Central Bank of India Home Loan Interest Rate

This is the table of Central Bank of India's home loan rate of interest 2024-

• Individuals/Groups of Individuals/NRIs/Cooperative Societies are eligible to apply.
• Interest rate: 8.70% per annum and up.
• Processing fee: 0.50% of total loan amount (up to Rs.20,000+tax).
• Get up to 90% of the house worth up to Rs.30 lakh.
• This Loan is available to applicants over the age of 18.
• Non-resident Indians may apply as well.

Following are the different types of Central Bank of India home loan schemes-

This is for existing housing loan borrowers with the CBI home loan interest rate is 8.70% p.a. - 9.15% p.a. This loan scheme has a processing fee of Rs. 500, and you can get a moratorium for a tenure of 36 months. The Quantum of Loans depends on the value of the property and the repayment capacity of the borrower. 

This is for all kinds of applicants and with a processing fee of 0.25%. You can get a concession of the housing loan and vehicle loan, which can be availed together. The applicant, although, needs to have a minimum annual income of Rs. 4 lakhs in the last two years will be reflected in their IT returns. The maximum amount that can be borrowed through this scheme is Rs. 40 lakhs. 

All types of applicants can apply for this loan scheme, and the Central Bank of India's housing loan interest rate is 8.70%. The processing fee for it is 0.05% of the whole loan amount. It can be availed through an overdraft facility or as a term loan depending on the purpose. The applicants, however, need to be over 18 years of age. 

This is a loan scheme for all applicants, and it has an interest rate of 8.70% to 9.15% for a year. It also has a processing fee of 0.05% for the whole amount. It could be availed on a house or flat that is not more than 40 years, and the balance life of the property is ten years higher than the repayment period. It could be availed either individually or jointly. The repayment tenure could also range from 25 to 30 years. 

This is a home loan scheme for women. The interest rate for this scheme is 8.70%, and it has a processing fee of 0.05% for the whole loan amount borrowed. The loan repayment tenure is 30 years. 

• Individuals, groups of individuals (18 years of age on the date of application), and cooperative societies with a documented, legal, and consistent source of income, either alone or jointly with a spouse or parents.
• NRIs can also apply for a home loan.

The advantages of this scheme are determined by the beneficiary's income level. The following categories are eligible:

• Section with the Lowest GDP (EWS)
• The group with Low Income (LIG)
• Groups with a Middle Income (MIG –I & MIG – II)

You will have to submit any one from all the categories that are mentioned below:

• ID Proof: Passport, PAN, election card, Aadhaar, or driver's license.
• Address Proof: Aadhaar, Voter ID, Driver's license, passport, or a utility bill.
• Proof of Income: Form 16, ITR, or the recent salary slip.

This is a fee that will be charged during the approval of the home loan from the Central Bank of India:

Processing Fee - 0.50% of the total loan amount, with a maximum of Rs.20,000.

There are two major ways to apply for this home loan, and they are:

• Online: You can find an application form for the suitable scheme on the official portal of the website, fill it and attach all of the required documents.
  
  
• Offline: You could also go visit the nearest branch and seek the assistance of a representative of the bank.

If you are applying online, you can also track your application through the official portal of the Central Bank of India.