✔ Individuals , Groups of individuals , who have attained 18 years ( completed) as on date of application and including Cooperative Societies , having a legal, identified and regular source of income either singly or jointly with Parents, sons, spouse.
✔ NRI are also eligible for Housing loan
✔ Maximum period of 30 years or age of retirement or on borrower reaching the age of 70 years whichever is earlier.
✔ In the case of new construction, installments will start after 18 months from the date of first disbursement or 6 months, after the date of completion whichever is earlier. In other cases, installments will start from second month of disbursement.
Central Bank of India Home Loan Interest Rates 2018
|Cent Home Loan||
|Cent Home loan Double Plus (OD)||
|Cent Home-3rd or 4th House||
|OD Top up –Existing Home Loan||
Central Bank of India MCLR Rate February 2018
Cent Home Loan Plus
1 Purpose – Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.
2 Eligibility – Existing Borrowers under Direct Housing Finance Scheme having completed minimum 3 (three) years of repayment schedule without any default.
In case Housing loan is in Joint Name, Both the Joint borrowers should join as borrower for the loan or consent / no objection for extending charge of house property created out of Housing loan should be obtained.
3 Quantum of Loan – Maximum of Rs.10.00 lakhs.
4 Margin – 25% on the Present Market value of the property for aggregate loan up to Rs.30 lakhs including the proposed limit under this scheme.
35% on the Present Market value of the property for aggregate loan above Rs.30 lakhs including the proposed limit under this scheme
5 Security – Extension of mortgage on the House property for which Housing Loan was sanctioned.
The rate of interest will be 1% percent more than the rate of existing housing loan in case of buying of furniture, television, home theatre etc.
6 Repayment – 10 years in Equal Monthly Installments.
For salaried individuals up to 70 years provided post retirement income is adequate to repay the EMI.
7 Processing Fee – 0.50% of the loan amount subject to maximum of Rs.20,000/-
Prepayment Charges – No prepayment charges.
Take over of loan
Take over of loan from other Bank/FI is allowed on certain terms and conditions.
Available Products of Central Bank of India
Contact Number –
Mumbai – 022 – 6638 7777
Agra – 0562 – 2850154/3424,
Ahmedabad – 079 – 25503586
Bhopal – 0755 – 2674037/36/35/34/33
Chennai -044 – 28554792/4692/4620
New Delhi – 011 – 23318964, 23319268/69