Central Bank of India offers loans for construction/ acquisition of new house/ flat, extension/ alteration in existing flat or house and purchase of existing house. The property will be duly and properly insured against fire and other natural calamities during the pendency of loan. Bank will be the beneficiary of the insurance policy. The loans are available for Indians and NRIs at fixed as well as floating interest rates. The banks also can take-over a loan from another bank.

Purpose

• For construction/ Acquiring of new or existing house/flat not older than 30 years.
• For extension in the existing flat
• For repairs /renovation/ alteration in the existing flats
• For purchase of Plot for construction of house with composite plan.

Attractive Feature :-

• Loans Up To Rs. 5.00 Lakh For A Maximum Period Of 20 Years.
  • Rate of Interest The rate of interest will not exceed 8.50 % per annum for the first 5 years.
  • Margin 10 %
  • Processing Charges No processing charges
  • Pre-payment /penalty charges There shall be no pre-payment penalty/ charges.
  • Life Insurance Free Life Insurance cover for the entire amount of outstanding loan shall be provided to the borrower.
• Loans above Rs. 5.00 Lakh Upto Rs. 20.00 Lakh for A Maximum Period Of 20 Years.
  • Rate of Interest The rate of interest will not exceed 9.25 % per annum for the first 5 years.
  • Margin 15 %
  • Processing Charges No processing charges
  • Pre-payment /penalty charges there shall be no pre-payment /penalty charges.
  • Life Insurance Free Life Insurance cover for the entire amount of outstanding loan will be provided to the borrower.

Eligibility

Individual salaried employees, self employed/any other person

Quantum

Maximum limit for b. c. above is Rs.5.00 lakh. EMI should not exceed 45% of the gross monthly income including income of the co-borrower. No maximum limit for a & d.

Margin

15% for new construction and purchase of new flat or old flat not older than 10 years

20% for purchase of flats/ house older than 10 years and repairs / renovation alteration of existing house including stamp duty/ registration charges, if any.

Security

Equitable/Registered Mortgage of the property being financed. In case mortgage of the property financed is not possible, liquid securities like FDR/LIC

Policy/Govt. Securities, NSCs, KVPs, IVPs, Bonds etc. to the extent of 150 % of loan amount may be given as primary security

Rate of Interest :-

Float Interest Rate	:	9.25
Float Loan Eligibility	:	19 to 27
Tenure	:	20
Processing Fee	:	Nil
Charge for Changing Fixed to Floating	:	1%
Late Payment Charges	:	2%
Statment Charge	:	NA