Central Bank of India Home Loan Interest Rates - Updated in November 2024

Central Bank of India offers competitive home loan interest rates starting from 8.55% p.a. for individuals looking to purchase their dream homes. With financing options of up to 30 years and coverage of up to 90% of the property value, these rates attract potential buyers. Women citizens can enjoy even lower rates starting at 8.40% p.a. Central Bank of India has disclosed a minimum credit score requirement. A CBIL score of 700 & above is favourable for the approval of the loan.

Home Loan Interest Rates of Different Schemes of Central Bank of India in 2024

The current home loan interest rates Central Bank of India for various schemes are as follows:

Scheme	Interest Rate Range
Cent Home Loan	8.55% to 9.35%
Cent Grih Lakshmi	8.40% to 9.20%
Cent Home Double Plus Scheme	9.35% to 9.80%
Cent Home Loan Scheme for purchasing 3rd or 4th house/flat	9.35% to 9.85%

Different Types of Home Loans Offered by Central Bank of India- A Detailed Overview

Central Bank of India offers various types of home loans to suit different needs:

Cent Home Loan 

Resident Indian citizen and NRIs who have are 18 years old as on date of application. Individuals may apply singly or jointly with other eligible individuals, restricted to a maximum of 3 including spouses, children, parents, and siblings.

• Applicant Type: Salaried and self-employed borrowers
• Eligibility:
  • Age: 18 years - 65 years
  • Monthly income: INR 15,000 - INR 25,000.
  • Employment Type: Salaried borrowers must have a minimum of 2 years of continuous service with the current employer. Self-employed borrowers must have a minimum of 3 years of business experience.
• Loan Tenure: Up to 30 years
• Maximum Loan Amount: For salaried borrowers, the maximum loan amount is Rs. 75 lahks. For self-employed borrowers, the maximum loan amount is Rs. 50 lakhs.
• Interest Rate: 8.55% to 9.35%
• Processing Fees: 0.50% of the loan amount, subject to a maximum of Rs. 20,000/- + GST.

Cent Grih Lakshmi 

The exclusive scheme for women borrowers aims to empower and support their financial goals by offering reduced interest rates compared to the standard Housing Loan scheme Woman should be the sole borrower or first named borrower.

• Applicant Type: Women Borrowers
• Eligibility:
  • Age: 21 years – 60 years
  • Monthly income: INR 15,000
  • Employment Type: The applicant must be employed in a regular salaried job or self-employed.
• Loan Tenure: Up to 30 years
• Maximum Loan Amount: Rs. 20 lakhs
• Interest Rate: 8.40% to 9.20%
• Processing Fees: 0.50% of the loan amount, subject to a maximum of Rs. 20,000/- + GST.

Cent Home Double Plus Scheme

Salaried individuals, self-employed individuals, professionals, and anyone with a legal, identifiable, and consistent income source are eligible. The applicant(s) must be at least 18 years old at the time of application.

• Applicant Type: Salaried and self-employed borrowers
• Eligibility:
  • Age: 18 years – 65 years
  • Monthly income: INR 15,000 - INR 25,000.
  • Employment Type: The applicant must be employed in a regular salaried job or self-employed.
• Loan Tenure: Up to 30 years
• Maximum Loan Amount: Rs. 1.50 crores
• Interest Rate: 9.35% to 9.80%
• Processing Fees: 0.50% of the Loan Amount subject to maximum Rs.20,000/-+ GST

Cent Home Loan Scheme for purchasing 3rd or 4th house/flat

Individuals or a group of closely related individuals, who have a recognized and stable source of income, whether individually or jointly with parents, sons, spouse, brothers, daughters, or sisters, may qualify. Co-borrowers such as brothers, daughters, and sisters can be considered if they are or plan to become co-owners of the property.

