Central Bank of India Loan Against Property Interest Rates 2016

Loan Against Property

The loan against property or mortgage loan of Central Bank of India is one of the leading loan providers in India. You can apply for Central bank mortgage loan against mortgage of immovable property located in Metro/Urban/Semi-Urban/Rural Centres where title deeds can be mortgaged for other than agricultural purpose. The attractions of this loan are the longer tenure period and fixed rate of interest. 

Central Bank of India Mortgage Loan Details

ParticularsDetails
Interest Rate12.85% p.a
Loan AmountIndividual/Jointly:

Rs. 50,00,000 for property  located in rural areas
Rs. 2,00,00,000 for property located in other areas
Other than Individual:

Rs. 50,00,000 for property located in rural areas
Rs. 5,00,00,000 for property located in other areas
Tenure10 years
Processing Fees0.50% of the loan amount subject to a maximum of Rs. 50,000 for term loan and Rs. 20,000 for overdraft
Repayment Mode

EMI
Prepayment Charges

NIL in case prepaid from borrower's own sources else 1% of the prepayment amount

Features & Benefits of Central bank of India Mortgage Loan

  • Loan against mortgage of immovable property located in Metro / Urban / Semi-Urban/Rural Centres only those Rural centres where title deeds can be mortgaged for other than Agricultural purpose.
  • Loan for personal needs excluding any speculative purpose/real estate activity/capital market activity
  • Higher loan amount of up to Rs. 5,00,00,000
  • Fixed rate of interest of 12.85% p.a
  • Longer tenure period of up to 10 years
  • No prepayment charges in case prepaid from borrower's own sources
  • Easy repayment facility
  • Quick loan approval
Must Read  HDB Financial Loan Against Property Eligibility & EMI Calculator

Central Bank of India Loan Against Property Eligibility

The list of the individuals eligible for the loan against property at Central Bank are as follows:

  • Individual with minimum age of 21 years
  • Individual with maximum age of 60 years for salaried class and 65 years for others

Central Bank of India Mortgage Loan Documents Required

The documents that you need to submit at the time of sanction are as follows:

For SalariedFor Companies/Proprietorship/Partnership Firms, Societies
- Filled loan application form
- Identity Proof
- Address Proof
- Last 2 months salary slip
- Post-dated cheques
Letter of Hypothecation of vehicle and articles of agreement
- Letter of undertaking from the borrower for comprehensive insurance of the vehicle with bank clause and blank transfer forms duly signed by the borrower
- Filled loan application form
- Identity Proof
- Address Proof
- Audited balance sheet
- Last 2 years Profit and - Loss account
- Latest ITR

Central Bank of India Mortgage Loan Application Form

The borrower must fill up all the details as mentioned in their KYCs. Here is the list that must be mentioned in the application form:

  • Name of the applicant
  • Name of the co-applicants name if any
  • PAN number
  • Address
  • Telephone number/Mobile number
  •  Date of birth as mentioned in the certificate
  • Details of occupation
  • Income details
  • Bank account details
  • Assets details
  • Details of existing loan if any

How to Apply for Central Bank Mortgage Loan

Any individual/s or companies eligible for the loan can submit the filled loan application form along with the KYCs and submit it to the nearest bank branch.

Must Read  BOI Star Loan Against Property Interest Rates 2016

Loan EMI Calculator

EMI calculator is a tool that lets you know how much you have to pay on a monthly basis against the loan amount you have taken. By filling up the loan amount, tenure period and the rate of interest, you can know the monthly EMI. For eg. If you have taken a loan of Rs. 50,00,000 at the interest rate of 12.85% p.a for a tenure period of 10 years, the monthly instalment comes out to be  Rs. 74,214/-. Similarly, to know all the EMIs, total interest outgo and the total amount, have a look at the table given below:

Table for EMI per month, Total Interest Outgo and Total Amount

Amount
(in Rs.)
Interest Rate
(p.a)
Loan Tenure
(in years)
EMI
(in Rs.)
Total Interest Outgo
(in Rs.)
Total Amount (Principal + Interest)
(in Rs.)
50,00,00012.85%14,46,2353,54,81553,54,815
50,00,00012.85%22,37,3576,96,56856,96,568
50,00,00012.85%31,68,10910,51,91560,51,915
50,00,00012.85%41,33,76614,20,74664,20,746
50,00,00012.85%51,13,38218,02,90868,02,908
50,00,00012.85%6 99,975 21,98,209 71,98,209
50,00,00012.85%790,55326,06,41676,06,416
50,00,00012.85%883,61730,27,26280,27,262
50,00,00012.85%978,33734,60,44684,60,446
50,00,00012.85%10 74,214 39,05,63989,05,639

Amortization Table

YearPrincipal
(in Rs.)
Interest
(in Rs.)
Balance Amount
(in Rs.)
12,63,213 6,27,35547,36,787
22,99,0995,91,46944,37,688
33,39,8825,50,68640,97,806
43,86,2215,04,34737,11,585
54,38,8804,51,68832,72,705
6 4,98,7213,91,84727,73,984
75,66,7193,23,84922,07,265
86,43,9872,46,58115,63,278
97,31,7921,58,7768,31,486
10 8,32,27158,999

Central Bank of India Loan Against Property Interest Rate

The rate of interest irrespective of Term Loan/Overdraft/Tenor is MCLR (1 year) + 3.50%. Presently, the interest rate on loan against property is 12.85% p.a.

Must Read  Union Bank of India Loan Against Property - Interest Rate 2016

Central Bank of India Customer Care Number

For any further details, you can contact the branch on the toll-free number: 1800 200 1911