Central Bank of India Home Loan

About Central Bank of India Bank

Central Bank of India Bank Limited is one of the oldest and largest commercial banks in India. The bank has 4730 branches, 5319 ATM's and 4 extension counters across 27 Indian states and three Union Territories. It provides a wide range of banking products and financial services to corporate and retail customers.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Central Bank of India Bank Home Loans

Central Bank of India Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Central Bank of India Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Central Bank of India Bank Home Loans are tailor made, catering to the needs of various customers.

Advantages of Central Bank of India Bank Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options
• Door step assistance provided

Features of Central Bank of India Bank Home Loan

Key Highlights

Features of Central Bank of India Bank Home Loan

Objective:

Central Bank of India Bank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Depending on your repayment capacity

Loan Tenure:

Up to 30 years of repayment period is available under Central Bank of India home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.50% of the loan amount or INR 11,800, whichever is minimum.

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to Central Bank of India Bank at ease.

Interest Rate:

The interest rate is 9.7% (base rate).

Eligibility Criteria:

To avail the home loan from Central Bank of India, you need to have the following eligibility criteria.

• You should be over 18 years of age.
• Steady source of income

Features of Central Bank of India Home Loan Plus

Objective:

Central Bank of India home loan Plus aims to help the existing home loan borrowers who needs additional funding.

Loan Amount:

Up to 10 Lakhs

Loan Tenure:

Up to 10 years of repayment period is available under Central Bank of India home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

INR 500 for each

Interest Type:

1% more than the existing home loan

Home Loan Transfer:

You can transfer your home loan from other bank to Central Bank of India at ease.

Interest Rate:

The interest rate is10.7% (base rate+ 1%).

Eligibility Criteria:

To avail the home loan from Central Bank of India, you need to have the following eligibility criteria.

• Existing Home Loan borrowers

Features of Central Bank of India Home Loan Employees

Objective:

Central Bank of India home loan aims to help government employees to build their own dream house.

Loan Amount:

Up to 90% of the value of the property

Loan Tenure:

Up to 30 years of repayment period is available under Central Bank of India home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.50% of the loan amount or maximum of INR 20,000, whichever is minimum.

Home Loan Transfer:

You can transfer your home loan from other bank to Central Bank of India at ease.

Interest Rate:

The interest rate is10.7% (base rate+ 1%).

Eligibility Criteria:

To avail the home loan from Central Bank of India, you need to have the following eligibility criteria.

• All permanent central and state government employees

Features of Central Bank of India Combo Home Loan

Objective:

For concession in home loan and vehicle loan if taken together

Loan Amount:

Minimum loan amount should be 20 Lakhs

Loan Tenure:

Up to 30 years of repayment period is available under Central Bank of India home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.25% of the loan amount or maximum of INR 20,000, whichever is minimum.

Home Loan Transfer:

You can transfer your home loan from other bank to Central Bank of India at ease.

Eligibility Criteria:

The average annual income of the applicant of last two years as per I.T. Return should be minimum INR 4 Lakhs.

Features of Central Bank of India Home Loan Double Plus Scheme

Objective:

Central Bank of India Home Double Plus Scheme aims to reduce interest burden on the customer with the overdraft facility. Customers can park surplus amount in savings and withdraw whenever required while the savings will also reduce the interest on the home loan.

Loan Amount:

Up to 90% of the value of the property

Loan Tenure:

Up to 30 years of repayment period is available under Central Bank of India home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.50% of the loan amount or maximum of INR 20,000, whichever is minimum.

Home Loan Transfer:

You can transfer your home loan from other bank to Central Bank of India at ease.

Eligibility Criteria:

To avail the home loan from Central Bank of India, you need to have the following eligibility criteria.

• Should be over 18 years of age
• Salaried and self-employed

Interest Rate:

The interest rate is 9.7% (base rate).

Documents Required to Apply for Central Bank of India Bank Home Loans

Important documents to be submitted while applying for home loan with Central Bank of India

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Central Bank of India Bank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Central Bank of India Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Central Bank of India Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Central Bank of India Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Central Bank of India Bank account at your nearest Central Bank of India Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Central Bank of India Bank Home Loan?

You can either apply online or visit a nearby Central Bank of India Bank branch for the application. You can also download the home loan application form from the Central Bank of India Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Central Bank of India Bank Home Loans

With attractive interest rates and low processing fees, Central Bank of India Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Central Bank of India Bank home loan without any penalty. Central Bank of India Bank home loan is the best option to buy or construct your dream house.

Central Bank of India Bank Home Loan FAQs

1. What are processing fees on Central Bank of India Bank Home Loans?

0.50% of the loan amount or maximum of INR 20,000

2. Is there penalty for prepaying the Central Bank of India Bank Home Loan?

No penalty is levied for prepaying the Central Bank of India Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for Central Bank of India Bank home loans?

The maximum repayment period is 30 years.

5. How Can I apply for Central Bank of India Bank home loan?

You can either apply online or visit a nearest Central Bank of India branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by Central Bank of India Bank?

No cap on the maximum loan amount and it depends on your repayment capacity which is decided by the bank.

7. Does Central Bank of India Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Central Bank of India.

8. Can I get tax benefits from Central Bank of India Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.