Looking to take out a home loan with the Central Bank of India? In this article, we’ll go over some of the key features and benefits of this type of loan so that you can make an informed decision about whether or not it’s right for you.
What is the Central Bank of India Home Loan?
The Central Bank of India Home Loan is a great option for Indian citizens looking to purchase a home. You can get a central bank home loan by applying for loans from 7% p.a. to 7.65% p.a. with a 30-year maximum length of the loan. Central Bank home loans must be at least Rs.30,000 and the processing fee is up to 0.5%. The bank makes available up to Rs 30 lakhs in housing loans for remodelling, new construction, repair, or renovation as well as the purchase of a property. This loan offers several features and benefits, including low-interest rates, flexible repayment options, and more.
Central Bank of India Home Loan Interest Rates and Repayment Terms
When it comes to home loans, interest rates and repayment terms are two of the most important factors to consider. And when you’re looking at the Central Bank of India’s home loan offerings, you’ll find some of the most competitive rates and terms in the market.
| Central Bank Home Loans Scheme | Rate of Interest |
| Grih Lakshmi Home Loan | 7% p.a. |
| Cent Home Loan | 7.20% p.a. – 7.65% p.a. |
Central Bank of India offers home loans at both fixed and variable interest rates. And depending on the loan amount and tenure, you can get repayment terms of up to 30 years. So whether you’re looking for a short-term loan to buy a starter home or a long-term loan for a larger property, the Central Bank of India has options to suit your needs.
When it comes to repaying your loan, the Central Bank of India offers a few different options. You can choose to make monthly payments, or opt for a lump sum payment at the end of the loan term. There’s also the option to make partial prepayments during the loan term, which can help reduce your overall interest costs.
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Central Bank of India EMI Calculator
When you apply for a home loan from Central Bank of India, you can use their EMI calculator to find out how much your monthly repayments will be. This is a great tool to help you budget for your loan and make sure that you can afford the repayments. The calculator takes into account the loan amount, interest rate, and loan tenure to give you an accurate estimate.
Central Bank of India Home Loans Scheme
Central Bank of India is one of the leading banks in India that offers a wide range of home loan products with attractive interest rates and terms. The bank has a strong presence across the country and offers doorstep service to its customers.
- Cent Grih Lakshmi: Loans for women entrepreneurs may require collateral
- Cent Home Loan: When you want to buy a home or apartment, you can use this loan. It applies to new construction, the acquisition of an existing property, and additions or improvements where the remaining life of the original financing plus 10 years is available.
- Cent Home Loan Double Plus: If you are looking for a term loan, you may use the funds to “purchase a new house, purchase new vehicles/furniture, financing marriage/education, or home improvement.” You also get an overdraft facility in this home loan.
- Cent Home Loan scheme for purchasing 3rd or 4th House/Flat: The loan is to be used in the purchase of a new house, or an existing home that has at least 10 years of life left on the loan.
Central Bank of India Pradhan Mantri Awas Yojana
The Central Bank of India is one of the leading banks in India that offers home loans under the Pradhan Mantri Awas Yojana. The scheme was launched by the government in 2015 to provide affordable housing for all. The main objective of the scheme is to provide financial assistance to low and middle-income families to buy or construct a house.
Features and Benefits of Central Bank of India Home Loan
The Central Bank of India Home Loan is a great option for those looking to finance their home. Here are some of the features and benefits of the loan:
- Low-interest rates: The interest rates on Central Bank of India home loans are very competitive when compared to other banks. For instance, the current interest rate for women borrowers is 7% p.a.
- Long tenure: Central Bank of India home loans have a long tenure up to 30 years, which makes it easier for borrowers to repay the loan without any financial stress.
- A range of products: Central Bank Of India has a range of home loan products to suit different borrowers’ needs. Whether you’re looking for a standard home loan or one with special features like an offset account, the bank has a product to suit you.
- Flexible repayment options: The repayment options offered by Central Bank of India are flexible and can be customized according to the borrower’s convenience. There is also a provision for part-prepayment and pre-closure of the loan without any charges.
- No hidden charges: There are no hidden charges or processing.
- Personalised service: The bank’s home loan team is dedicated to providing personalised service to every customer. This means you can expect quality service and support throughout the life of your loan.
Central Bank of India Home Loan Eligibility Criteria
The Central Bank of India Home Loan is available to individuals who are self-employed or salaried and meet the following eligibility criteria:
- You must be between the ages of 18 and 70 years old.
- Salaried/Self-employed both are eligible.
- You must have a regular income source & good credit history.
- NRI can also apply for a home loan.
Central Bank of India Home Loan Documents Required
In order to apply for a Central Bank of India Home Loan, you will need to submit the following documents:
- A completed application form
- Your ID and address proof
- Income proof (such as salary slips, bank statements, etc.)
- Proof of employment (for self-employed individuals)
- Asset and liability statement
Central Bank of India Home Loan Apply Online
You can apply for a Central Bank of India home loan online by visiting the bank’s website. Applying for a Central Bank of India home loan is now easier than ever, thanks to the online application process. You can apply by following the steps given below:
- All you need to do is visit the bank’s website and fill out the online form.
- Be sure to have all the necessary documents on hand before starting the application process.
- Once you’ve submitted your application, you can expect a decision within a few days.
- So why wait? Start your Central Bank of India home loan application today!
Conclusion
If you’re looking for a home loan with plenty of features and benefits, the Central Bank of India Home Loan is definitely worth considering. With low-interest rates and the option to apply online, it’s easy to get started on your home loan journey. So why not take advantage of all that the Central Bank of India Home Loan has to offer?
FAQs
Q. Who can be the co-applicant for my home loan?
A. You can group various people in your family or community to co-sign the mortgage, including parents, spouses and children.
Q. Does the Bank of India offer top-up loans?
A. The bank offers a top-up loan as an overdraft facility for eligible customers. The minimum amount is Rs.2 lakh and the maximum is Rs.5 lakh.
