Are you buying your first home loan? Don’t have any information regarding this? Central bank of India provides the best options that you can easily apply for. Buying a loan for the first time is really a difficult job as there is no knowledge regarding the interest rates and the terms and conditions. To deal with all your problems, central bank of India is providing a list of various home loans for different people according to their needs. This helps you in making your dream home without any tension of money. You can easily repay the loan according to the latest saving techniques of the central bank of India.
Types of home loans
- Loan for refurbishment
- Loan for renovation in case of bad condition of your home
- Loan for furnishing of house in case your house is already made and only need some furnishing.
- Loan for buying furniture or LCD TV in case you want to buy a new one. This seems to be of no use but really this is of greater use sometimes.
- 5. Loan for home theatreis in trend we can say. Everybody wants a home theatre in their homes. For this central bank of India is providing the loan for buying the home theatre systems and that too with lower interest rates.
Central Bank of India Home Loan Interest Rate
Now the central bank of India has decreased their interest rates by 0.5 % from 2013. This has reduced the burden of the people to a greater extent. Previously the interest rate was 10.50% per annum which has now decreased to 10.25 % per annum now. The borrowers must be Indians. This is no given to the non resident Indians. An additional processing fee is also taken before granting the loan to any person. The processing fee is only rupees 500 on every loan. This reduction in the interest rates will decrease the price if funds only for those people who have already taken the loan on floating rates of interest. But in another case, this interest rates reduction will not affect the Central Bank of India’s fixed rate customers, as their contracted rates will remain the same. So there is no benefit of the reduction in interest rates to the customers who have taken the loan on the fixed interest rate. The EMI per lakh is rupees 971 only which is further a plus point for the lenders. In case of other house loans, the rate of interest will be 1% percent more than the rate of the existing housing loan for example in case of buying of furniture, television, home theatre etc. The repayment is to be done within the time interval of 10 years in Equal Monthly Installments.
