Central Bank of India Home Loan
Central Bank of India provides home loans starting at 7.35% interest with flexible repayment of up to 30 years. You can get up to 90% of the property value for loans up to Rs. 30 lakh, with a processing fee of 0.50% capped at Rs. 20,000. The bank also offers a moratorium of up to 36 months, and the loan can be used for buying a house, purchasing a plot, or renovating your existing home.
Central Bank of India Home Loan Interest Rates
Central Bank of India offers home loans at competitive floating interest rates across various schemes, designed to meet different housing needs. Customers can reach out to their nearest Central Bank branch for detailed information on applicable rates and personalized guidance.
Current Home Loan Schemes and Interest Rates
- Cent Home Loan: 7.65% p.a. to 8.90% p.a.
- Cent Home Loan Double Plus: 8.70% p.a. to 9.40% p.a.
- Cent Home Loan for 3rd or 4th House/Flat: 8.40% p.a. to 9.30% p.a.
- Cent Grih Lakshmi: 7.35% p.a. to 8.50% p.a.
Compare Home Loan Interest Rates Across Different Banks
| SBI Home Loan | 7.25% p.a. to 10.50% p.a. |
| HDFC Home Loan | 7.75% p.a. onwards |
| PNB Housing Finance | 7.70% p.a. to 11.45% p.a. |
| Axis Home Loan | 8.35% p.a. to 9.35% p.a. |
| Union Bank of India Home Loan | 8.60% p.a. onwards |
| Bank of Baroda Home Loan | Floating rate: 7.45% to 9.20% per year, Fixed rate: 9.15% to 10.20% per year. |
| LIC Home Loan | 7.50% p.a. onwards |
| Kotak Mahindra Bank Home Loan | 7.99% p.a. onwards |
| Central Bank of India Home Loan | 7.35% p.a. onwards |
| Aditya Birla Housing Finance | Salaried: 8.80%–14.00% p.a. & Self-employed: 9.10%–14.75% p.a. |
| HSBC Home Loan | 7.70% p.a. onwards |
| Standard Chartered Bank Home Loan | Starting from 8.95% p.a. |
| TATA Capital Home Loan | 7.75% p.a. onwards |
| YES Bank Home Loan | 9.00% - 11.50% p.a. |
| IDBI Home Loan | 7.65% p.a. onwards |
| Bandhan Bank Home Loan | 8.14% p.a. onwards |
| Federal Bank Home Loan | 8.75% p.a. onwards |
| South Indian Bank Home Loan | 8.30% p.a. onwards |
Central Bank of India Home Loan Schemes
Central Bank of India offers a variety of home loans to help you buy, renovate, or invest in a house or flat. Their loans are designed for individuals, NRIs, groups, and cooperative societies. Whether it’s your first home or your 3rd or 4th property, there is a suitable option for everyone.
Key Features
- Eligibility: Individuals, groups, NRIs, and cooperative societies.
- Interest Rates: Starting from 7.35% per annum.
- Processing Fee: 0.50% of the loan amount (up to Rs. 20,000 + tax).
- Loan Amount: Up to 90% of the property value, max Rs. 30 lakh.
- Minimum Age: 18 years.
Home Loan Scheme - Cent Home Loan
This loan is for existing housing loan borrowers.
- Interest Rate: 7.65% to 8.90% p.a.
- Processing Fee: Rs. 500 per loan.
- Moratorium: Up to 36 months available.
- Repayment Period: Up to 30 years (10 years for repair/renovation).
- Loan Amount: Depends on property value and repayment capacity.
Home Loan Scheme - Cent Home Double Plus Scheme
This scheme is available for all applicants.
- Interest Rate: 8.70% to 9.40% p.a.
- Processing Fee: 0.50% of loan amount (up to Rs. 20,000 + tax).
- Loan Type: Can be taken as overdraft or term loan.
- Repayment Period: Up to 30 years.
Home Loan for 3rd or 4th House/Flat
This loan is for people buying multiple properties.
