Central Bank of India Loan Against Property
Central Bank of India, a bank headquartered in Mumbai and established in 1911, offers a loan against property at a floating interest rate ranging from 8.65% to 12.25%, with a prepayment penalty of 1%. The processing fee is 0.50%, capped at ₹20,000 for a term loan or ₹10,000 for an overdraft (₹2,000 per renewal). Loan amounts range from ₹1 lakh to ₹10 crore, with a maximum tenure of 120 months.
The loan is available as either a Term Loan or an Overdraft subject to annual review. The bank requires the property value to equal 200% of the loan amount, mandatory property insurance covering fire, riot, earthquake, and flood, and personal guarantees from co-owners, partners, or directors; the loan is not available for real estate speculation or capital-market activity. Minimum tenure, minimum CIBIL score, age limits, minimum salary, employment type eligibility, and documentation requirements are not published for this product.
At 8.65%, Central Bank of India has one of the lowest starting rates of the 18 lenders we track for loans against property.
Eligibility
Loan terms
- Processing fee 0.50% (term loan, max ₹20,000) or 0.50% max ₹10,000 for OD (₹2,000/renewal)
- available as Term Loan or Overdraft (annual review)
- property value must equal 200% of loan amount
- property insurance mandatory (fire/riot/earthquake/flood)
- personal guarantees from co-owners/partners/directors required
Documents
- PAN and Aadhaar
- Last 3 salary slips (salaried) or 2-year ITR (self-employed)
- 6-month bank statement
- Passport-size photograph
- Property documents (title, chain, approvals)
Fees & charges
FAQ
LAP is secured against property, so the rate is lower and the tenure longer than an unsecured personal loan — better when the need is large and long-term. The trade-off is a legal/valuation process and your property as collateral.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.