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Sharing my Central Bank of India home loan review with you all here. I have a salary account with the Central Bank of India. So, before purchasing my home in Bangalore, I went straight to the bank to apply for a home loan. I am happy I was granted a sufficient loan amount. The interest rate (10%) was good, the processing fee was reasonable. It was only 1% of the interest amount +18% GST charges. There are no problems when submitting documents, and the overall service is good.
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The most important thing to avail a home loan is the CIBIL score. I availed a home loan from the Central Bank of India so would like to share one honest Central Bank home loan review here. I feel their processing fee and interest rates were quite high, and the overall procedure was tiresome and took a lot of time to get approval . When I compared my loan with one of my friends’ home loan, I was disappointed. Let me share why in detail here.
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What is the Central Bank of India home loan review?
Central Bank of India is a well-established bank so you can rely on them and avail a home loan. However, their eligibility criteria is unclear. I couldn’t figure out how much CIBIL score was expected to get maximum home loan amount disbursed. These are the eligibility conditions mentioned by them to avail a home loan.
The person availing a home loan should be 18 years of age or above
Both salaried and non-salaried people or professionals can opt for it
The loan tenure can be extended up to 30 years but you have to show you can pay the EMIs without delay, in that case.
They have a list of loan amounts set as per salary. For example, if your salary is Rs 25K, you can avail a home loan of Rs15 lakhs. For having a monthly salary of 30K, they allow a person to avail a loan of Rs 30 Lakhs
There are a lot more. My loan got approved after a long time and that is what I did not like here. I met all the requirements yet they took over a month to approve it. But my friend availed a home loan through NoBroker and her home loan got approved within two weeks. In fact, she had a low CIBIL score compared to me. If you are planning to avail a home loan, please avail it through NoBroker. They help throughout the process.
This is all I had to say in this Central Bank home loan review as of now.
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Can anyone tell what are all documents required to take a home loan from the bank.
What is the Central Bank Home Loan Review?
Sangeeta
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2023-01-12T10:07:54+00:00 2023-01-19T13:04:51+00:00Comment
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