Loan against self-occupied Residential Property for Senior Citizens from Central Bank of India

A loan against your self-occupied residential property to consolidate your debts

Central Bank of India Cent Swabhiman Plus (Reverse Mortgage Loan)

This loan helps senior citizens get access to funds by mortgaging their self-occupied residential property and convert it into liquid cash flows to meet their living expenses. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts.

Features of Cent Swabhiman Plus (Reverse Mortgage Loan for Senior Citizens)

Why this Loan?

  • The Central Bank of India Cent Swabhiman Plus is meant for senior citizens who need assistance to generate liquid cash flow to meet their living expenses. Self-occupied residential property used as a primary permanent residence is considered by the bank for this loan
  • The borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
  • This loan is offered as a term loan or overdraft depending on the preference of the borrower
  • There are no prepayment charges on the loan

Loan Amount

  • The maximum loan amount offered under this loan scheme depends on the age of the borrower and the assessed value of the property. The minimum value of the residential property should be Rs. 10 lakh


  • The interest rate applicable to this loan is defined as the sum of Repo Rate, Spread and Credit Risk Premium. As of October 2020, the interest rate applicable to this loan is 7.65%

Period of Loan and Loan Settlement

  • The maximum loan disbursement tenure shall be up to the demise of the last surviving borrower
  • The loan becomes payable only when the last surviving borrower dies, the borrower wants to sell the house, permanently move out of the home into an institution or with relatives. Other assets or estate or heirs of the deceased shall not be liable for settlement of loan amount


  • The age of the borrower must be above 60 years
  • Only self-acquired, inherited or gifted self-occupied property which is free from encumbrance and used as a permanent primary residence is eligible for this loan

Security Needed

  • The bank accepts mortgage of residential property by way of registered mortgage or equitable mortgage with a memorandum of deposit of title deeds in favour of Central Bank of India

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.

Processing Charges

  • The bank charges up to 0.15% of the loan amount for processing the loan, with a minimum of Rs. 500 and a maximum of Rs. 10,000

Documents Needed

  • 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 proof, income tax assessment or IT return documents of the borrower
  • Property related documents

Reference Facts

  • Central Bank of India Website: and (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111