Central Bank Home Loan Calculator

The Central Bank of India has been serving the Indian economy since 1911, and therefore, has become one of the eminent names in the banking industry. As it has a pan-India presence, the government decided to keep it as an individual entity during their nationwide bank merger initiative.

It is a government-owned financial institution that provides various lending services at competitive charges. So, individuals who require raising substantial funds for purchasing a house can approach this bank. The Central Bank offers housing loans at interest rates starting from 6.85%. Borrowers can also use the Central Bank home loan calculator and find out the most suitable EMI as per their repayment capacity.

Central Bank Home Loan Calculator – Key Features

  • Both salaried and self-employed individuals are eligible to apply for a home loan at Central Bank. Special rates for women, senior citizen and NRI customers.
  • Individuals who are 18 to 60 years old can apply for a loan at the Central Bank of India
  • Loan to Value Ratio is 90%.
  • The loan tenure of the Central Bank ranges from 5 to 30 years.
  • Interest rates charged is 7.30%
  • Central Bank home loan EMI per lakh starts is Rs. 686. The EMI can be easily calculated using the Central Bank home loan calculator 2021.
  • The processing fees charges is 0.50% of the loan amount (amounting to a maximum of Rs. 2000)

Central Bank of India Home Loan Calculator

Every loan comes with a prepayment factor. In terms of housing loans, individuals pay them off through monthly instalments within a stipulated date. Skipping a payment can attract hefty penalty fees, which can further increase the total outstanding. Therefore, borrowers should choose an EMI amount that can be repaid easily every month.

However, the calculation process can be complicated. A Central Bank home loan EMI calculator eases this mathematical calculation and provides accurate result. Individuals need to fill in essential details of the loan like the tenure, interest rate, and principal value to arrive at the EMI amount. 

Therefore, borrowers can conveniently manage their financial profile with this home loan calculator.

Central Bank Home Loan Calculator Formula

The Central Bank housing loan EMI calculator runs on the following formula. 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


  • N refers to the tenure 
  • R refers to the interest rate
  • P refers to the borrowing amount

Following is an example of using this formula to clear their concept –

Let’s say, Sushmita is going to borrow an advance of Rs. 25,00,000 from the Central Bank for 15 years. The bank has decided to provide this facility at 6.9% interest rate.

In this case, the values to be entered in the calculator are tabulated below –

P or Principal Rs. 25,00,000
R or Rate of interest 6.9%
N or Tenure 180 months

Now, as per the formula –

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

= [25,00,000 X 6.9% X (1+6.9)^180] / [(1+6.9)^180-1]

= 22,331

Hence, Sushmita’s EMI stands at Rs. 22,331 for the next 15 years. Furthermore, a Central Bank home loan calculator also displays that she has to pay Rs. 15,19,580 as interest cost.

What are the Factors that Affect Home Loan EMI?

There are a few aspects that can impact EMI calculation –

  • The banks apply interest rates on the advance amount as a cost to cover lending risks and decide the repayment liability accordingly. So, the interest rate is a primary factor that determines a total payable amount as well as the monthly payout.
  • Moreover, the loan amount sought is also proportionately related to the EMIs payable.
  • Furthermore, applicants can also keep instalments within their repayment capability by selecting extended loan tenure. However, they should also remember that long tenure may help bring down EMIs but enhance interest charges.

What are the Benefits of a Central Bank Home Loan Calculator?

A Central Bank home loan EMI calculator can be beneficial in the following ways –

  • It assists in calculating the upcoming EMIs before signing up for a credit facility. Thus, individuals can assess what can be their future repayment liability.
  • By using a home loan calculator, individuals can also compare several EMI options. Accordingly, they can pick an amount that suits their repayment capacity the most.
  • It also helps applicants to manage their finance by helping them estimate the accurate amount assigned towards loan expenses. 

So, before approaching the bank, individuals can use the Central Bank home loan calculator online and note all plausible payout options. This methodical borrowing process can be beneficial to choose a suitable loan option as well.

Central Bank of India Home Loan Calculator – FAQs

Que. What happens to the Central Bank home loan if there is any change in the interest rate in the future?
Ans. The home loan EMI of Central Bank usually remains unchanged unless the customer requests for a change and the same is approved by the bank subject to its eligibility conditions.

Que. What is the maximum tenure provided by Central Bank Home loan for EMI payments?
Ans. The maximum tenure goes up to 30 years for repayment of Central Bank home loan.

Que. What is the use of calculating the home loan EMI before taking a loan?
Ans. Calculating the EMI before availing of a home loan is usually advised. Some of the benefits are as follows:

  • If the calculated EMI is more than the monthly budget assumed then you can apply for a loan amount that is easily affordable and will make sure that you never miss any EMI payment
  • One can set their budget accordingly if they know the EMI beforehand. Central Bank of India Home loan calculator is made for that purpose only.

Que. How to apply for a home loan at Central Bank?
Ans. A home loan at the Central Bank of India can be applied by going to the official website of Central Bank or by visiting the nearest branch to apply for a housing loan.