Central Bank of India Home Loan Interest Rates

The Central Bank of India (CBI) offers attractive home loan schemes to its customers. One can apply for a home loan offered by the Central Bank and get a loan of up to 90% of the property value. The Central Bank of India home loan interest rates start from 8.35% per annum, but this rate can vary depending on factors such as CIBIL score, loan tenure, loan amount, and type.

This page covers detailed information on different types of Central Bank of India home loans, their latest interest rates, eligibility and application process.

Central Bank of India Home Loan - Important Details

The table below highlights the important details regarding CBI home loans, such as maximum loan amount, tenure, processing fees and documentation charges:

Central Bank of India Home Loan - Highlights

Maximum Loan Amount

Upto 90% of the property value

Loan Tenure

Up to 30 years

CBI home loan interest rate

Starting from 8.35% p.a.

Processing fees

Waived up to 31.12.2024

Documentation charges 

Rs.1350 + GST

Last modified on 17 July, 2024. Source: Central Bank of India

Central Bank of India Home Loan Interest Rates 2024

The table below highlights the latest interest rates for Central Bank of India home loans:

Types of Central Bank of India Home Loans

Central Bank of India Home Loan Interest Rates

Cent Grih Lakshmi

8.35% p.a to 9.25% p.a.

Cent Home Loan

8.50% p.a. to 9.50% p.a.

Cent Home Double Plus Scheme

9.35% p.a. to 9.80% p.a. 

Cent Home Loan Scheme for purchasing 3rd or 4th house/flat

9.35% p.a. to 9.85% p.a.

Cent Top Up Scheme

9.00% p.a. to 9.70% p.a.

Last modified on 17 July, 2024. Source: Central Bank of India

Types of Central Bank of India Housing Loan Schemes

There are five different types of housing loan schemes offered by the Central Bank. These are:

  • Cent Grih Lakshmi
  • Cent Home Loan
  • Cent Home Double Plus Scheme
  • Cent Home Loan Scheme for purchasing 3rd or 4th house/flat
  • Cent Top Up Scheme

1) Cent Grih Lakshmi Home Loan Scheme

This is a home loan scheme for women offered by the Central Bank. 

  • Eligibility: To be eligible for this loan, the woman should be the sole or first-named borrower in the loan. Also, the name of the woman should be there on the property.
  • Rate of Interest: Ranging from 8.35% to 9.25% based on CIC Score.
  • Validity: The scheme is valid till 31st December 2024.

2) Cent Home Loan Scheme

This housing loan scheme is for existing CBI housing loan borrowers.

Eligibility: 

  • One should be over 18 years of age and have a steady source of income, including persons engaged in agriculture and allied activities. 
  • If an individual does not have an independent source of income, a close relative who earns income may join as a co-borrower for the loan, and his or her income can be used to arrive at loan eligibility.

Rate of interest: Ranging from 8.50% to 9.50% based on CIC Score.

Moratorium tenure: Up to 48 months.

Maximum loan tenure: Up to 30 years.

3) Cent Home Double Plus Scheme

This loan scheme is open to all applicants over 18 years of age. It can be availed through an overdraft facility or as a term loan, depending on the purpose. 

Eligibility: 

  • Salaried individuals or self-employed individuals who have a legal and regular source of income.
  • The applicant must be above 18 years old.

Rate of Interest: 9.35% to 9.80%

Processing Charges: 0.50% of the loan amount

4) Cent Home Loan Scheme for purchasing 3rd or 4th house/flat

One can apply for this loan scheme for the purchase of 3rd or 4th house only. It could be availed on a house or flat that is not more than 40 years old, and the remaining life of the property is 10 years more than the loan tenure. It could be availed either individually or jointly. 

Eligibility:

  • Individuals or Groups of individuals who are close relatives with a legal, identified, and regular source of income, either singly or jointly with Parents, sons, or spouse.
  • Brothers, daughters, and sisters can be accepted as co-borrowers if they are or intend to be co-owners of the house property.

Rate of interest: Ranging from 9.35% to 9.85% on the basis of CIC Score

Moratorium: Maximum up to 24 months

5) Cent Top-Up Scheme

One can apply for the Cent Top-up Scheme for all personal needs, not for speculative real estate/capital market activities or any activity prohibited by law.

Eligibility: 

  • Individuals, singly or jointly, who have a housing loan account with Central Bank.
  • NRI jointly with relative/s as defined in loan policy. The relative should be a resident citizen of India.

Rate of Interest: Ranging from 9.00% to 9.70% depending on the CIC score 

How to Apply for Central Bank of India Home Loan?

Here are the steps one can follow to apply for a home loan under Central Bank:

  • Visit any nearest Central Bank branch.
  • Consult the bank representative about the different types of CBI Home Loan Schemes. 
  • Check their eligibility criteria and fill out the application form for the preferred home loan. 
  • Submit all the necessary documents for background and income verification. 
  • Upon meeting all the criteria, the bank will approve your loan application.

Documents Required for Central Bank of India Home Loan Application

Given below is the list of documents that are essential for Central Bank home loan application:

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

Comparison Between Top Bank's Home Loan Interest Rates 2024

Here is a comparative analysis of the home loan interest rates provided by the top banks in India:

List of Banks/ Housing Finances

Home Loan Interest Rates 2024 (per annum)

Above 75 lakhs

Above 30 lakhs to 75 lakhs

Up to 30 lakhs

Central Bank of India

8.35% - 9.85%

8.35% - 9.85%

8.35% - 9.85%

State Bank of India

8.50% - 10.05%

8.50% - 10.05%

8.50% - 10.15%

LIC Housing Finance

8.50% – 10.75%

8.50% – 10.55%

8.50% – 10.35%

HDFC Bank Limited

8.40% onwards

8.40% onwards

8.40% onwards

Kotak Mahindra Bank

8.75% onwards

8.75% onwards

8.75% onwards

ICICI Bank

9.00%-10.05%

9.00%-9.95%

9.00%-9.80%

PNB Housing Finance

8.75% - 11.45%

8.75% - 11.45%

8.75% - 14.50%

Punjab National Bank

8.50%-10.15%

8.50%-10.15%

8.55%-10.25%

IDFC First Bank

8.85% onwards

8.85% onwards

8.85% onwards

L&T Finance Limited

8.60% onwards

8.60% onwards

8.60% onwards

Union Bank of India

8.50% – 10.95%

8.50% – 10.95%

8.50% – 10.75%

Tata Capital Housing Finance

9.20% onwards

9.20% onwards

9.20% onwards

Federal Bank

10.25%-10.30%

10.20%-10.25%

10.15%-10.20%

Bajaj Housing Finance

8.50% onwards

8.50% onwards

8.50% onwards

Last modified on 17 July, 2024.

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