Bank of Baroda cuts home loan interest rate, know the reason…

New Delhi. Bank of Baroda has cut interest rate on home loan. The bank has reduced the interest rate on home loans from 6.75% to 6.50% p.a. The bank said that the new rate of interest on home loans will be applicable till June 30, 2022. HT Solanki, General Manager (Home Loans and Other Retail Properties), Bank of Baroda said, “We have been seeing a boom in housing sales since the last few months. Keeping this in view, we have offered a special interest rate of 6.50% for a limited period in the interest of the customers. Also, customers will not have to pay any processing charge.

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The benefit of interest rate will be on CIBIL score 771 or above –
The new interest rate will be applicable to customers taking new housing loans as well as those transferring loans taken from other banks to Bank of Baroda. The benefit of this interest rate will be available to those people whose CIBIL score is 771 or more. CIBIL Score gives information about past loans. Therefore, it is necessary to have a good CIBIL score to take loans and credit cards from the bank. Regular loan repayments keep your credit score good. The CIBIL score ranges from 300 to 900 marks. If the score is 750 marks or more then it is easy to get the loan. The CIBIL score is based on the credit history of 24 months.

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