- Interest Rate: 8.40% to 9.30% p.a.
- Processing Fee: 0.50% of loan amount (up to Rs. 20,000 + tax).
- Property Age: Not more than 40 years; must last at least 10 years beyond loan tenure.
- Repayment Period: 25 to 30 years.
Home Loan Scheme- Cent Grih Lakshmi – Loan for Women
Special home loan for women applicants.
- Interest Rate: 7.35% to 8.50% p.a.
- Processing Fee: 0.50% of loan amount.
- Repayment Period: Up to 30 years.
Central Bank of India Home Loan Eligibility
To apply for a home loan with Central Bank of India, you need to meet certain basic requirements:
- Minimum Age: Applicants should be at least 18 years old.
- Maximum Age: The maximum age limit for applicants is 70 years.
- Residency Status: Both Indian residents and Non-Resident Indians (NRIs) can apply, depending on the loan type.
- Employment Type: Available for both salaried individuals and self-employed professionals.
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Central Bank of India Home Loan – Documents and PMAY Benefits
Applying for a home loan with Central Bank of India requires submitting certain key documents to verify identity, address, income, and property details. This ensures a smooth loan approval process.
Required Documents for Home Loan:
- Identity Proof: Valid Passport, PAN Card, Driving License, Election Card, or Aadhaar Card.
- Address Proof: Aadhaar Card, Utility Bills, Voter ID, Driving License, or Passport.
- Income Proof: Latest Form 16, Income Tax Returns, or recent salary slips.
- Other Documents: Depending on the property type, additional documents may be required such as a valuation certificate, NOC from the housing society, agreement with the builder, sale agreement, original property title deeds, and approved construction plan.
Central Bank of India also offers housing loans under the Pradhan Mantri Awas Yojana (PMAY), a government scheme introduced in 2015 to provide affordable housing to urban and rural populations.
Through the Credit Linked Subsidy Scheme (CLSS) under PMAY, eligible applicants receive interest rate subsidies ranging from 3% to 6.50%, based on their income category.
Income Categories Eligible for PMAY Benefits:
- Economically Weaker Section (EWS): Access to affordable loans with interest subsidy.
- Low Income Group (LIG): Reduced interest rates for easier home ownership.
- Middle Income Groups (MIG I & MIG II): Subsidy based on income for financial relief.
These programs make it easier for individuals and families to purchase homes with minimal financial strain. By meeting the required eligibility criteria and submitting the correct documents, applicants can benefit from lower interest rates and affordable housing options.
Applying for a home loan with Central Bank of India ensures access to a reliable loan process, government schemes like PMAY, and support for owning your dream home with financial ease.
How can I apply for a home loan?
You can apply online through the Central Bank of India website or by visiting a branch. Submit a completed application form along with all necessary documents.
What is the maximum loan amount and repayment tenure?
The bank does not have a fixed maximum loan amount. The approved amount depends on your repayment capacity. Home loans can be repaid over a period of up to 30 years.
Can I transfer my existing home loan to Central Bank of India?
Yes, you can transfer your current home loan from another bank. Contact the bank to know about eligibility, terms, and any associated charges.
Is there a top-up loan facility for existing borrowers?
Yes, existing home loan borrowers can apply for a top-up loan. The amount ranges from Rs. 2 lakh to Rs. 5 lakh, based on eligibility.
Are there prepayment charges on home loans?
No, there are no prepayment penalties, including for floating rate home loans, if you make a lump sum payment.
What are the processing fees?
The bank charges 0.5% of the loan amount or a maximum of Rs. 20,000, whichever is lower.
Can I get tax benefits on my home loan?
Yes, principal repayments up to Rs. 1.5 lakh are eligible for tax deduction under Section 80C of the Income Tax Act.
What is the minimum credit score required?
Applicants need a minimum credit score of 675. Depending on the credit bureau, it may range from 675 to 700.
How do I contact Central Bank of India for support?
You can reach customer service at the toll-free number 1800 22 1911, available 24/7.