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Central Bank of India Home Loan Highlights |
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| Interest Rate | 8.45%-9.80% p.a. |
| Loan Amount (LTV Ratio) | For Salaried: Up to 90% of loan cost For Non-Salaried: Up to 80% of loan cost |
| Tenure | Up to 30 years |
| Processing Fee | 0.50% (max Rs 20,000) |
Note: Rates as of 11th April 2024
Check Lenders Offering Home Loan at Attractive Interest Rates Click Here
Table of Content
Central Bank of India Home Loan Interest Rates
Central Bank of India Home Loan interest rates start from 8.45% p.a. onwards. The lender offers differential home loan interest rates depending on the loan amount offered to the applicants.
| Loan Amount | Rate of Interest (p.a.) |
| Up to Rs 30 lakh | 8.45%-9.80% |
| Above Rs 30 lakh and up to Rs 75 lakh | 8.45%-9.80% |
| Above Rs 75 lakh | 8.45%-9.80% |
Note: No fresh sanction to customers with credit scores below 675 from CIBIL/CRIF and below 700 from Experian
Compare Interest Rates of Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | |
| HDFC Bank Limited | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Central Bank of India Home Loan Fees and Charges
| Processing Charges | 0.50% (max Rs 20,000)
Cent Grih Lakshmi- NIL |
| Documentation Charges | Rs 1,350 + GST For Top-up loan- Rs 450 + GST |
Types of Central Bank of India Home Loan
Cent Grih Lakshmi
Purpose: Home loan for women applicants wherein the sole or primary applicant is women
Tenure: Up to 30 years
Minimum Credit Score:
- CIBIL/CRIF- 725 or above
- Experian- 750 or above
Note: Borrowers with NIL/insufficient credit history are also considered
EMI Waivers*:
| 30 years | 05 EMIs |
| 25 years | 04 EMIs |
| 20 years | 03 EMIs |
*offered only on regular repayment throughout the loan tenure.
Cent Home Loan
This is a regular home loan scheme offered for the following purposes:
Purpose:
- For acquiring/construction of new home or flat, or for acquiring existing home or flat with remaining life of applied loan tenure plus 10 years
- For renovation/repair/alteration of existing home/flat
Tenure:
- Up to 30 years
- For repair/renovation- Up to 10 years
Loan Amount (LTV Ratio):
For Salaried Borrowers-
| Loan amount up to Rs 30 lakh | Up to 90% of cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
For Non-Salaried Borrower-
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Cent Home Double Plus Scheme
Purpose:
- Home Loan with overdraft facility
- Term Loan for Other Purposes such as repair/renovation/refurbishing or furnishing of new house/purchase of new vehicles/purchase of consumer durables/furniture/solar energy equipment/marriage/education/medical/holiday/tour
Loan Amount (LTV Ratio):
For Salaried Borrowers-
| Loan amount up to Rs 30 lakh | Up to 90% of cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
For Non-Salaried Borrower-
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Tenure: Up to 30 years
Cent Home Loan Scheme for Purchasing 3rd or 4th house/flat
Purpose: Home loan for construction, purchase of new house/flat or purchase of existing house/flat which is not older than 40 years and has remaining life of 10 years more than loan tenure
Loan Amount (LTV Ratio):
For Salaried Borrower-
| For loan amount up to Rs 30 lakh | Up to 90% (For construction/purchase of new or existing flat/extension of new or existing flat) Up to 75% (For repair/renovation/alteration subject to maximum loan amount of Rs 10 lakh) Up to 75% (For plot purchase) |
| Loan amount above Rs 30 lakh-Rs 75 lakh | Up to 80% (For construction/purchase of new or existing flat or home/extension of existing flat/house) Up to 75% (For plot purchase) |
| Loan amount above Rs 75 lakh | Up to 75% (For construction/purchase of new or existing flat/extension of existing house/flat/plot purchase) |
For Non-Salaried Borrower-
| For loan amount up to Rs 75 lakh | Up to 80% (For construction/purchase of new or existing flat/extension of new or existing flat) Up to 75% (For repair/renovation/alteration subject to maximum of Rs 10 lakh) Up to 75% (For plot purchase) |
| Loan amount above Rs 75 lakh | Up to 75% (For construction/purchase of new or existing flat or home/extension of existing flat/house) |
Tenure:
- For construction/purchase of new house or existing flat not older than 10 years: Up to 30 years (salaried); Up to 25 years (non-salaried) or up to 70 years of age of the borrower
- For purchase of flat/house older than 10 years: Up to 25 years or 70 years of age of the age
Top-up Facility to Cent Home Loan Beneficiaries
Purpose:
- Home loan top-up facility for additional loan on the existing home loan for construction/purchase of new house or flat or for acquiring existing home/flat and for repair/renovation/alteration of existing home/flat
Loan Amount (LTV Ratio):
For Salaried Borrowers-
| Loan amount up to Rs 30 lakh | Up to 90% of the cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
For Non-Salaried Borrower-
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Tenure:
- Up to 30 years or 75 years of age of the borrower
- For repair/renovation- Up to 10 years
Check Lenders Offering Home Loan With Overdraft Facility Click Here
Eligibility Criteria for Central Bank of India Home Loan
- Individuals, group of individuals (18 years of age on date of application), and including co-operative societies with identified, legal, regular income source either alone or jointly with spouse, parents, son
- NRI can also apply for the home loan
- Net Annual Income:
| Net Annual Income | EMI/NMI Ratio |
| Up to Rs 1.20 lakh | 20% |
| Above Rs 1.20 lakh up to Rs 3 lakh | 30% |
| Above Rs 3 lakh up to Rs 5 lakh | 55% |
| Above Rs 5 lakh up to Rs 8 lakh | 60% |
| Above Rs 8 lakh up to Rs 10 lakh | 65% |
| Above Rs 10 lakh | 66.67% |
Know about Central Bank of India home loan eligibility in detail
Documents Required for availing Central Bank of India Home Loan
Central Bank of India has not mentioned the documents required for availing home loan. However, just like other lenders, Central Bank of India may also ask for the following documents from its home loan applicants.
