Central Bank of India provides you various offers to take home loans like Cent Home Loan, Cent Home Loan Plus (Top Up), Cent Home Loan to Employees and Cent Home Loan for 3rd or 4th house/flat. Central Bank of India lends you loan amount of upto Rs. 75 lakhs and above at an annual interest rate of 8.60% to 9.60% per annum with a tenure of upto 30 years. Central Bank of India provides special privilege of no guarantee required to government employees with zero processing fee for a government employee who is maintaining salary account with Central bank of india. The processing fee charged by Central Bank of India is 0.50% of the loan and maximum of Rs 20,000. But for government employees there are no pre payment charges. Central Bank of India takes nil foreclosure charges on floating rate loans.
Central Bank of India is a good fit for you if?
If You’re a Government Employee – Central bank of india offers dedicated scheme to government employees without any requirement for guarantee. Under Cent Home Loan to Employees scheme all the government employees get a privilege of no guarantor required.
Central Bank of India Home Loan at a glance
| Annual Interest Rate | 8.60% – 9.60% |
| Loan Term | Up to 30 Years |
| Loan Amount | Up to Rs. 75 Lacs and Above |
| Time of Funding | Within 7 working days |
| Pre-Payment Charges | NIL |
Central Bank of India lends you loan amount of upto Rs. 75 lakhs and above at an annual interest rate of 8.60% – 9.60% per annum. Central Bank of India offers you tenure to repay the loan amount for upto 30 years.
Why Choose Central Bank of India?
No Guarantee Required for Government Employees – Central bank of india does not asks for guarantee in case of home loan for employees. However, guarantee isn’t mandatory for government employees in central bank of india.
Zero Processing Charges for Government Employees maintaining Salary Account – In Central bank of india there is no processing fee applicable if applicant is a government employee and maintaining salary account with Central bank of india.
What to watch out for?
High Processing Charges – Central Bank of India processing Charges can go as high as up to Rs. 20,000 which quite a high amount.
Compare Central Bank of India Home Loans to Other Banks
| Bank Name | Central Bank of India | Axis Bank | Union Bank of India |
| Typical APR | 8.60% – 9.60% | 8.50% – 12.50% | 8.65% – 12.65% |
| Loan Term | Up to 30 Years | Up to 30 Years | Up to 30 Years |
| Maximum Lending Amount | Rs. 75 Lacs and Above | Rs. 15 Crores | Rs. 2 CroresAbove Rs. 2 Crores in some cases |
| Processing Fee | 0.50% of the LoanMaximum Rs. 20,000 | Up to 1% of the loan amountMin Rs. 10,000 | 0.50% of the loan amountMax Rs. 15000NIL for BSNL Employees |
| Time to Funding | Within 7 working days | Within 7 working days | Within 5 working days |
| Pre-Closure | NIL | Zero to 2% of the balance amount | Zero to 2% |
If we compare Central Bank of India with other banks, than Central Bank of India offers loan amount of maximum of Rs. 75 lakhs and above, while Axis Bank provides Rs 15 crores within 4 hours of approval and Union Bank of India provides Rs 2 crores and above in some cases. Central Bank of India offers you tenure to repay the amount upto 30 years while Axis Bank tenure is 1 year to 30 years ans Union Bank of India offers tenure of upto 30 years. The typical APR of Central Bank of India is 8.60% – 9.60% per annum, Axis Bank typical APR is 8.50% – 12.50% per annum and for Union Bank of India the typical APR is 8.65% – 12.65%. The processing fee charged by Central Bank of India is 0.50% of the loan and maximum of Rs 20,000 while Axis Bank charges upto 1% of the loan amount and minimum of Rs. 10,000 and Union Bank of India charges 0.50% of the loan amount and maximum of Rs. 15,000. Union bank of India takes NIL processing charges from BSNL employees. There are no pre closure charges on floating rate loans in Central Bank of India while, Axis Bank takes zero to 2% of the balance amount as pre closure charges and Union Bank of India takes zero to 2% as pre closure charges.
