Check Out the Central Bank of India Home Loan Eligibility

The Central Bank of India provides housing loans at affordable interest rates to the lower and middle-income groups in rural and urban areas. The Central Bank of India home loan subsidy is also under the Pradhan Mantri Awas Yojana. One can apply for loans for buying a new house and repairing/improving an existing house. The bank also allows home loan balance transfer of properties with a minimum of 10 years of loan tenure remaining. To avail of this scheme, one needs to determine whether they are eligible in the first place. This will save a lot of time and energy. Read on to know more about Central Bank of India home loan eligibility.

The Central Bank of India Home Loan Eligibility

The Central bank of India is one of the most prominent banks in the country that offers home loans at affordable interest rates that range from 6.85% to 7.30% per annum with a maximum loan tenure of 30 years. For properties valued up to 30 lakhs, the Central Bank provides housing loans for about 90% of the property valuation. For mortgage purposes, the Central Bank of India offers a maximum of 36 months moratorium period. 

The Central Bank of India offers housing loans under various schemes to a wide range of applicants like individuals, groups of individuals, NRIs, and cooperative societies. Currently, five existing home loan schemes are running. These are:

1. Cent Home Loan- Only people who have an existing house that needs improvement or wants to buy another home can apply for this. The maximum loan tenure is 30 years and ten years for repair/renovation.
2. Cent Home Loan for employees- Only permanent Central Bank employees and State government and PSU employees can apply for this. One can get a loan equal to 90% of property value pegged at a maximum of 20 lakhs.
3. Cent combo scheme- Anyone can apply for this. Concession is given in case of a joint vehicle + housing loan.
4. Cent home double plus scheme- Anyone can apply for this. The applicant should be 18 years and older.
5. Cent Home loan scheme for 3rd/4th house/flat- Any applicant is welcome. This scheme can only be availed on less than 40 years old property.

The Central Bank of India Home Loan Eligibility Calculator

You can check your Central Bank of India housing loan eligibility Input all the required details like employment information, the loan amount you need, and whether you are currently paying any other EMI.

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The Central Bank of India Home Loan Details

Here are some essential details about the Central Bank of India home loan eligibility you need to know:

• The applicant does not require any guarantee for the submission of the application.
• There are no pre-closure or part payment charges.
• They provide bank loan transfers for better security and improved conditions.
• The maximum loan tenure is 30 years.
• The rate of interest ranges from 6.85% to 7.30% per annum.

The Central Bank also offers housing solutions to economically weaker sections and low-income group families in urban areas under the “Housing for All” PMAY scheme. Depending on the income group, the interest rate ranges from 3% to 6.50% per annum.

The Central Bank of India Home Loan Interest Rate

The home loan interest rate ranges from 6.85% to 7.30% per annum. Under the PMAY scheme, housing loans are offered at subsidized interest rates of 3% to 6.50% per annum. This will depend on the income group of the applicant.

The Central Bank of India Home Loan Processing Fee

The Central Bank charges a processing fee of 0.50% of the total loan amount. 

The Central Bank of India Home Loan Documents Required

Once all Central Bank of India home loan eligibility criteria is met, the applicants will need to furnish ID proof, proof of residence, income proof, and some other documents specified by the bank. Take a look at this list for the full details.

Any standard form of identification	Copy of valid passport/ PAN Card/ Driving license/ Election Card/ Aadhaar Card
Any one address proof	Aadhaar Card/ Copy of utility bills/ Voter ID/ Driving license/ Copy of valid passport
Income documentation	Latest Form 16 or Income Tax (IT) Returns/ Recent salary slips
Additional docs (Not all are mandatory.) The bank will provide you with a list of all required papers.)	Certificate of valuation given by an authorized valuer/Notification of approval from the housing society/Agreement for construction with the developer/builder/Sale agreement/Original property title deeds Construction proposal that has been approved

The Central Bank of India Home Loan Status

You can contact Central Bank customer care at toll-free number 1800-22-1911. You can also now visit the bank branch to know the status of your home loan.

The Central Bank of India Home Loan Emi Calculator

Make use of the Central Bank of India home loan EMI calculator. After all, you should make sure to check the EMI, whether or not it fits into your current financial situation. You can visit the official Central Bank of India home loan Calculator page and input the required details to calculate your monthly home loan instalment.

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With a host of benefits, the Central Bank of India is one of the prominent banks providing housing loans to weaker and lower-income families at affordable interest rates. Moreover, you can pre-close or make part payments of your remaining loan amount without extra charges. Further, one can easily avail of bank loan transfers from other financial institutions. We hope this article helps you know all you need about the Central Bank of India home loan eligibility. Want to learn more about other housing loan schemes? Visit our blog section for more information. If you need help with your financial decisions, our NoBroker experts are ready to assist you. So, don’t wait any further and contact us today!

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