the loan amount + GST ​​subject to a minimum of Rs.2500 and a maximum of Rs.20,000. You can calculate your loan EMI with the help of Central Bank Home Loan Calculator which helps you to know how much installment you will have to pay at the time of loan repayment.

HIGHLIGHTS

loan name	central bank of india home loan 2022
Name of the lending bank	Central Bank of India
loan amount	Up to 90% of the property value
loan tenure	30 years
Rate of interest	Starting from 8.20% p.a.
processing fee	0.50% of loan amount + GST, Minimum – Rs 2500, Maximum – Rs 20,000
application mode	online / offline
official website	www.centralbankofindia.co.in

Central Bank of India Home Loan Interest Rate 2022

Central Bank of India home loan interest rate starts from 8.20% p.a. People with a good income and credit score can take advantage of the bank’s attractive home loan interest rates. You should compare the home loan interest rates of different banks so that you can find the cheapest home loan.

Loan Quantity and Margin:

For Salaried Customer:

• 90% of the cost of loan up to Rs.30 lakh
• 80% of the cost from 30 lacs to 75 lacs
• 75% of the cost of loan above Rs.75 lakh
• 75% of the cost of repair, renovation, extension of an existing house, flat, subject to a maximum of Rs.10 lakh.
• 75% of the cost after meeting the eligibility criteria of EMI/NMI ratio
• The cost of the plot should not exceed 75% of the total cost of the housing unit.

For Non-Salaried Borrower:

• 80% of the cost of loan up to Rs.75 lakh
• 75% of the cost for loans above Rs.75 lakhs
• 75% of the cost of repair, renovation, extension of an existing house, flat, subject to a maximum of Rs.10 lakh.
• 75% of the cost after meeting the eligibility criteria of EMI/NMI ratio
• The cost of the plot should not exceed 75% of the total cost of the housing unit.

Loan quantum – Based on EMI/NMI ratio based on net annual income and repayment capacity of the applicant. Based on the net annual income, you can easily understand the EMI/NMI ratio from the table given below:

Annual Income	EMI/NMI Ratio (Max)
Up to Rs 1.20 lakh	20%
1.20 lac to 3 lac	30%
3 lakh to 5 lakh rupees	55%
Rs 5 lakh to Rs 8 lakh	60%
8 lakh to 10 lakh rupees	65%
Exceeding Rs.10 Lakhs	66.67%

Types of Central Bank of India Home Loan

This bank offers many types of home loans which are as follows:

• Cent Home loan
• St. Grih Lakshmi
• Cent Home Double Plus Scheme
• Cent Home Loan Scheme for purchasing 3rd or 4th house/flat
• Topup Facility To Cent Home Loan Beneficiaries

Cent Home Loan:

• You can avail this loan for the purchase of a new house / flat, its construction or for the repair / renovation / conversion of an existing house / flat.
• At the time of applying, the minimum age of the applicant should be 18 years.
• NRIs can also apply for this home loan.
• Loan quantum – Based on EMI/NMI ratio based on net annual income and repayment capacity of the applicant.
• The maximum loan tenure of this loan is 30 years. In case of repair, renewal it is 10 years.
• Customer’s CIBIL Score should be very good.
• Moratorium period: Maximum 24 months.

St Gruha Lakshmi Home Loan:

• Only female customer or first named customer can apply for this loan.
• For CIBIL/CRIF the CIBIL score should be 725 or above.
• The CIBIL score for Experian should be 750 or above.
• If women are the prime borrowers, then they will be given EMI waiver. The number of EMIs to be waived are as follows:
  • Loan Tenure of 30 Years – 5 EMIs
  • Loan tenure of 25 years – 4 EMI
  • Loan tenure of 20 years – 3 EMI
• Under this loan, the beneficiary can also get subsidy on home loan under Pradhan Mantri Awas Yojana (PMAY).
• The processing fee on this loan has been waived off till 31.12.2021 under the Retail Fest Bonanza-2021.

Cent Home Double Plus Plan:

• This home loan is divided into two main parts:
  • Home Loan With Overdraft Facility
  • Home loan for other purposes like home renovation, repairs, marriage, travel, vacation etc.
• You can take this loan for the construction of an existing house/flat or for expansion.
• Any individual salaried employee, self-employed person, professional person can apply for this home loan.
• At the time of applying, the minimum age of the applicant should be 18 years.
• Moratorium period: Maximum 36 months.
• Salaried individuals do not have to provide any kind of guarantee for loan amount up to Rs.20 lakh.

