Central Bank of India Cent Mortgage Loan
This loan helps businesses meet their needs by availing a loan against property. The immovable property must be located in metro, urban or semi-urban centres. Property located in rural centre if it can be mortgaged for purposes other than agricultural use.
Features of Cent Mortgage Loan
Why this Loan?
- The loan is meant for business owners who want to avail a loan against immovable property for meeting business or personal needs
- The loan can be availed as Overdraft facility (OD) or Term Loan
- The maximum loan amount for the Central Bank of India Cent Mortgage Loan is Rs. 2 crore for property located in metro, urban and sub-urban areas and Rs. 50 lakh for property located in rural area
Loan Amount
- The minimum loan amount sanctioned under this loan is Rs. 10 lakh. The maximum loan amount is capped at Rs. 10 crore
Interest
- One-year Marginal Cost of Funds-based Lending Rate (MCLR) of Central Bank of India + 3.50%. As of February 2020, one-year MCLR of Central Bank of India is 8.05%, bringing the effective interest rate to 11.55%
Repayment & Moratorium
- This loan must be repaid within 10 years in EMIs. The repayment starts from next month of disbursement
- There is no moratorium period for this loan
Security Needed
- The security needed for this loan is unencumbered residential house or flat, commercial or industrial property situated in metro, urban, semi-urban centres or rural centres. The value of the property must be equal to 200% of the loan amount
Eligibility
- The borrower must be 21 to 65 years of age
- Loan against unencumbered residential house or flat, commercial or industrial property situated in metro, urban, semi-urban centres or rural centres
Processing Fee
- The bank charges 0.50% of the loan amount as processing fee subject to a maximum of Rs. 5,000 per annum
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111