• Applicant Type: Salaried, self-employed borrowers, and their family
• Eligibility:
  • Age: 18 years – 65 years
  • Monthly income: N/A
• Employment Type: The applicant can be Salaried, Self-employed
• Loan Tenure: Up to 30 years
• Maximum Loan Amount: Rs. 75 lakhs
• Interest Rate: 9.35% to 9.85%
• Processing Fees: 0.50% of the loan amount, subject to a maximum of Rs. 20,000/- + GST

Central Bank of India Home Loan Interest Rates for Women and Benefits

• CIBIL score requirement: The minimum CIBIL score required for a Central Bank of India’s Cent Grih Lakshmi home loan is 700. 
• Interest rate: The interest rate for a Central Bank of India’s Cent Grih Lakshmi home loan is 8.40% to 9.20% for a CIBIL score of 700 and above. However, if your CIBIL score is above 750, you may be eligible for a lower interest rate.
• Benefits: Women who avail of Central Bank of India's Women's Dream Home Loan scheme are eligible for the following benefits:

• Waiver of processing fees
• EMI waivers
• PMAY subsidy
• Lower interest rates
• Flexible repayment tenure
• Easy documentation
• Quick processing
• Personalized attention

Central Bank of India Loan Interest Rates and Eligibility for NRI

• CIBIL score requirement: The CIBIL score requirement for a Central Bank of India loan for NRIs is typically 750 or above. However, the exact score requirement may vary depending on the type of loan and the applicant's individual circumstances.
• Interest rate: The interest rate for a Central Bank of India loan for NRIs is typically 2% to 3% higher than the interest rate for a loan to a resident Indian. The exact interest rate will depend on the type of loan, the applicant's credit score, and the current market conditions.
• Eligibility:
  • The applicant must be a non-resident Indian with an Indian passport.
  • The applicant must have a valid NRO or NRE account with Central Bank of India.
  • The applicant must have a CIBIL score of 750 or above.
  • The applicant must have a stable source of income in their home country.
  • The applicant must be able to provide a letter of guarantee from a resident Indian.

Key features and Benefits of Central Bank of India Home Loans

• Loan amount: The maximum loan amount that you can avail of from Central Bank of India is Rs. 75 lakhs. However, the minimum margin requirement varies depending on the loan amount. For loans up to Rs. 30 lakhs, the minimum margin requirement is 10%. For loans above Rs. 30 lakhs, the minimum margin requirement is 20%.
• Interest rates: The interest rates on Central Bank of India home loans are competitive. The current interest rate on home loans ranges from 8.35% p.a. to 9.35% p.a.
• Loan tenure: The maximum loan tenure for Central Bank of India home loans is 30 years. However, the loan tenure may be shorter depending on your age and repayment capacity.
• Processing fees: The processing fees for Central Bank of India home loans are 0.50% of the loan amount, subject to a maximum of Rs. 20,000.
• Moratorium period: Central Bank of India offers a moratorium period of up to 36 months on home loans. This means that you can defer your EMI payments for the first 36 months of the loan.
• Other benefits: Central Bank of India also offers other benefits on home loans, such as no-cost EMIs, balance transfers, and top-up loans.

How to Apply for Central Bank of India Home Loan?

Eligibility for Central Bank of India Home Loan

To be eligible for a Central Bank of India Home Loan, certain criteria must be met by applicants:

• Income criteria
  • You must have a minimum annual income of Rs. 4 lakhs.
  • The combined income of the applicant and co-borrower(s) must be at least Rs. 6 lakhs.
• CIBIL score criteria
  • You must have a minimum credit score of 750.
• Age criteria
  • You must be at least 18 years old and not more than 65 years old on the date of maturity of the loan.
• Employment type
  • You must be employed in a regular salaried job.
  • Self-employed individuals may also be eligible, subject to certain conditions.
• Loan amount eligibility
  • The maximum loan amount that you can borrow depends on your income, CIBIL score, and the value of the property.
  • The minimum loan amount is Rs. 2 lakhs.
  • The maximum loan amount is Rs. 75 lakhs.

Documents Required for Central Bank of India Home Loan

When applying for a Central Bank of India Home Loan, applicants are required to provide the following documents:

Proof of identity: Aadhaar card, PAN card, Driving license, Passport, Voter ID card,

Proof of residence: Electricity bill, Water bill, Telephone bill, Gas bill, Rental agreement, Property tax receipt

Proof of age: Birth certificate, Passport, PAN card, Aadhaar card

Income proof: Salary slips for the last 3 months, Income tax returns for the last 2 years, Bank statements for the last 6 months, Business documents (if self-employed)

Property-related documents: Sale deed, Title deed, Property tax receipt, Encumbrance certificate, Survey plan

Calculator for Central Bank of India Home Loan EMIs - How to Calculate Federal Bank Home Loan EMIs?

