Central Bank Home Loan Calculator

Owning a home is a collective dream of a family, and is common among almost everyone. But navigating through a loan amount, calculations and expenses can feel like a real challenge. Imagine a tool that will do all your calculations for you so that you can take control of your finances. The Central Bank Home Loan Calculator is a tool designed to do just that; it tells you how much you need to pay each month for the home loan you borrow. The calculator gives you a clear picture of your options whether you are a first-time home buyer or investing in another property. Let’s understand how this calculator turns the world of complex EMIs into a simple procedure.

What is the interest rate of a Central Bank home loan?

Central Bank of India offers home loans with an interest rate ranging between 8.50% and 9.50%

These loan rates differ based on your eligibility, repayment tenure, loan amount, etc. To know about the current loan offers and rates, you must contact a bank representative. A favourable interest rate will affect the overall amount you eventually pay.

What are the types of Central Bank home loans?

• Cent Home Loan
• Cent Home Loan Double Plus
• Cent Home Loan scheme for purchasing 3rd or 4th House/Flat
• Cent Grih Lakshmi

What are the Key features of the Central Bank Home Loan?

Central Bank offers a wide range of features that make it easier for a lot of applicants to get loans. Let’s have a look

• Central Bank offers loans to both salaried and self-employed individuals
• Central Bank offers lower interest rates for both women and NRIs
• Applicants between the age of 18-60 years of age can apply for loans with Central Bank
• The Central Bank offers financing up to 90% of the property value.
• Central Bank of India allows you to pick a flexible repayment period from 5-30 years.
• The central bank interest rates are competitive and start at 7.30% and monthly EMIs start at Rs 686 per lakh.
• Central Bank charges a minimum processing fee of 0.50% of the loan amount, with a maximum of Rs. 2000.

These features make the Central Bank accessible and cost-effective catering to various financial needs of different people.

How to Use Central Bank Home Loan Interest Rate EMI Calculator?

Go to the top of the page and enter the following details based on the Central Bank’s interest rates, to get an accurate estimate of your EMIs.

• Enter the loan amount you want to borrow.
• Enter the interest rate specified by the Central Bank of India
• Enter the tenure (5-30 years) over which you wish to repay the loan.
• If you are considering a pre-payment, enter that amount as well.
• Enter the processing fee to get a complete breakdown.
• Click the calculate button to see your EMI results.
• Review your results.

The calculator will show a complete breakdown including:

• Monthly EMI
• Principal Amount
• Total Interest Payable
• Pre-payment
• Total Payment (Principal + Interest + Pre-payment)
• Loan Paid to Date

The calculator lets you adjust your loan amounts, tenure, and rates to see different EMI options and how they affect your overall payments.

How to Calculate Central Bank Home Loan EMI?

For those who prefer a hands-on approach, you can calculate your EMI using the following formula:

The EMI calculation is based on a standard mathematical formula:

Where:

• PPP is the principal loan amount
• r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
• n is the loan tenure in months (loan tenure in years multiplied by 12)

Explanation with an Example Let’s consider an example to illustrate the calculation:

• Loan Amount (P): ₹25,00,000
• Annual Interest Rate: 8.5%
• Loan Tenure: 25 years

Step 1: Convert the annual interest rate to a monthly rate:

Step 2: Convert the loan tenure to months:

n = 25 × 12 = 300

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹25,00,000 at an 8.50% annual interest rate over 25 years would be approximately ₹20,131.

Benefits of Using Central Bank Home Loan EMI Calculator?

Using the Central Bank EMI Calculator has its benefits. Some of these are mentioned below:

• Quick and Easy Calculations: Instead of spending time making manual calculations, the calculator gives you results based on your inputs.
• Customizable Scenarios: You can try out different tenure scenarios and loan amounts etc, this gives you an idea of different EMI estimates and you can pick the one that suits you best.
• Detailed Payment Breakdown: The calculator not only gives you an estimate of the EMI but also breaks down the interest rate and the principal component for you, helping you understand how you are spending your money.
• Supports pre-payment planning: The Central Bank calculator lets you incorporate the pre-payment amount; this lets you know how much your tenure or amount will reduce because of that.
• Budget Planning: Knowing your EMI ahead of time, helps you understand your budgeting needs beforehand and plan your finances accordingly.

How to Apply for a Central Bank Home Loan?

There are two main ways of applying for home loans and Central Bank.

• Online: Visit the official website of the Central Bank of India and go to the home loans section. Fill out the loan application form with your details and attach the necessary documents before emailing.
• Branch Visit: You can visit your nearest Central Bank of India branch and request for a home loan application form. You can then fill out the form there, attach the documents required with your form, and submit it directly at the branch.

To avoid any delays in the processing of your home loans, make sure you have attached all the documents required and filled the form correctly.

Eligibility Criteria for Central Bank Housing Loan

Central Bank of India has straightforward eligibility criteria for applying for loans, which is as follows:

• Age: Individuals who are 18 or above can apply for a loan at Central Bank
• Income: Salaried as well as self-employed people can apply for a loan with the Central Bank, the only criterion is that the applicant should have a steady source of income.
• Co-Borrower Option: If an applicant does not have a steady source of income, a close relative can fill out the form as a co-borrower, which improves eligibility.

The Central Bank of India home loan calculator is a practical tool that helps you with your financial planning. Whether you are applying for a loan for the first time or you have done it before, it is always advised to use this calculator and know your options and estimate beforehand. The Central Bank’s home loan calculator makes the process manageable and transparent. Consider using this calculator to make informed decisions in the future.

FAQs

What is the maximum loan amount provided by Central Bank of India?

The maximum loan amount depends on several factors, including your income, repayment capacity, and property value. For an accurate estimate, it’s best to contact the bank.

Can I get tax benefits from the Central Bank of India Bank Home Loan?

Yes, you can claim tax benefits on your home loan under sections 80C and 24(b) of the Income Tax Act, covering both principal repayment and interest components.

At what minimum credit score can the applicants avail of home loans from the Central Bank of India?

A minimum credit score of 650 is typically recommended for home loan approval, but a higher score increases the chances of getting a favourable interest rate.

Does Central Bank of India Bank facilitate balance home loan transfers?

Yes, Central Bank of India offers balance transfer facilities, allowing you to move your existing home loan from another bank for better terms and rates.

Is the Central Bank good for home loans?

Central Bank of India is known for its competitive interest rates, flexible tenure, and tailored schemes, making it a good option for prospective homebuyers.