Organisation : Central Bank of India
Facility : Apply for Cent Home Loan Scheme
Home Page : https://www.centralbankofindia.co.in/en
Apply here : https://www.centralbankofindia.co.in/en/housing-loan
Cent Home Loan Scheme :
Purpose :
** For construction / acquiring of new or existing house/flat not older than 30 years.
** For extension in the existing house/flat.
** For repairs/renovation/alteration of existing house/flat.
** Finance may be granted for purchase of plot obtaining declaration from the borrower that he/she/they undertake to construct the house on the plot within the period of two years.
Eligibility :
** Individual/salaried employees/ self-employed persons /professional, any other person having a legal, identified and regular source of income.
Quantum of loan :
** 90% (for loans up to Rs.20 lakh) 80% (for loans above Rs.20.00 lakh and upto Rs. 75 lakh) and 75% (for loans above Rs.75 lakh) of the cost of construction / purchase of new / existing home/flat or cost of extension of existing home/flat,(including cost of land) subject to Net Take Home Pay/Income norm. (Stamp duty, registration and other documentation charges, cost of life insurance cover on the life of the borrower should not be included in cost of housing unit).
** 75% of the cost of repairs/renovations/alterations of existing house/flat subject to a maximum of Rs.10.00 lakh subject to Net Take Home Pay/Income norm.
** 75% of the cost (registered value) of Plot after complying with Net Take Home Pay/Income norm. Plot on standalone basis should not be financed. Cost of the Plot should not exceed 75% of the total cost of housing unit.
Margin :
Loans upto Rs.20.00 lakh :
(a) Minimum 10% for construction / purchase of new/existing flat / house extension.
(b)Minimum 25% for repairs / renovation / alteration of existing house/ purchase of plot.
Loans above Rs.20.00 lakh and upto Rs.75.00 lakh :
(a)Minimum 20% for construction / purchase of new / existing flat / house /extension of house.
(b)Minimum 25% for repairs / renovation / alteration of existing house/ purchase of plot.
Loans above Rs.75.00 lakh :
(a)Minimum 25% for construction / purchase of new / existing flat / house /extension of house and for repairs / renovation / alteration of existing house/ purchase of plot.
Security :
** Equitable/Registered mortgage of the property being financed.
** Where mortgage of the property being financed is not possible, for instance, in case of purchase of house/flat on first power of attorney, other tangible securities such as mortgage of some other property, pledge of bank’s FDR/ LIC policy/Govt. Securities, NSCs, KVPs, IVPs, Bonds, etc. equal to 125% of the loan amount may be taken as security.
Guarantee :
** Condition of Guarantee is waived for salaried individuals irrespective of loan amount.
** In case of self-employed /others for loans up to Rs.20.00 lakh, no guarantee is required.
Repayment :
** For construction/acquiring of new or existing house/flat not older than 10 years, maximum period of 30 years or on borrower reaching the age of 70 years whichever is earlier.