Central Bank of India Home Loan EMI Calculator

The Central Bank of India is a renowned name in India’s banking and finance sector. Established in the year 1911, the bank has been offering numerous financial services including home loans to its customers for years now. With an affordable rate of interest of 8.50% p.a, the Central Bank of India home loan is fulfilling the dreams of owning a house of numerous Indian families. Customers can use the Central Bank of India Home Loan EMI Calculator to compute the EMIs they would be paying to help manage their home loans effectively. This is an easy-to-use online tool that requires some basic details to calculate EMIs. Let us talk about the method of using the Central Bank of India EMI calculator, its benefits, eligibility, and other important details.

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1 Lac10 cr

Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate Central Bank of India Home Loan EMI?

Home loans have become easy ways for people to buy homes, especially those who otherwise may find it difficult to buy a house with their savings. EMIs or Equated Monthly installment an amount that you must pay towards your home loan throughout the tenure of the loan. Hence, it is essential to calculate home loan EMI to know how much you are expected to pay each month and if it would suit your budget. The Central Bank of India EMI calculator is an easy tool to calculate your home loan EMI by offering certain details like the loan interest rate, principal amount, and loan tenure.

Central Bank of India Home Loan EMI Calculator Formula

There is a simple formula that is used by the EMI calculator to evaluate the EMI amount you must pay each month towards your Central Bank of India home loan. Take a look at the below Central Bank of India home loan calculation formula if you want to use it to calculate your home loan EMIs online:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1] 

In the above formula:

P is for the Principal Amount
R is for the Rate of Interest
N is for the Number of Monthly Repayment Installments

Factors affecting Central Bank of India Home Loan EMI

Several factors are considered by the home loan EMI calculator to estimate the home loan EMI amount. We are considering here a few of the Central Bank of India Home Loan criteria:

Interest Rate: The interest rate is a significant factor that determines the payable EMI on a loan. If a bank is offering a high rate of interest, the corresponding EMI becomes high too. Similarly, lower interest rates offered by a bank may lower your EMI accordingly.

Total Tenure for Home Loan: This refers to the loan duration or the maximum period for which the borrower will pay the EMI for the loan amount that has been availed. If you prefer loans with longer tenure, you may pay lower EMIs, while short-term loans generally attract high EMI amounts. 

Principal Amount on the Loan: The loan amount is the fund that a bank or an NBFC offers to the borrower. This amount has a huge role to play in determining the EMI of your loan. If the principal loan amount is high, the borrower has to pay higher EMIs.  

Benefits of Using Central Bank of India Home Loan Calculator

Being an online tool, there are several advantages of using an EMI calculator. These online devices make EMI calculations easy and accurate, unlike manual calculations. Below are some benefits of the Central Bank of India home loan EMI calculator:

Quick estimate: An online home loan EMI calculator can make quick calculations within seconds to estimate the EMI amount. You get to know the EMI amount instantly as soon as you submit the required details.   

Accuracy of results: Besides being fast, the online calculator is also very accurate with no scope of inaccuracy or looseness. You can rely on the results received using the calculator, and this helps in planning your monthly budget effectively. 

Easily comparable: Comparing different loans from different providers as well as comparing different loan amounts from the same provider can be easily done using the online EMI calculator. Such comparisons allow the borrower to avail of the loan from a particular lender to suit their requirements best.

Central Bank of India Bank Home Loan Interest Calculator Formula

Along with calculating the home loan EMI, you can also calculate the interest of your home loan by using the Central Bank of India bank home loan interest rate calculator. Here again, the online tool uses a simple formula as mentioned below to calculate the interest rate on your home loan.  

Total Interest = (P X R X T) / 100

In the above formula:

P stands for Principal Amount
R stands for the Rate of Interest 
T stands for the Time or Tenure in terms of monthly installments

Central Bank of India Home Loan Eligibility Criteria

Getting a home loan from a bank or a NBFC is easy if you are eligible for it. To prove your eligibility, you can use the Central Bank of India bank home loan eligibility calculator, which is another online tool to determine if the applicant is eligible for a home loan or if the bank is likely to approve the loan of the applicant. The eligibility calculator again considers several factors before approving the eligibility of a borrower for a home loan. 

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Comparison of Central Bank of India Home Loan EMI with other Popular Banks

While shopping for your home loan provider, you may realize that several lenders are available in the market to choose from. Hence, it is sensible to do thorough research and compare multiple lenders for interest rates and EMI amounts before embarking on the path of buying or constructing a house.    