Cent Home Loan Scheme for purchase of 3rd or 4th house/flat:

• This loan can be taken for buying or expanding a new house, flat or for expansion of an existing house.
• The house or flat should not be more than 40 years old.
• Any person can apply for this loan.
• Loan quantum – depending on the repaying capacity of the borrower and the value of the property.

Margin:

For salaried customers:

• On loans up to Rs.30 lakh:
• Minimum 10% for construction / purchase of new or existing flat / extension of existing house or flat
• Minimum 25% for repair/refurbishment/change subject to maximum of Rs.10 lakhs
• Minimum 25% for purchase of plot
• For loans between Rs.30 lakh to Rs.75 lakh:
• Minimum 20% for construction of new or existing flat or house / extension of existing house or flat
• Minimum 25% for purchase of plot
• For loans above 75 lakhs:
• Minimum 25% for construction / purchase of new or existing flat or house / extension of existing house or purchase of flat / plot

For non-salaried customers:

• For loans up to Rs.75 lakh:
• Minimum 20% for construction of new or existing flat or house / extension of existing house or flat
• Minimum 25% for repair/renovation/alteration of existing house or flat, subject to a maximum of Rs.10 lakh
• Minimum 25% for purchase of plot
• For loans above Rs.75 lakhs:
• Minimum 25% for construction/purchase of new or existing flat or house/extension of existing house or purchase of flat/plot

Central Bank of India Home Loan Eligibility

• Applicant’s minimum age should be 18 years to apply.
• Maximum age 75 years |
• Both residents of India and non-residents of India can apply for this loan.
• Anyone can apply for Salaried and Self Employed Loan.
• The credit score of the application should be good.

Central Bank of India Home Loan Documents Required

You can also contact the bank for more details about the document:

• Identity Proof (Passport/PAN Card/Driving License/Aadhar Card/Voter ID Card)
• Address Proof (Voter ID Card/Aadhaar Card/Copy of Utility Bills/Voter ID/Driving License/Valid Passport)
• Income Proof – Latest Form 16 or Income Tax (IT) Return / Recent Salary Slip
• Bank statement
• property title document

How to apply for Central Bank of India Home Loan?

If you fulfill all the conditions of this home loan, then you can apply for this loan both online and offline. Here is the information about the process of applying:

Central Bank of India Home Loan Apply Online

• To apply online, you must first visit the official website of Central Bank of India.

• website home page Apply For Retail Loan The option of will appear, click on it.
• After clicking on this link you will be taken to the next page retail loan The option of will appear, click on it.
• After coming to the new page, you will see the option of Apply for Loan, click on it.
• On the next page, you will see two options Yes and No.
• If you are an existing customer of the bank then you have to click on yes and if you are a new customer then you have to click on no.
• Then the application form will open in front of you.
• Enter the correct information asked in the form and submit the form.
• After submitting the form, the representative of the bank will contact you and the loan process will be issued further.

Apply Offline for Central Bank Home Loan

• To apply offline, you have to first go to your nearest Central Bank of India branch.
• You will have to contact the bank employee by going to the bank branch.
• The bank employee will provide you all the information related to the home loan.
• After that your documents will be verified.
• Then you will be given the loan application form.
• You have to fill this form, attach your documents and submit it there.
• If you fulfill all the conditions of the bank’s home loan, then your loan will be approved and the loan amount will be transferred to your bank account.

Home Loan Fees and Charges

• Processing Fee – 0.50% of the loan amount + GST, Minimum – Rs 2500 and Maximum Rs 20,000.
• Documentation Fee – Rs 1350 + GST

How to check Central Bank of India Home Loan Status?

• To check the status of your application, you must first visit the official website of Central Bank of India.
• The option of Apply For Retail Loan will appear on the home page of the website, click on it.
• Select Retail loan on the next page.
• After coming to the new page, you will see the option of Track Status, click on it.
• On the next page, you can track the status of your application with the help of your reference number.

Central Bank of India Home Loan Customer Care Number

• Toll Free Number: 1800 22 1911

conclusion

Central Bank Home Loan is a good option for those looking for a home loan at an affordable interest rate. By reading this article, you can easily apply for this home loan and fulfill your needs.

If you want to know more about this loan, then you can get more information by calling the Central Bank of India home loan customer care number.

FAQ: