1
Home Loan
comment

Central Bank of India Home Loan Interest Rates – Updated in February 2024

Central Bank of India offers competitive home loan interest rates starting from 8.55% p.a. for individuals looking to purchase their dream homes. With financing options of up to 30 years and coverage of up to 90% of the property value, these rates attract potential buyers. Women citizens can enjoy even lower rates starting at 8.40% p.a. Central Bank of India has disclosed a minimum credit score requirement. A CBIL score of 700 & above is favourable for the approval of the loan.

Central Bank of India Home Loan Interest Rates

Things we covered for you

+

Home Loan Interest Rates of Different Schemes of Central Bank of India in February 2024

The current home loan interest rates Central Bank of India for various schemes are as follows:

SchemeInterest Rate Range
Cent Home Loan8.55% to 9.35%
Cent Grih Lakshmi8.40% to 9.20%
Cent Home Double Plus Scheme9.35% to 9.80%
Cent Home Loan Scheme for purchasing 3rd or 4th house/flat9.35% to 9.85%
*Interest rates are subject to change without further notice.  

Different Types of Home Loans Offered by Central Bank of India- A Detailed Overview

Central Bank of India offers various types of home loans to suit different needs:

Cent Home Loan 

Resident Indian citizen and NRIs who have are 18 years old as on date of application. Individuals may apply singly or jointly with other eligible individuals, restricted to a maximum of 3 including spouses, children, parents, and siblings.
Read: LTV Ratio for Home Loan: What is It and How to Calculate


Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager

Get Rental Agreement With Doorstep Delivery, Super Quick & Easy

This is third

This is third

This is fourth

This is fourth

This is fifth

This is fifth

This is six

This is six

This is seven

This is seven

This is eight

This is eight



  • Applicant Type: Salaried and self-employed borrowers
  • Eligibility:
    • Age: 18 years – 65 years
    • Monthly income: INR 15,000 – INR 25,000.
    • Employment Type: Salaried borrowers must have a minimum of 2 years of continuous service with the current employer. Self-employed borrowers must have a minimum of 3 years of business experience.
  • Loan Tenure: Up to 30 years
  • Maximum Loan Amount: For salaried borrowers, the maximum loan amount is Rs. 75 lahks. For self-employed borrowers, the maximum loan amount is Rs. 50 lakhs.
  • Interest Rate: 8.55% to 9.35%
  • Processing Fees: 0.50% of the loan amount, subject to a maximum of Rs. 20,000/- + GST.

Cent Grih Lakshmi 

The exclusive scheme for women borrowers aims to empower and support their financial goals by offering reduced interest rates compared to the standard Housing Loan scheme Woman should be the sole borrower or first named borrower.

  • Applicant Type: Women Borrowers
  • Eligibility:
    • Age: 21 years – 60 years
    • Monthly income: INR 15,000
    • Employment Type: The applicant must be employed in a regular salaried job or self-employed.
  • Loan Tenure: Up to 30 years
  • Maximum Loan Amount: Rs. 20 lakhs
  • Interest Rate: 8.40% to 9.20%
  • Processing Fees: 0.50% of the loan amount, subject to a maximum of Rs. 20,000/- + GST.

Cent Home Double Plus Scheme

Salaried individuals, self-employed individuals, professionals, and anyone with a legal, identifiable, and consistent income source are eligible. The applicant(s) must be at least 18 years old at the time of application.

  • Applicant Type: Salaried and self-employed borrowers
  • Eligibility:
    • Age: 18 years – 65 years
    • Monthly income: INR 15,000 – INR 25,000.
    • Employment Type: The applicant must be employed in a regular salaried job or self-employed.
  • Loan Tenure: Up to 30 years
  • Maximum Loan Amount: Rs. 1.50 crores
  • Interest Rate: 9.35% to 9.80%
  • Processing Fees: 0.50% of the Loan Amount subject to maximum Rs.20,000/-+ GST

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

Individuals or a group of closely related individuals, who have a recognized and stable source of income, whether individually or jointly with parents, sons, spouse, brothers, daughters, or sisters, may qualify. Co-borrowers such as brothers, daughters, and sisters can be considered if they are or plan to become co-owners of the property.

  • Applicant Type: Salaried, self-employed borrowers, and their family
  • Eligibility:
    • Age: 18 years – 65 years
    • Monthly income: N/A
  • Employment Type: The applicant can be Salaried, Self-employed
  • Loan Tenure: Up to 30 years
  • Maximum Loan Amount: Rs. 75 lakhs
  • Interest Rate: 9.35% to 9.85%
  • Processing Fees: 0.50% of the loan amount, subject to a maximum of Rs. 20,000/- + GST

Central Bank of India Home Loan Interest Rates for Women and Benefits

  • CIBIL score requirement: The minimum CIBIL score required for a Central Bank of India’s Cent Grih Lakshmi home loan is 700. 
  • Interest rate: The interest rate for a Central Bank of India’s Cent Grih Lakshmi home loan is 8.40% to 9.20% for a CIBIL score of 700 and above. However, if your CIBIL score is above 750, you may be eligible for a lower interest rate.
  • Benefits: Women who avail of Central Bank of India’s Women’s Dream Home Loan scheme are eligible for the following benefits:
  • Waiver of processing fees
  • EMI waivers
  • PMAY subsidy
  • Lower interest rates
  • Flexible repayment tenure
  • Easy documentation
  • Quick processing
  • Personalized attention

Central Bank of India Loan Interest Rates and Eligibility for NRI

  • CIBIL score requirement: The CIBIL score requirement for a Central Bank of India loan for NRIs is typically 750 or above. However, the exact score requirement may vary depending on the type of loan and the applicant’s individual circumstances.
  • Interest rate: The interest rate for a Central Bank of India loan for NRIs is typically 2% to 3% higher than the interest rate for a loan to a resident Indian. The exact interest rate will depend on the type of loan, the applicant’s credit score, and the current market conditions.
  • Eligibility:
    • The applicant must be a non-resident Indian with an Indian passport.
    • The applicant must have a valid NRO or NRE account with Central Bank of India.
    • The applicant must have a CIBIL score of 750 or above.
    • The applicant must have a stable source of income in their home country.
    • The applicant must be able to provide a letter of guarantee from a resident Indian.

Key features and Benefits of Central Bank of India Home Loans

  • Loan amount: The maximum loan amount that you can avail of from Central Bank of India is Rs. 75 lakhs. However, the minimum margin requirement varies depending on the loan amount. For loans up to Rs. 30 lakhs, the minimum margin requirement is 10%. For loans above Rs. 30 lakhs, the minimum margin requirement is 20%.
  • Interest rates: The interest rates on Central Bank of India home loans are competitive. The current interest rate on home loans ranges from 8.35% p.a. to 9.35% p.a.
  • Loan tenure: The maximum loan tenure for Central Bank of India home loans is 30 years. However, the loan tenure may be shorter depending on your age and repayment capacity.
  • Processing fees: The processing fees for Central Bank of India home loans are 0.50% of the loan amount, subject to a maximum of Rs. 20,000.
  • Moratorium period: Central Bank of India offers a moratorium period of up to 36 months on home loans. This means that you can defer your EMI payments for the first 36 months of the loan.
  • Other benefits: Central Bank of India also offers other benefits on home loans, such as no-cost EMIs, balance transfers, and top-up loans.

How to Apply for Central Bank of India Home Loan?

Whether you choose to apply online via their website or visit a branch of the Central Bank of India, the procedure is intentionally streamlined to be convenient and straightforward. Simply follow a few crucial steps, submit your application, provide the necessary documents, and wait for approval. Once your application is approved, you can proceed with the loan agreement process and receive the approved loan amount, bringing you closer to fulfilling your aspiration of owning a home.

  1. Check your eligibility:

    Before you apply for a home loan, you need to check if you are eligible for a Central Bank of India home loan. The bank has certain eligibility criteria that you need to meet, such as: You must be a citizen of India.
    a. You must have a minimum income of Rs. 4 lahks per annum.
    b. You must have a minimum credit score of 750.
    c. You must have a good track record of repaying your debts.

  2. Gather the required documents:

    Once you have checked your eligibility, you need to gather the required documents. The documents that you need to submit will vary depending on your individual circumstances, but they will typically include:
    a. Identity proof (such as a passport or PAN card)
    b. Address proof (such as a voter ID card or utility bill)
    c. Income proof (such as a salary slip or IT return)
    d. Property documents (such as the sale deed or the property registration certificate)

  3. Apply for the loan:

    Once you have gathered the required documents, you can apply for the loan online or at a Central Bank of India branch. You will need to fill out an application form and submit the required documents.

  4. Go through the documentation process:

    Once your application is submitted, the bank will review your documents and assess your eligibility. If your application is approved, the bank will send you a loan offer letter. You will need to sign the loan offer letter and return it to the bank.

  5. Close the loan:

    Once you have signed the loan offer letter, the bank will disburse the loan amount. You will need to use the loan amount to purchase the property. Once you have purchased the property, you will need to close the loan by repaying the entire loan amount, along with interest.

Eligibility for Central Bank of India Home Loan

To be eligible for a Central Bank of India Home Loan, certain criteria must be met by applicants:

  • Income criteria
    • You must have a minimum annual income of Rs. 4 lakhs.
    • The combined income of the applicant and co-borrower(s) must be at least Rs. 6 lakhs.
  • CIBIL score criteria
    • You must have a minimum credit score of 750.
  • Age criteria
    • You must be at least 18 years old and not more than 65 years old on the date of maturity of the loan.
  • Employment type
    • You must be employed in a regular salaried job.
    • Self-employed individuals may also be eligible, subject to certain conditions.
  • Loan amount eligibility
    • The maximum loan amount that you can borrow depends on your income, CIBIL score, and the value of the property.
    • The minimum loan amount is Rs. 2 lakhs.
    • The maximum loan amount is Rs. 75 lakhs.

Documents Required for Central Bank of India Home Loan

When applying for a Central Bank of India Home Loan, applicants are required to provide the following documents:

Proof of identity: Aadhaar card, PAN card, Driving license, Passport, Voter ID card,

Proof of residence: Electricity bill, Water bill, Telephone bill, Gas bill, Rental agreement, Property tax receipt

Proof of age: Birth certificate, Passport, PAN card, Aadhaar card

Income proof: Salary slips for the last 3 months, Income tax returns for the last 2 years, Bank statements for the last 6 months, Business documents (if self-employed)

Property-related documents: Sale deed, Title deed, Property tax receipt, Encumbrance certificate, Survey plan

Calculator for Central Bank of India Home Loan EMIs – How to Calculate Federal Bank Home Loan EMIs?

The Central Bank of India Home Loan EMI Calculator is a tool that helps you calculate the monthly equated monthly instalment (EMI) for a home loan from the Central Bank of India. The calculator takes into account the loan amount, interest rate, and tenure, and calculates the EMI based on the following formula:

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

Where:

  • P = Loan amount
  • R = Interest rate per month
  • N = Tenure in months
EMI Calculator
Loan Amount
Rate of Interest (P.A)
%
Loan Tenure
Yr
Monthly EMI
Principal Amount
₹25,093
₹0
Total Interest
Total Amount
₹30,22,320
₹60,22,320

Home Loan Interest Rates of Central Bank of India for the Last 10 Years

This table shows the interest rate ranges of Central Bank of India home loans for the past 10 years:

YearCentral Bank of India Home Loan Interest Rates
20139.45%
20148.95%
20158.75%
20168.50%
20178.25%
20188.00%
20197.75%
20207.50%
20217.25%
20227.00%

Comparing Central Bank of India Home Loan Interest Rates with Other Banks | 2024

Bank/ NBFC NameInterest Rate
Axis Bank8.85% – 14.00%
Aditya Birla Capital Home Loan9% – 12.50%
Bandhan Bank8.65% – 13.65%
Bank of Baroda8.50% – 10.60%
Bank of India7.80% – 9.65%
Bank of Maharashtra8.40% – 10.80%
Canara Bank8.85%- 11.25%
Central Bank of India8.45% – 9.20%
Citibank8.45%
Corporation Bank8.60% – 11.20%
Dena Bank8.40%
Federal Bank10.15% – 10.30%
Fullerton Bank9.50%
HDFC Bank8.95% – 9.85%
HSBC8.60%
ICICI Bank9.00% – 10.05%
IDBI Bank8.75% – 11.45%
IDFC First Bank8.85%
Indian Overseas Bank Home Loan9.55%
Indiabulls Housing Finance8.75%
Jammu and Kashmir Bank8%
Karnataka Bank9.08% – 10.38%
Karur Vysya Bank9.23% – 12.13%
Kotak Mahindra Bank8.85% – 9.40%
LIC HFL8.70%
PNB HFL8.50% – 10.85%
Reliance Home Finance9.35% – 13%
State Bank of India8.25% – 9.65%
Sundaram Home Finance Ltd Home Loan6.95% – 8.30%
Tata Capital8.95%
Union Bank of India8.75%
YES Bank9.15% – 11.25%
*Interest rates are subject to change without further notice.  

[widget_homeLoan_checkEligibility_form]

Factors that Affect Central Bank of India Housing Loan Interest Rate

  • Your CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan payments. Banks will typically offer lower interest rates to borrowers with higher CIBIL scores.
  • The loan amount: The loan amount is the total amount of money that you are borrowing from the bank. The larger the loan amount, the higher the interest rate will be.
  • The repayment period: The repayment period is the number of years that you will have to repay the loan. The longer the repayment period, the lower the interest rate will be.
  • Your income: Your income is a measure of your ability to repay the loan. Banks will typically offer lower interest rates to borrowers with higher incomes.
  • Your assets: Your assets are any valuable items that you own, such as a house, car, or savings account. Banks will typically offer lower interest rates to borrowers with more assets.

