Loan Against Property from Central Bank of India

A low-interest loan to consolidate your debts

Central Bank of India Cent Mortgage Loan Scheme

This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs other than business or speculative purposes. While a mortgage loan can be used to meet financial expenses such as a wedding, foreign travel, higher education and so on, it can also be used as a consolidation loan to pay off your high-interest debts.

Features of Cent Mortgage Loan

Why this Loan?

  • The Central Bank of India Mortgage Loan is meant for borrowers who need assistance to meet financial needs other than for business, capital market or speculative purposes
  • Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • This loan is offered as a term loan or overdraft depending on the needs of the borrower

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to Rs. 50 lakh in rural areas, Rs. 2 crore in semi-urban areas and Rs. 5 crore in metro and urban areas

Interest & Repayment

  • As of October 2020, the applicable interest rate to this loan and repayment period are not mentioned on the bank’s website. Please get in touch with the bank for details before applying for this loan

Security Needed


  • The bank accepts mortgage of immovable properties including residential property, commercial property, industrial property and plot of land other than agricultural land
  • Self-occupied, vacant, partially leased out or rented out property is also eligible

Margin Money (Borrowers Contribution to Total Cost)

  • As of October 2020, the margin for this loan is not mentioned on the bank’s website. We suggest talking to a bank representative before applying for this loan scheme

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.

Documents Needed for Individuals (Salaried and Self-employed)


  • 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.
  • Income proof, income tax assessment or IT return documents of the guarantor
  • Copy of lease deed
  • Approved plan of building
  • Title deeds of the property, latest tax receipt or legal scrutiny report
  • Certificate of balance if finance is availed against property from any other source

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