Taking a home loan is a big decision, and understanding your EMI is crucial. The Central Bank of India Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
Get Exclusive Offers for your Central Bank Of India Home Loan with interest rates starting @ 8.50%!
Central Bank of India Home Loan Interest Rates
The interest rate is a key factor in determining your EMI. Central Bank of India offers competitive interest rates to make homeownership affordable. The rates are dynamic and change based on RBI policies and the borrower’s credit profile.
Check the Central Bank of India Home Loan Interest Rates for the latest interest rates.
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| For All Loans* | RBLR + CRP ranging from 8.50% to 9.50% on the basis of CIC Score |
Check Out: Central Bank Of India Home Loan Eligibility Calculator
How is Central Bank of India Home Loan EMI Calculated?
The EMI for an Central Bank of India home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example Calculation:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Please note that these figures are approximate and can vary based on individual preferences, dining frequency, and choice of restaurants
Check Out: Central Bank Of India Home Loan EMI Calculator
How to Use Central Bank of India Home Loan EMI Calculator
The Central Bank of India Home Loan EMI Calculator is a powerful tool to help you calculate your monthly EMI, total interest payable, and overall repayment amount with precision. Follow these steps to use the calculator effectively:
- Input the Loan Amount: Use the slider or enter the amount you wish to borrow in the “Loan Amount” field (e.g., ₹88,00,000).
The loan amount determines the base on which your EMI is calculated. - Set the Interest Rate: Adjust the interest rate slider to match Central Bank Of India’s current home loan interest rate (e.g., 11.85% p.a. in this example).
Refer to the Central Bank of India Home Loan Interest Rate to get the latest applicable interest rates. - Choose the Loan Tenure: Select the repayment period using the slider or input the desired loan tenure in years (e.g., 15 years).
Longer tenures lower your EMI but increase the total interest payable. - Review the Results: T
The calculator will display:
a. Monthly EMI: The fixed monthly payment (e.g., ₹1,04,767).
b. Interest Amount: The total interest you’ll pay over the loan tenure (e.g., ₹1,00,58,069).
c. Total Payable: The total amount you’ll repay, including the loan amount and interest (e.g., ₹1,88,58,069).
A pie chart visually represents the split between the loan amount and the interest payable.
How to Reduce Central Bank Of India Home Loan EMI?
Here are some strategies to reduce your EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Pro Tip: Use the Central Bank Of India Home Loan Prepayment Guide to learn how to make prepayments and reduce your EMI.
Get a Central Bank Of India Home Loan
with Highest Eligibility
& Best Rates
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.15% onwards | 8.15% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Conclusion
The Central Bank Of India Home Loan EMI Calculator is an essential tool for managing home loan commitments, providing an easy, accurate, and free method for understanding your financial responsibilities.
Visit the official Central Bank Of India website for more information. At Credit Dharma, we ensure that you get expert-backed advice, the lowest rates, and lifetime support throughout your loan journey. Ready to calculate your EMI?
Frequently Asked Questions
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.
HDFC Home Loan
SBI Home Loan
