5 Banks Providing Cheapest Home Loans in India

5. Central Bank of India

The fixed rate for home loan is not applicable for Central Bank of India. Other than that the bank is offering 2,137 as floating for a period of 5 years. Alternatively for 10 years floating rate is 1,335, for 15 floating rate is 1,090 and for 20 years floating rate is 982.

Applicants applying for loan amount up to Rs.10.00 lakhs must provide acceptable evidence of adequate monthly/annual income. Income certificate issued by Tahsildar/Mandal Revenue Officer/Revenue Department Officer having State level Gazetted rank is accepted by the bank for sanction of housing loans up to Rs.10.00 lakhs.

Terms and conditions of Guarantee are relinquished for salaried individuals irrespective of loan amount. In case of self-employed or others for loans up to Rs.20.000 lakhs, no guarantee is necessary. In case amount of loan exceeds Rs.10, 000 lakhs, the applicant should show Income Tax Return for preceding two years as verification of income.

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