When you apply for a Central Bank Home Loan the following steps given below need to be followed:

1. To begin you need to visit your nearest Branch and fill up the physical Home Loan form.
2. Submit necessary KYC, Financial, and Property documents
3. Processing of loan including legal and technical verification begins
4. Loan eligibility of the applicant. determined. After which the Central Bank of India will provide a sanction letter. Usually including a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
5. After completion of all the required documents and raising a home loan disbursement request, the Central bank of India will start the process of issuing your home loan disbursement cheque

While applying for a Central Bank of India Home Loan there are a few documents that you need to submit. They are as follows:

The Central Bank provides Indian residents and Non-Resident Indians with home loans having lowest interest rates available. They also offer a seamless ‘Digital’ experience that helps you apply for a home loan without any hassles.

After submitting a loan application along with the required documents, the Central Bank Home Loan can take anywhere between 3 to 7 working days to evaluate and approve your home loan.

To apply for a Central Bank of India home loan and get it approved with ease then, you will need to have a minimum CIBIL score of 700.

The maximum and minimum limit of a Central Bank of India loan amount will completely depend on the repayment capacity of the loan applicant.

It is not a necessity to have a co-applicant. Moreover, it is advisable that you do have one while applying for a Central Bank of India Home Loan because it enhances your home loan eligibility significantly. It thereby shows your lender your ‘Creditworthiness’ and chances to improve terms and conditions.

Once you secure a Central Bank of India Home Loan the rate of interest (ROI) will only change during tenure depending on the type of ROI you choose. So, if you opt for floating rate then it will change frequently. However, if you select a fixed rate then there will be no regularly seen. Besides, factors such as what the Reserve Bank of India (RBI) is doing with its cash rate also can have an impact on increase and decrease in interest rate.

If you IT returns for three financial years can help you secure a Central Bank Home Loan very easily. It is however possible for you to secure a Central Bank of India Home loan despite not having income tax returns for three years. Provided you are seeking to take a small loan and you have a good CIBIL score to indicate that you are creditworthy.

Once you receive a sanction for a Central Bank of India Home Loan it should take a maximum of 4 – 5 working days to get disbursed.

A few additional details that you need to know about Central Bank of India Home Loan that you need to know are given below. They are as follows:

• Types of Central Bank of India Home Loans:

  There are five types of home loans that the Central Bank of India provides. They are as follows: 

  • Cent Home Loan:

    Typically, this is a regular home loan type that the Central Bank provides for buying or constructing a new home or flat or for renovation/repair. 

    The loan tenure is up to about 30 years when seeking to buy or construct. Meanwhile, if you want to renovate an existing home then the maximum loan period possible is up to 10 years. 

  • Cent Grih Lakshmi:

    This is a special home loan provided by the Central Bank of India for women. The sole applicant is a female in this scheme. 

     It offers a loan tenure of up to 30 years. However, to secure this home loan the woman applying for it must have a CIBIL score of 725 or above. 

    However, a female with insufficient credit history may be considered. 

  • Cent Home Double Plus Scheme:

    It is a Central Bank of India Home Loan scheme having an overdraft facility. Typically, this term loan can be used for purposes such as renovation/repair/refurbishing of a new home, etc 

  • Top-up facility for Cent Home Loan Beneficiaries:

    The Central Bank of India provides borrowers with top-up to existing loans for constructing/purchasing new houses or flats. 

    This scheme provides for a loan tenure that ranges from a minimum of 30 years to a maximum of 75 years. In the case of repair/renovation, the tenure is up to about 10 years.  

  • Cent Home Loan Scheme for buying 3rd or 4th flat:

    The Central Bank of India also provides a home loan construction scheme to purchase new or existing flats not more than 40 years old and have a remaining life of 10 years more on loan tenure. 

• Central Bank of India Home Loan Features:

  • The loan amount given covers 90% of the property price
  • The Central Bank of India provides the best home loan at the lowest interest rate starting from 8.45%.