The Central Bank of India Home Loan EMI Calculator is a tool that helps you calculate the monthly equated monthly instalment (EMI) for a home loan from the Central Bank of India. The calculator takes into account the loan amount, interest rate, and tenure, and calculates the EMI based on the following formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

• P = Loan amount
• R = Interest rate per month
• N = Tenure in months

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Home Loan Interest Rates of Central Bank of India for the Last 10 Years

This table shows the interest rate ranges of Central Bank of India home loans for the past 10 years:

Year	Central Bank of India Home Loan Interest Rates
2013	9.45%
2014	8.95%
2015	8.75%
2016	8.50%
2017	8.25%
2018	8.00%
2019	7.75%
2020	7.50%
2021	7.25%
2022	7.00%

Comparing Central Bank of India Home Loan Interest Rates with Other Banks | 2024

Bank/ NBFC Name	Interest Rate
Axis Bank	8.85% - 14.00%
Aditya Birla Capital Home Loan	9% - 12.50%
Bandhan Bank	8.65% - 13.65%
Bank of Baroda	8.50% - 10.60%
Bank of India	7.80% - 9.65%
Bank of Maharashtra	8.40% - 10.80%
Canara Bank	8.85%- 11.25%
Central Bank of India	8.45% - 9.20%
Citibank	8.45%
Corporation Bank	8.60% - 11.20%
Dena Bank	8.40%
Federal Bank	10.15% - 10.30%
Fullerton Bank	9.50%
HDFC Bank	8.95% - 9.85%
HSBC	8.60%
ICICI Bank	9.00% - 10.05%
IDBI Bank	8.75% - 11.45%
IDFC First Bank	8.85%
Indian Overseas Bank Home Loan	9.55%
Indiabulls Housing Finance	8.75%
Jammu and Kashmir Bank	8%
Karnataka Bank	9.08% - 10.38%
Karur Vysya Bank	9.23% - 12.13%
Kotak Mahindra Bank	8.85% - 9.40%
LIC HFL	8.70%
PNB HFL	8.50% - 10.85%
Reliance Home Finance	9.35% - 13%
State Bank of India	8.25% - 9.65%
Sundaram Home Finance Ltd Home Loan	6.95% - 8.30%
Tata Capital	8.95%
Union Bank of India	8.75%
YES Bank	9.15% - 11.25%

Factors that Affect Central Bank of India Housing Loan Interest Rate

• Your CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan payments. Banks will typically offer lower interest rates to borrowers with higher CIBIL scores.
• The loan amount: The loan amount is the total amount of money that you are borrowing from the bank. The larger the loan amount, the higher the interest rate will be.
• The repayment period: The repayment period is the number of years that you will have to repay the loan. The longer the repayment period, the lower the interest rate will be.
• Your income: Your income is a measure of your ability to repay the loan. Banks will typically offer lower interest rates to borrowers with higher incomes.
• Your assets: Your assets are any valuable items that you own, such as a house, car, or savings account. Banks will typically offer lower interest rates to borrowers with more assets.

Tips to Avail of Central Bank of India Home Loan at Lower Interest

• Maintain a good credit score: Your credit score is one of the most important factors that lenders consider when approving a home loan. A good credit score will help you get a lower interest rate on your loan.
• Opt for shorter loan tenures: The shorter the loan tenure, the lower the interest rate will be. However, you will have to pay higher EMIs if you opt for a shorter loan tenure.
• Compare different schemes and interest rates: There are many different home loan schemes available from different lenders. It is important to compare the different schemes and interest rates before you apply for a home loan.
• Consider making a higher down payment: A higher down payment will reduce the amount of loan you need to take, which will lower your EMIs and interest rate.
• Provide accurate and complete documentation: Lenders will need to see proof of your income, assets, and liabilities before they can approve your home loan. It is important to provide accurate and complete documentation to avoid any delays in the approval process.
• Build a relationship with the bank: If you have a good relationship with the bank, you may be able to get a lower interest rate on your Central Bank of India Housing loan. You can build a relationship with the bank by doing your banking with them, opening a savings account, and using their other products and services.

Central Bank of India home loan interest rates start at 8.40% per annum, offering flexibility for diverse customer segments like women, self-employed individuals, salaried employees, and senior citizens. Whether you are purchasing a new property or considering transferring your current loan, take advantage of their affordable interest rates by applying now. For additional details, visit the NoBroker Home Loan Services.

Disclaimer

This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.

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