Tips to Avail of Central Bank of India Home Loan at Lower Interest

  • Maintain a good credit score: Your credit score is one of the most important factors that lenders consider when approving a home loan. A good credit score will help you get a lower interest rate on your loan.
  • Opt for shorter loan tenures: The shorter the loan tenure, the lower the interest rate will be. However, you will have to pay higher EMIs if you opt for a shorter loan tenure.
  • Compare different schemes and interest rates: There are many different home loan schemes available from different lenders. It is important to compare the different schemes and interest rates before you apply for a home loan.
  • Consider making a higher down payment: A higher down payment will reduce the amount of loan you need to take, which will lower your EMIs and interest rate.
  • Provide accurate and complete documentation: Lenders will need to see proof of your income, assets, and liabilities before they can approve your home loan. It is important to provide accurate and complete documentation to avoid any delays in the approval process.
  • Build a relationship with the bank: If you have a good relationship with the bank, you may be able to get a lower interest rate on your Central Bank of India Housing loan. You can build a relationship with the bank by doing your banking with them, opening a savings account, and using their other products and services.

Central Bank of India home loan interest rates start at 8.40% per annum, offering flexibility for diverse customer segments like women, self-employed individuals, salaried employees, and senior citizens. Whether you are purchasing a new property or considering transferring your current loan, take advantage of their affordable interest rates by applying now. For additional details, visit the NoBroker Home Loan Services.

Disclaimer

This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.

Frequently Asked Questions

1. What is the current Central Bank of India home loan interest rate for 2024?

The current Central Bank of India home loan interest rate for 2024 starts from 8.40% p.a. and may vary based on the scheme and the applicant’s profile.

2. Does the Central Bank of India offer fixed or floating interest rates for home loans?

Central Bank of India offers both fixed and floating interest rates for home loans. The floating interest rate is linked to the MCLR (Marginal Cost of Funds Based Lending Rate), which is reset every month. The fixed interest rate is fixed for a certain period of time, typically 5 years.

3. Can I get a Central Bank of India home loan if I work in the government sector?

Yes, you can get a Central Bank of India home loan if you work in the government sector. Central Bank of India offers special home loan schemes for government employees, which offer lower interest rates and other benefits.

4. Does the Central Bank of India offer a top-up loan facility for existing home loan borrowers?

Yes, the Central Bank of India offers a top-up loan facility for existing home loan borrowers. A top-up loan is a loan that is taken against the security of an existing home loan. It can be used to consolidate debt, make home improvements, or for other purposes.

5. What are the features and benefits of the Central Bank of India’s home loan balance transfer option?

Central Bank of India offers a home loan balance transfer option that allows borrowers to transfer their existing home loan balance from another lender to Central Bank of India. This can be a good option for borrowers who are looking to save money on interest rates or who want to switch to a lender with a better reputation.

6. Can I prepay my Central Bank of India home loan before the completion of the loan tenure?

Yes, you can prepay your Central Bank of India home loan before the completion of the loan tenure. There is no prepayment penalty for Central Bank of India home loans. This means that you can repay your loan early without having to pay any additional fees.

7. What is the processing fee charged by Central Bank of India for home loans?

The processing fee charged by Central Bank of India for home loans is 0.50% of the loan amount, subject to a maximum of Rs. 20,000/-. This means that if you take a home loan of Rs. 10 lakhs, you will have to pay a processing fee of Rs. 5,000/-. The processing fee is payable at the time of loan sanction.

8. How long does it typically take for Central Bank of India to process and approve a home loan application?

The processing time for a Central Bank of India home loan application typically takes 15-30 days. However, the exact processing time may vary depending on the factors like the completeness of the application documents, availability of the property, borrower’s credit score and bank’s policies.

9. Can NRIs apply for Central Bank of India home loans?

Yes, NRIs (Non-Resident Indians) can apply for Central Bank of India home loans. Central Bank of India offers home loans to NRIs who are Indian citizens and who have a valid Indian passports.

10. Can I get an interest rate certificate for my Central Bank of India home loan?

Yes, you can get an interest rate certificate for your Central Bank of India home loan. An interest rate certificate is a document that states the interest rate that you are currently paying on your home loan. It can be used for a variety of purposes, such as calculating your monthly mortgage payment, applying for a home equity loan, or refinancing your mortgage.

Contact Us


Subscribe

NoBroker.com

NoBroker.com is a disruptive real-estate platform that makes it possible to buy/sell/rent a house without paying any brokerage. Following are service along with Rent / Sell / Buy of Properties - Rental Agreement - Packers And Movers - Click And Earn - Life Score - Rent Receipts - NoBroker for NRIs

Leave a Reply

Your email address will not be published. Required fields are marked *

People Also Ask

Get Upto 90% of property’s value as home loan
Get Home Loan At Lowest Interest Rate
X