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Central Bank Of India Home Loan Interest Rate

Owning a home is the ultimate dream of almost everyone today. But not everyone has the financial wherewithal for it. That’s where a home loan can help you.

The market is flooded with many home loan offers, so it could be very easy to get confused. Before applying for a home loan, there are few things you must be very careful about.

Taking a home loan means committing a significant chunk of your income towards paying off your loan – principal amount and interest included, month after month, for a substantial number of years.

With the wide range of home loan options available for people who have a good credit rating, it is easier than ever to own a home. The price of real estate continues to increase every year, therefore purchasing real estate is one of the safest long-term investments.

Interest rates for home loans in India starts from 8.50% onwards and are influenced by a variety of factors. Even a 0.05 % reduction in interest rate could help you save thousands of rupees in the long run.

Central Bank of India provides home loans at attractive interest rates. Below are the details of the interest rates offered by the bank.

Loan SchemeInterest Rate
Cent Home Loan SchemeMCLR (Floating)
Cent Home Loan for Purchasing 3rd or 4th house/flatMCLR (1 year) + 1%
Home Loan Employees

For up to Rs. 75 Lakhs, MCLR + 0 (Floating),

For above Rs. 75 Lakhs, MCLR +0.25%

Cent Combo0.25% concession on all slabs subject to minimum MCLR
Cent Home Double Plus SchemeMCLR + 0.25%

The above interest rates by Central Bank of India on their varied home loans is subject to change at the sole discretion of the bank.

Factors That Influence Central Bank of India Home Loan Interest Rate

The interest rate on the home loan is determined by variety of factors such as your age, loan amount, down payment, relationship with the lender, credit score, etc. You are very much likely to get approved for a home loan from any lender as there is collateral involved. But to get a low interest rate home loan, you must have certain criteria mentioned above.

Having a credit score of 750 and above can help you secure the lowest interest rate on your home loan. With the lucrative monthly income, the chances of approval are increased, enabling you to secure low interest rates.

Women applicants can obtain a minimum concession of 0.05% on the interest rate which is indeed can save a decent amount in the long run.

If you have already taken a loan from Central Bank of India or have savings account, you are likely to bag a better rate of interest. The relationship with the lender matters a lot in determining the rate of interest.

Central Bank of India Home Loan Overview

Central Bank of India provides several types of home loan catering to the needs of varied individuals. Below are the general features of home loans of Central Bank of India.

  • Flexible repayment tenure up to 30 years.
  • Hassle-free documentation
  • Various loan options for government employees, Central Bank of India customers, and the general public.
  • You can get a moratorium period of up to 36 months.
  • Processing fee is 0.50% of the loan amount subject to a maximum of Rs. 20,000.
  • One can get maximum loan amount of up to 90% value of the property based on eligibility and down payment.
  • Loans can be availed for the following purpose:
    • For construction/ acquiring of new home /flat or for acquiring existing home / flat which has remaining life of applied loan tenure plus 10 years.
    • For repairs/renovation/alteration of existing home/flat
    • Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.

Central Bank of India Home Loan Eligibility

  • You must be a salaried, self-employed, government employees, etc.
  • Individuals either singly or jointly with family members can apply.
  • You must be at least 18 years old at the time of application
  • You should have a minimum income as required by the lender

Central Bank of India Home Loan Status

Once you submit your application with your complete contact details and employment history, a Central Bank of India representative will collect the required documents from you. Upon the successful verification of your documents, and if you are found eligible, Central Bank of India will make a loan offer.

You can check your Central Bank of India home loan status by contacting your branch and referencing the application number. You can also contact Central Bank of India customer care for help with tracking your application.

Central Bank of India Home Loan FAQs

1. Who is eligible to avail a home loan from Central Bank of India?

You are eligible for a loan if you are an Indian citizen or a person of Indian Origin and are a salaried/ self- employed professional/ a businessman with a regular source of income.

2. What are the processing charges?

0.50% of the Loan Amount subject to a maximum of Rs. 20,000.

3. What is the maximum loan term that I can avail by taking a home loan from Central Bank of India?

The maximum loan tenure offered by Central Bank of India on its home loan is 30 years or borrower reaching the age of 70 years, whichever is earlier.

4. Does my property need to be insured? 

Property insurance is mandatory in order to protect your property against uncertainties like earthquake, fire or any damage and destruction due to natural and man-made calamities, during the tenure of the loan.

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