Central Bank of India Home Loan Interest Rates

Updated on: Jan 11th, 2022


10 min read

Central Bank of India, is one of India’s oldest and largest state-owned commercial banks. Usually, the home loan is a big amount taken for a longer period upon which interest is levied. In this article, we will cover all possible questions related to the Central Bank of India Home Loan.

Top home loan schemes of Central Bank of India

Central Bank of India Home Loan SchemesDescription
Cent Home LoanTo construct/acquire a new home/flat or acquire an existing home/flat which has a remaining life of applied loan tenure + 10 years. The scheme also considers renovation, repair, and alteration of existing home/flat.
Cent Home Double Plus SchemeTwo aspects—Overdraft facility and term loan. The former can be taken to construct/acquire new or existing homes/flats or extend existing houses. The latter for repair/renovation of house/flat, vehicle purchase, refurbishing home, furniture purchase, solar energy equipment purchase, children’s marriage/education/medical expenses, and family vacation/trip.
TopUp Facility To Cent Home Loan BeneficiariesYou can take this loan for personal needs. You cannot use the money borrowed under this scheme for speculative, real estate, or capital market activities, or activities prohibited by law. The loan amount ranges from Rs.2 lakh up to Rs.50 lakh.
Cent Home Loan Scheme for Purchasing 3rd or 4th House/FlatThis scheme allows you to borrow for construction/acquiring a new house/flat or acquiring an existing house/flat, which is not older than 40 years and has a remaining life of the loan tenure + 10 years.
Cent Home Loan to Employees of Central State Govt PSUThis scheme is dedicated to all permanent employees of Central and state governments and PSUs of Central government. The property or other tangible securities will be mortgaged for financing.
Cent Combo (HL and Vehicle Loan)The bank provides a concession if the home loan and vehicle loan are taken together. The average annual income of the applicant for the last two years, as per IT return filed, should be a minimum Rs.4 lakh. The minimum home loan amount is Rs.20 lakh. 

Interest rate of Central Bank of India home loan

The current Repo Based Lending Rate (RBLR) is 6.85% + CRP.

Internal Risk Rating ScoreCIBIL/CRIF above 725ORExperian above 750CIBIL/CRIF 701-725ORExperian 726-750CIBIL/CRIF 675-700ORExperian 700-725
71-100(CBI-1 to 3, i.e. LOW RISK)RBLRRBLR+0.10RBLR+0.20
50-70(CBI-4 to 6, i.e. MEDIUM RISK)RBLR+0.25RBLR+0.35RBLR+0.45
<50(CBI-7 to 10, i.e. HIGH RISK)

Features and benefits of Central Bank of India home loan

  • Central Bank home loans are available for both salaried and non-salaried applicants.
  • Home loans are granted to applicants above the age of 18 years.
  • The maximum tenure of the loan is 30 year or until the borrower reaches 75 years, whichever is earlier.
  • The tenure can be up to 10 years in the case of repair or renovation.
  • Interest rates are determined based on Internal Risk Rating Score.
  • Various home loan schemes are offered for the varying needs of customers.

Who is eligible for Central Bank of India home loans

  • Individuals who have completed 18 years of age as on the date of application.
  • Groups of individuals, including cooperative societies, have a legal, identified, and regular income source either singly or jointly with parents, sons, or spouse.
  • NRIs are also eligible.
Net Annual IncomeEMI/NMI Ratio (Maximum)
<=Rs.1.20 lakh20%
>Rs.1.20 lakh<=Rs.3.00 lakh30%
>Rs.3.00 lakh<=Rs.5.00 lakh55%
>Rs.5.00 lakh<=Rs.8.00 lakh60%
>Rs.8.00 lakh<=Rs.10 lakh65%
>Rs.10.00 lakh66.67%

Where Net Monthly Income (NMI) is the difference between Gross Monthly Income (GMI) and all statutory deductions and taxes (excluding all existing and proposed EMI).

Loan Margin (may vary with schemes)

1. Salaried Borrower

Construction/purchase of new/existing house/flat or cost of extension of existing house/flat (including the cost of land)
Loans up to Rs.30 lakh 90% of the cost
Rs.30.00 lakh up to Rs.75 lakh 80% of the cost
Above Rs.75 lakh75% of the cost
Repairs/renovations/extension/alterations of existing house/flatUp to 75% of the cost; maximum of Rs.10 lakh
Plot for constructing housing unit (Not for standalone plots)75% of the registered value of the flat; a maximum of 75% of the total cost of the housing unit

2. Non-Salaried Borrower

Construction/purchase of new/existing house/flat
Loans up to Rs.75 lakh80% of the cost
Loans above Rs.75 lakh 75% of the cost
Cost of extension of existing house/flat (including the cost of land)75% of the cost
Repairs/renovations/extension/alterations of existing house/flat75% of the cost; maximum of Rs.10 lakh
Plot for constructing housing unit (Not for standalone plots)75% of the registered value of the flat; a maximum of 75% of the total cost of the housing unit

Fees and charges

Processing Fees0.50% of the loan amount; up to Rs.20,000

Home loan EMI calculator

An important tool like Home Loan EMI calculator helps you evaluate and plan your budget.

Frequently Asked Questions

How does the bank determine the home loan amount?

The permissible home loan amount will usually be the maximum acceptable LTV ratio or the permissible EMI/NMI ratio, whichever is low.

What is the moratorium period available for home loans?

You may avail up to 24 months of moratorium period in the case of constructing the house. For a moratorium period between 18 months and 24 months, the pre-EMI interest is to be paid by the borrower as and when applied.

Is there a specific credit score required to get a home loan?

Central Bank of India requires a minimum credit score from selected credit reporting agencies for you to qualify for a home loan.

Credit Reporting AgencyMinimum Credit Score
TransUnion CIBIL675
Where can I access the home loan application form?

You can access the home loan application form on the official website of the Central Bank of India’s official website’s official website. You can also visit the bank branch for the application form. Please note that the application form may vary base you are looking at.

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Quick Summary

Central Bank of India offers various home loan schemes for different needs. Eligibility includes individuals over 18 years with regular income. Loan amounts are determined by income and margin. EMI calculator and FAQs assist in planning and applying for home loans.

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