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Central Bank of India Housing Loans

 

Central Bank of India provides housing loans under its popular Direct Housing Finance Scheme (DHFS). The loan can be availed for constructing or buying a flat/house (not older than 30 years), buying a plot (maximum loan 25 Lacs) for your planned house, or for renovation or extension of your existing flat/home.

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Why Central Bank of India Housing Loans?

 

  • Competitive interest rates starting at 10.5% (for floating upto 30 lacs).

  • Higher loan amount upto 75% cost of property with flexible repayment terms of up to 25 years.

  • Interest charged on daily reducing balance.

  • In the case of new construction, installments will start after 18 months from the date of first disbursement or 6 months, after the date of completion whichever is earlier.

  • Prepayment of loan is allowed. Charges nil if paid from own account and 1% of outstanding if account is taken by other banks/FIs.

  • Provision to choose between floating rate of interest and fixed rate of interest.

  • Low processing fee of 0.5% subject to maximum of 20,000 rupees.

  • Condition of Guarantee is waived for salaried individuals irrespective of loan amount.

 

 

Interest Rates

 

 

Type

Loan Amount (Rs.)

Rate Of Interest (%)

 

 

Floating Rate

Upto Rs. 30 Lacs

10.50% - 11%

 

>Rs. 30 lacs - Rs. 75 lacs

11.25% - 11.75%

 

Loans greater than Rs. 75 lacs

11.50% -12%

 

 

 

 

 

 

 

 

 

 

 

 

 

*Base Rate – 10% (as on 29th June 2011)

 

 

Eligibility and Documents

 

  • Salaried employees, self-employed persons, professional, or any other person having a legal and steady source of income.

  • The applicant/s must be 18 years old (completed) as on the date of application.

  • Maximum period of 25 years or age of retirement or on borrower reaching the age of 70 years whichever is earlier.

 

 

 

Documentation

 

 

 

Salaried

Self Employed

Proof of identity

Voter's ID card or driving license or PAN card or photo credit card or employees ID card or defense or police or government department ID card

Voter's ID card or driving license or PAN card or photo credit card

Proof of income

Latest salary slip showing all deductions or Form 16 along with recent salary certificate

IT returns for the last 2 years and computation of income for the last 2 years certified by a CA

Proof of residence

Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement

Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or latest NSC or other similar instruments indicating the address

Bank statement

Last 6 months

Last 6 months

 

 

 

Central Bank of India Housing Loan Calculator