Central Bank Of India Home Loan Interest Rate at 8.55% to 9.10%

Note: Updated on May 2022, for latest interest rates, please visit bank website.

Calculate Central Bank Of India Home Loan EMI Calculate EMI Now

About Central Bank Of India

Central Bank Of India is a public sector bank in india. Central Bank Of India was founded on Dec. 21, 1911. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Central Bank Of India which includes Central Bank Of India Official Website, Central Bank Of India ATMs accross the India, Central Bank Of India Branches accross the India, Central Bank Of India Contact Numbers, Central Bank Of India official EmailID, Central Bank Of India Headquarter and Central Bank Of India Headquarter Address. Find Central Bank Of India Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.

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Why Central Bank Of India Home Loan?

1. Central Bank Of India provides a range of Home Loan Schemes designed for different needs of customers
2. Interest Rate is very competitive and affordable
3. Minimal Documentation
4. It provides Flexible Repayment Options to the borrowers
5. Easy and fast approval & disbursal of home loans
6. Has dedicated team of well-experienced employees which also offer personalised service
7. 24/7 customer care service of Central Bank Of India offers timely assistance to the customers

Central Bank Of India Home Loan Purpose

For construction| acquiring of new home |flat or for acquiring existing home | flat which has remaining life of applied loan tenure plus 10 years.
For repairs|renovation|alteration of existing home|flat.

Central Bank Of India Home Loan Eligibility

• The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
• The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
• The applicant must be salaried or self-employed with a regular income.
• The applicant must earn more than the minimum required income.

Central Bank Of India Home Loan Document Required

1. Duly filled and signed application form with photograph
2. Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
3. Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
4. Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
5. Form 16
6. Latest 6 months salary slips for salaried persons
7. Bank Statement of last 6 months
8. Income Tax Returns (ITR) of last 3 years
9. Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
10. Processing fee Cheque
11. Copies of the title documents of the property and the approved plan
12. For Construction/ Renovation case, cost estimate from the Architect

Tax Benefits of availing Central Bank Of India Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

Central Bank Of India Home Loan Amount

Depending on repayment capacity of borrower and value of property.

Margin

10% to 25% of the loan amount

Central Bank Of India Home Loan Repayment

Maximum period of 30 years or on borrower reaching the age of 70 years whichever is earlier.
10 years in case of Repair|Renovation

Security

Registered Mortgage of house property/flat to be constructed | purchased.

In Case of Prepayment of Central Bank Of India Home Loan, will EMI change?

One can pre-pay Central Bank Of India Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:

1. He can continue with the existing and reduce the loan tenure
2. He can reduce the EMI and keep the loan tenure the same

Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.

How to reduce your Home Loan EMI?

• Negotiate with your banker on lower interest rate
• Apply for longer tenure
• Give maximum amount as down payment
• Pre-pay loan amount
• Switch to another bank/ FI offering lower interest rate

Contact details of Central Bank Of India, Central Bank Of India SMS balance check number SMS banking, Central Bank Of India mobile banking, Central Bank Of India toll free number,Central Bank Of India toll free number 24*7, Central Bank Of India miss call number.

• MISSED CALL NUMBERS - 9555244442
• CUSTOMER CARE NUMBERS - 1800221911, 18002021911
• CONTACT NUMBERS - 1800221911, 02241903900

Central Bank Of India Contact Details

• BANK OFFICIAL WEBSITE - www.centralbankofindia.co.in
• CONTACT NUMBERS - 1800221911, 02241903900
• EMAIL ID - complaints@centralbank.co.in
• MISSED CALL NO. - 9555244442
• CUSTOMER CARE NO. - 1800221911, 18002021911
• TOTAL BRANCHES - 4695
• TOTAL ATMS - 4835
• HEADQUARTER - Mumbai
• BANK ADDRESS - Head Office, Chandramukhi, Nariman Point,Mumbai-400 021.

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