Central Bank of India Home Loan Interest Rate

The interest rate on Central Bank home loans runs from 8.70% p.a. to 9.15% p.a., with a maximum loan length of 30 years. A Central Bank home loan of up to 90% of the property value is available for loans up to Rs.30 lakh.

The Central Bank charges a processing fee or charges of 0.50% of the loan amount, subject to a maximum of Rs.20,000. The bank provides a moratorium term of up to 36 months. The Central Bank of India provides a home loan for repairs/renovation/alteration of an existing house/purchase of a plot.

Central Bank of India Home Loan Interest Rate 2022

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

Loan Schemes

Central Bank home loan interest rate

Cent Grih Lakshmi Scheme

8.70% p.a.

Cent Home Loan scheme to buy the 3rd or 4th House or Flat

8.70% to 9.15% p.a.

Cent Combo Scheme

-

Cent Home Loan Double Plus Scheme

8.70% onwards

Cent Home Loan Scheme

8.70% p.a. - 9.15% p.a.

 

Characteristics of the Central Bank of India Home Loans

  • 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.

The Different Types of Central Bank of India Home Loan Schemes

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

1) Cent Home Loan Scheme

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. 

2) Cent Combo Scheme

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. 

3) Cent Home Double Plus Scheme

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. 

4) Cent Home Loan Scheme for Buying a 3rd or 4th Loan

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. 

5) Cent Grih Lakshmi

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. 

Eligibility for the Home Loan Scheme

  • 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.

What is the Advantage of the Central Bank of India 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)

 

Documents Required for the Central Bank of India Home Loan

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.

 

Other Charges of the Home Loan

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.

How to Apply for the Home Loan from the Central Bank of India

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.

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