Am I Eligible?
- Applicant must be at least 18 years old at the time of loan application.
- Applicant should not be more than 70 years old at the time of loan maturity.
- Applicant can be Individuals, NRI, Groups of individuals including Cooperative Societies , having a legal, identified and regular source of income either singly or jointly with Parents, sons, spouse.
Loan Offerings
Cent Home Loan
Central Bank provides you Cent Home Loan at an annual interest rate equal to 8.60% per annum for construction/ acquiring of new home /flat or for acquiring existing home / flat which has remaining life of applied loan tenure plus 10 years and for repairs / renovation / alteration of existing home / flat. Cent Home Loan provides Home loan for individuals and non-individuals including NRIs. Margin money is necessary to the borrower and needs to be paid. 10% margin money of the total project cost is to be paid If home loan is up to Rs.30 Lacs. 20% margin money of the total project cost, if home loan is above Rs.30 Lacs to up to Rs. 75 Lacs. 25% margin money of the total project cost if home loan is above Rs. 75 Lakhs and 25% margin money of the total project cost for repairs / renovation / alteration of existing house/ purchase of plot. Cent Home Loan offers you tenure upto 30 years including repayment holiday as long as 36 months, where loan should be fully repaid till the borrower reaches the age of 70 years. Maximum 10 years tenure in case of Repair/Renovation.
Cent Home Loan Plus (Top Up)
Cent Home Loan Plus (Top Up) provides you additional funds for Existing Housing Loan Borrowers who have repaid their Housing Loan EMIs regularly for at least 3 years. And also provides additional funds for Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc. Security for Cent Home Loan would be the extension of mortgage on the House property for which Housing Loan was sanctioned. Borrower can avail upto Rs. 10 lakhs loan amount at interest rate equal to 8.60% per annum in case of renovation and 9.60% per annum for refurbishment , buying of furniture, television, home theater etc. Cent Home Loan offers you tenure of upto 10 years and charges Rs 500 as processing fee charges.
Cent Home Loan to Employees
Cent Home Loan to Employees provides you Home loan for construction / acquiring of new or existing house/flat not older than 30 years. Also for extension in the existing house/flat, for repairs / renovation / alteration of existing house / flat, finance may be granted for purchase of plot obtaining declaration from the borrower that he/she/they undertake to construct the house on the plot within the period of two years. Cent Home Loan to Employees also gives Home loan to all Permanent Employees of Central/State Governments, PSUs of Central Government. You can Avail up to 90% of total project cost for loans up to Rs.20 Lacs, 80% of total project cost for loans above Rs.20 Lacs and upto Rs. 75 Lacs, and 75% of the total project cost for loans above Rs.75 Lacs for construction / purchase of new / existing home/flat or cost of extension of existing home/flat including cost of land. A borrower can Avail up to 75% of the cost of repairs/renovations/alterations of existing house/flat subject to a maximum of Rs.10 Lacs. and 75% of the cost of plot after complying with Net Take Home Pay/Income norm.
Margin money is necessary to the borrower and needs to be paid. Minimum 10% margin money of the project cost for construction / purchase of new/existing flat / house extension and 25% margin money of the project cost for repairs / renovation / alteration of existing house/ purchase of plot, for loans up to Rs. 20 Lacs. Minimum 20% margin money of the project cost for construction / purchase of new / existing flat / house /extension of house and 25% for repairs / renovation / alteration of existing house/ purchase of plot, for home loans above Rs.20 Lacs and up to Rs.75 Lacs. And minimum 25% margin money of the project cost for construction / purchase of new / existing flat / house /extension of house and for repairs / renovation / alteration of existing house/ purchase of plot for home loans above Rs. 75 Lacs.
