A Central Bank of India home loan scheme with overdraft facility and additional term loan
A home loan from Central Bank of India with overdraft facility and a term loan to meet personal needs.
Central Bank of India Cent Home Double Plus
This is a combo loan scheme through which Central Bank of India offers a home loan with an overdraft and a term loan to its customers. This is the perfect loan scheme since the home loan with overdraft serves the purpose of construction or acquiring of a new/existing residential property and the term loan serves the purpose of a personal loan, consolidation loan, etc. depending on the needs of the borrower.
Features of Cent Home Double Plus (Home Loan with Overdraft and Term Loan)
Why this Loan?
- The Central Bank of India Home Double Plus (loan) is meant for people who are looking for a home loan with an overdraft facility to purchase a house and an additional term loan to meet their personal needs
- Borrowers can use the term loan, which is the second part of this home double plus scheme, to pay off their high-interest debts, thereby using it as a consolidation loan
- This is a secured loan
- The maximum loan amount offered under this loan scheme is capped at Rs. 75 lakh. The actual loan amount offered is decided by the bank on a case-to-case basis since it depends on the Net Take Home Pay of the borrower, net value of the property, etc.
- The applicable interest rate on this loan is defined as the sum of three factors namely, Repo Linked Lending Rate (RLLR), Strategic Spread and Credit Risk premium
- As of October 2020, the interest rate applicable to this loan may range from 7.10% to 11.35%
- The maximum repayment period for this loan is 30 years. The moratorium period for this loan is 3 years
- Individual salaried employees, self-employed professionals and any other person with a regular, identified and legal source of income is eligible for this loan
- The borrower must be above 18 years of age to be eligible for this loan
- The bank accepts equitable mortgage of residential property as primary security for this loan
- Co-obligation of parent, spouse or sibling is preferred for loans above Rs. 20 lakh. If a co-borrower is not available, the bank asks for a third-party guarantee for loans above Rs. 20 lakh
Margin Money (Borrowers Contribution to Total Cost)
- As of October 2020, this information is not mentioned on the bank’s website. Please call up the bank’s customer care number to get more details
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
- The bank charges up to 0.50% of the loan amount up to Rs. 20,000 for processing the loan
- 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 for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
- Property related documents
- 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