The table below compares 6 banks and NBFCs in India to highlight the rates of interest and the corresponding EMI amounts payable offered by these financial institutions for a loan tenure of 10 years using the EMI calculator tool on EMI

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
Central Bank of India 8.50% p.a onwards Rs. 12,399 Rs. 24,797 Rs. 37,196 Rs. 49,594 Rs. 61,993
Kotak Mahindra 8.70% p.a. onwards Rs. 12,506 Rs. 25,012 Rs. 37,517 Rs. 50,023 Rs. 62,529
Tata Housing 8.75% p.a. onwards Rs. 12,533 Rs. 25,065 Rs. 37,598 Rs. 50,131 Rs. 62,663
Axis Bank 8.75% p.a. onwards Rs. 12,533 Rs. 25,065 Rs. 37,598 Rs. 50,131 Rs. 62,663
ICICI Bank 8.75% p.a. onwards Rs. 12,533 Rs. 25,065 Rs. 37,598 Rs. 50,131 Rs. 62,663
HDFC Bank 9.40% p.a. onwards Rs. 12,885 Rs. 25,770 Rs. 38,655 Rs. 51,540 Rs. 64,425
Jana Bank 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
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Central Bank of India Home Loan Amortization Schedule

The Central Bank home loan amortization schedule refers to the systematic breakdown of the home loan repayment schedule. This schedule allows applicants to determine the precise amount of repayment that needs to be paid during the complete loan tenure. 

Steps to Calculate the Central Bank Home Loan Amortized Interest

Step 1: Divide the interest rate on your home loan amount by the total EMIs to be paid within a financial year. Let’s say, the rate of interest offered by the Central Bank on home loans is 8.50% p.a. Now, if you choose to pay monthly EMI, you would need to divide 8.50% by 12. The number derived is 0.0071.
Step 2: Now, multiply this number by the loan amount that is outstanding to receive the rate of interest that needs to be paid every month. For instance, if Rs. 40,00,000 is your outstanding loan amount, the interest rate in the first month would be 40,00,000 x .0071 = Rs. 28,400.
Step 3: Next, deduct the amount of monthly interest received from the fixed EMI to estimate the principal amount to be paid in the initial month. For example, if the fixed monthly EMI is Rs. 39,390, you would need to pay Rs. 39,390 - Rs. 28,400 = Rs. 10,990. This is your principal amount and will be deducted from your outstanding home loan amount to obtain the remaining balance for the second month.
Step 4: Repeat the steps above to calculate the principal amount, outstanding loan balance, and interest rate for all subsequent months in a similar fashion.

The table below highlights the Central Bank of India Home Loan Amortization Schedule 2024:
Year/Month Principal Amount Interest Loan EMI
2024 137973.00 334707.00 4000000.00 472,680.00
1st Month 11056.67 28333.33 4000000.00 39,390.00
2nd Month 11134.98 28255.02 3988943.33 39,390.00
3rd Month 11213.86 28176.14 3977808.35 39,390.00
4th Month 11293.29 28096.71 3966594.49 39,390.00
5th Month 11373.28 28016.72 3955301.20 39,390.00
6th Month 11453.84 27936.16 3943927.92 39,390.00
7th Month 11534.98 27855.02 3932474.07 39,390.00
8th Month 11616.68 27773.32 3920939.10 39,390.00
9th Month 11698.97 27691.03 3909322.42 39,390.00
10th Month 11781.83 27608.17 3897623.45 39,390.00
11th Month 11865.29 27524.71 3885841.62 39,390.00
12th Month 11949.33 27440.67 3873976.33 39,390.00
Disclaimer: The data in the table is estimated EMI for a loan amount of Rs. 40,00,000 availed at an interest rate of 8.50% p.a. for a loan tenure of 15 years. The EMI may vary based on the amount, interest rate, and loan tenure entered into the amortization schedule.


By using the Central Bank home loan EMI calculator, you can calculate the EMI of your home loan to be paid each month and accordingly plan your monthly budget. That will help you to apply for a home loan that you can afford easily so that you never miss any EMIs.

The central bank home loan EMI usually remains unchanged even if there is any change in the interest rate in the future. This is unless the customer requests for a change and the same is approved by the bank as per the eligibility conditions.

Yes, you can check for multiple loan amounts in the Central Bank of India home loan EMI calculator.

8.50% is the starting rate of interest of the Central Bank of India home loan at present. 

Details like tenure, interest rate, and principal value are required for using the Central Bank of India EMI calculator to arrive at the EMI amount.