Home Loan EMI Calculator

CENTRAL BANK OF INDIA

1. HOME LOAN ELIGIBILITY

1. Eligible Borrowers:

• Resident Indian citizens and NRIs aged 18 years or above.

• Individuals can apply singly or jointly (up to three applicants including spouse, parents, siblings, or children).

• Housing cooperative societies are also eligible (subject to FEMA guidelines for NRIs).

2. Income Criteria:

• Stable and regular income from all sources is considered. Temporary or irregular income is excluded.

• Applicants must provide documentary evidence to support their income claims.

3. Loan Quantum:

• Determined based on Net Monthly Income (NMI) and Loan-to-Value (LTV) ratio.

• EMI/NMI ratio is capped at 66.67% for higher-income categories.

2. HOME LOAN CHARGES

1. Processing Fees:

• 0.50% of the loan amount, capped at ₹20,000 (+GST).

• Processing fees are waived until March 31, 2024.

2. Documentation Charges:

• ₹1,350 (+GST).

3. API Integration Fee:

• ₹81 (+GST) for fresh applications.

3. HOME LOAN INTEREST RATES

1. Interest Rate Range:

• Competitive rates starting from 8.50% to 9.50%, based on CIC scores.

2. Credit Score Requirements:

• TransUnion CIBIL: 700 or above.

• CRIF: 650 or above.

• Experian: 700 or above.

4. DOCUMENTS REQUIRED FOR HOME LOAN

1. Identity Proof: Aadhaar, PAN card, Passport, or Voter ID.

2. Address Proof: Utility bills, Passport, Rent Agreement, or Bank statement.

3. Income Proof:

• Salaried: Latest salary slips, Form 16, or IT returns.

• Self-employed: IT returns, business financials, and bank statements.

4. Property Documents:

• Sale agreement, approved building plan, and NOC from builder/society.

5. Additional Documents:

• For NRIs: Passport, Visa, and work permit.

5. FEATURES & BENEFITS OF HOME LOAN

1. Flexible Tenure:

• Up to 30 years for construction or purchase loans.

• 10 years for renovation/repair loans.

2. Moratorium Period:

• Up to 48 months for new construction loans.

3. Loan Purpose:

• Includes purchase, construction, renovation, and even furnishing/interior expenses (up to ₹50 lakh).

4. Transparent Charges:

• No hidden costs and prepayment penalties.

5. Wide Coverage:

• Financing for first, second, or even third home purchases, including loan takeovers from other financial institutions.