Housing Loan from Central Bank of India

My father will go at branch of Central Bank of India to apply for Housing Loan. He wants to know about current interest rates for Housing Loan. So someone tell me about current interest rate and Margin for Housing Loan from Central Bank of India?

[Rajkumar Agarwal]

As you are looking for Housing Loan from Central Bank of India, so here I want to inform you that the Bank provides 2 Housing Loan Schemes.

Cent Home loan
Cent Home loan Plus

CENT 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

Eligibility to Apply for Loan
Individuals , Groups of individuals , who have attained 18 years ( completed) as on date of application and including Cooperative Societies , having a legal, identified and regular source of income either singly or jointly with Parents, sons, spouse.
NRI are also eligible for Housing loan,

Quantum of Loan :
Depending on repayment capacity of borrower & value of property.

Margin :
Loan Amount Home loan as percentage of Cost of Home/flat
Upto Rs.20.00 Lakhs 90%
Above Rs. 20.00 lakhs – up to Rs. 75. 00 lakhs 80%
Above Rs. 75.00 Lakhs 75%
For repairs / renovation / alteration of existing house/ purchase of plot. 75%

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

Rate Of Interest :
MCLR (Floating)

Moratorium period:
Maximum upto 36 months

Processing Charges:
0.50% of the Loan Amount subject to maximum Rs.20,000/-

CENT HOME LOAN PLUS
Eligibility
Existing Housing Loan Borrowers who have repaid their Housing Loan EMIs regularly for at least three years

Purpose
Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.

Security
Extension of mortgage on the House property for which Housing Loan was sanctioned.

Quantum of Loan
Maximum Rs.10.00 lakh

Interest Rate
Rate of Interest as applicable to Bank’s Existing Housing Loan Scheme in case of renovation.

Repayment
10 years in Equal Monthly Installments.

Processing Fee
Rs. 500/- for each loan

Interest Rates
The MCLR for different tenors effective from 01.01.2017
Tenor MCLR
Overnight 8.05%
1 month 8.35%
3 month 8.40%
6 month 8.45%
1 year 8.50%