ID Proof- PAN card, Aadhaar card, Passport, Voter ID, Driving License
Address Proof- Aadhar card, Passport, Driving License, Voter ID, PAN Card, electricity bill, telephone bill
Income Proof-
- For Salaried- Salary slips for past 3 months, ITR and Form 16, Last 6 months bank account statement showing salary credit
- For Self-employed- ITR with income computation for past 3 assessment years of both individual and business entity (duly attested by a CA), current account statement of business entity for past 6 months and savings account statement of the individuals of both individual and business entity (duly attested by a CA), balance sheet and profit and loss account statement for last 3 years, with schedules and annexures.
Central Bank of India Home Loan EMI Calculator
Central Bank of India Home Loan EMI Calculator can be used to calculate the EMI payable throughout the loan tenure and the total interest cost. The applicants can enter the interest rate, loan amount and loan tenure in the home loan EMI calculator given below to calculate the total interest cost and monthly instalments payable.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Check Home Loan Interest Rates For Various Lenders Click Here
FAQs on Central Bank of India Home Loan
What is the current Central Bank of India Home Loan interest rate?
Ans. Central Bank of India home loan interest rates starting from 8.45% p.a. onwards depending on the credit profile of the applicant.
Does Central Bank of India offer preferential rates to women borrowers?
Ans. Yes, Central bank of India offers an interest rate concession of 20 bps to women borrowers with waiver of last few EMIs.
How to calculate Central Bank of India Housing Loan interest cost?
Ans. Central Bank of India Housing Loan interest cost can be calculated with the help of Home Loan EMI Calculator. Applicants need to enter the loan amount, loan tenure and interest rate in the EMI calculator and get the interest cost instantly.
At what minimum credit score can the applicants avail home loans from Central Bank of India?
Ans. Central Bank of India requires home loan applicants to have CIBIL score of 675. In case of CRIF and Experian, the home loan applicants are required to have credit scores of at least 675 and 700 respectively.
Who can be the co-applicant for my home loan availed from Central Bank of India?
Ans. Parents, sons, spouse, brothers, sisters and daughters can be the co-applicant to your home loan.
Does Central Bank of India offer top-up home loans to its existing borrowers?
Ans. Yes, Central Bank of India offers top-up home loans branded as ‘Topup Facility to Cent Home Loan Beneficiaries’ to its existing home loan borrowers. The loan can be availed to fulfil their personal requirements except for speculative purposes.
What is the maximum tenure provided by the Central Bank Home Loan for EMI payments?
Ans. The maximum tenure provided by Central Bank of India to applicants availing home loan for construction or purchase of new/existing property is up to 30 years. Tenure for applicants availing home loans for extension/repair/renovation/alteration of existing property is up to 10 years.
How to apply for home loan at Central Bank of India?
Ans. Applicants can apply for Central Bank of India Home Loan through the “Apply Online” option provided in its official website of Central Bank of India. Alternatively, they can also visit bank branches to apply for Central Bank of India Home Loan.
What is the moratorium period offered to the applicants of Central Bank of India Home Loan?
Ans. Central Bank of India offers moratorium period of more than 18 months up to 24 months for home loan applicants.
How do I contact Central Bank of India Home Loan customer care?
Ans. You can contact Central Bank of India Home Loan customer care by calling at the toll free number- 1800221911/18002021911. Pensioners can call at 18002031911(toll free number). For failed or disputed transactions you can contact the Nodal Officer Mr. Amit Nayak at 022-49197318.