In Cent Home Loan to Employees you can provide Security in the form of Equitable / Registered mortgage of the property being financed. And security equal to 125% of the loan amount may be required Where mortgage of the property being financed is not possible, for instance, in case of purchase of house/flat on first power of attorney, other tangible securities such as mortgage of some other property, pledge of bank’s FDR/ LIC policy/Govt. Securities, NSCs, KVPs, IVPs, Bonds, etc. Cent Home Loan to Employees does not require guarantee. Cent Home Loan to Employees offers tenure up to 30 years, subject to full repayment till the borrower reaches the age of 70 years for construction/acquiring of new or existing house/flat not older than 10 years.
Cent Home Loan to Employees charges you interest equal to 8.60% per annum for loan amount of upto Rs. 75 Lacs and for loan amounts above Rs 75 lacs the interest rate charges is 8.85% per annum. Cent Home Loan to Employees takes processing charges equal to 0.50% of the loan amount, subject to maximum of Rs. 20,000. And take zero processing charges if you’re maintaining salary account with Central Bank of India.
Cent Home Loan for 3rd or 4th house/flat
Cent Home Loan for 3rd or 4th house/flat gives Home loan at an annual interest rate of 9.60% per annum for construction / acquiring of new house / flat or for acquiring existing house / flat which is not older than 40 years and has remaining life of 10 years more than the loan tenure. Margin money equal to minimum 25% for construction / purchase of new flat/house. Cent Home Loan for 3rd or 4th house/flat offers tenure for construction/acquiring of new or existing house/flat not older than 10 years, maximum period of 30 years where borrower’s age should not be more than 70 years at the time of loan maturity. And tenure for purchase of house/flats older than 10 years, maximum period of 25 years where borrower’s age should not be more than 70 years at the time of loan maturity. Cent Home Loan for 3rd or 4th house/flat offers repayment holiday equal to maximum of 36 months where construction is undertaken. Cent Home Loan for 3rd or 4th house/flat takes Processing charges equal to 0.50% of the Loan Amount subject to maximum of Rs.20,000. You can avail funds depending upon your repaying capacity of the borrower and value of property.
Central Bank of India Home Loan Rate of Interest
| Home Loan Type | Applicable Interest Rate |
| Cent Home Loan | 8.60% per annum |
| Cent Home Loan Plus | 8.60% – 9.60% per annum |
| Cent Home Loan to Employees | 8.60% – 8.85% per annum |
| Cent Home Loan for 3rd or 4th house/flat | 9.60% per annum |
How to Apply for Central Bank of India Home Loan?
At Paisa
- Check the personal loan offer which suits you best and click on apply now
- Fill the required details (purpose,annual salary,EMIs you can pay)
- Choose the loan you want to take
- After this submit the details
At Central Bank of India Branch
- Visit the nearest branch of Central Bank of India along with the loan application form and required documents.
- Click here to download Central Bank of India Home Loan Application.
- Fill up the required details
- Submit the form
After I Apply?
Check Loan Status through customer care
- Call on 1800 22 1911 (toll free) and wait for the IVR instructions.
- If you want to proceed in hindi you will have to press 2, if want to proceed in english press 1
- Then they will ask you if you want information from IVR authentic system then press 1 and if you want to talk to customer care executive dial 2.
Once I’m Approved?
Fees & Penalties
| Type of Charges | Applicable Charges |
| Processing Charges | 0.50% of the LoanMaximum Rs. 20,000 Rs. 500For Cent Home Loan Plus |
| Foreclosure Charges | NILOn floating rate loans |
| Part-payment Charges | |
| Penal Charges | 2% per month on the overdue amount |
Central Bank of India charges you processing fee of 0.50% of the loan amount and maximum of Rs. 20,000 which is quite high as compared to other banks, and Rs. 500 for cent home loan plus. There are no pre closure charges on floating rate loans in Central Bank of India while, Axis Bank takes zero to 2% of the balance amount as pre closure charges.
FAQs
Central Bank of India Customer Support?
To contact Central Bank of India you need to call on 1800 22 1911 or you can mail at digitalsupport@centralbank.co.in.
What is the MCLR Rate applicable on Home Loan?
Interest rate is linked to 1 Year MCLR rate equal to 8.60%.