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Hii sir, I Wants to Apply for the Home Loan of the Central Bank of India Will you please Provide me the Eligibility Criteria for the Home Loan of the Central Bank of India ?

[prince karak]

Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai which is the financial capital of India and capital city of state of Maharashtra

The Information About the Home Loan of the Central Bank of India is given below

Purpose of the Loan
Purchasing a new house or existing house or flat not more than 30 years.
For house construction.
For house extension of an existing flat.
Loan for buying a plot with a declaration from the borrower that the construction of house on the plot will be completed within two years.

Loan Margin:
Central Bank of India offers home loans at following margins:

Up to Rs.20 lakh – 10%

Above Rs.20 lakh – 20%


Eligibility Criteria

Salaried individuals, self-employed individuals or any individual with a regular and valid source of income.
Applicant’s age should be minimum 18 years during the time of loan application.

Interest Rate

Loan Scheme Interest Rate
Cent Home Loan Scheme 9.7% (Base rate)
Cent Home Loan Double Plus Scheme (overdraft) 9.7% (Base rate)
Cent Home Loan Double Plus – Repairs and Renovation 9.95% (Base rate + 0.25%)
Cent Home Loan Plus – Refurbishment 10.7% (Base rate + 1%)

Required Document

The following documents are required when applying for a central home loan:

For salaried applicants:
Original employment certificate.
Income tax return.
Form 16

For self-employed applicants:
Upto Rs.10 lakh loan amount – Valid monthly or yearly income of borrower, income certificate from state level Gazetted officers can also be submitted.
Agriculturists - Applicants who are agriculturists and who do not file taxes can also show an income certificate from state level Gazetted officers like the Tahsildar or Revenue Department officer or the Mandal Revenue officer.
Above Rs.10 lakh loan amount – Applicant’s ITR should be submitted for the last years as proof of income.