If you are a customer of Public Sector Bank of Baroda (BOB), then this news is of your use. Actually, Bank of Baroda has made a big cut in the interest rate of the home loan. The bank has reduced the interest rate on home loans from 6.75 percent to 6.50 percent per annum. This reduction in interest has been done for a limited period.
What the bank said: HT Solanki, General Manager (Home Loans and Other Retail Properties), BoB said, “We have been seeing a boom in housing sales since the last few months… Keeping this in mind, we have decided to offer special offers of 6.50 per cent for a limited period in the interest of the customers. Interest rate offered. Also, customers will not have to pay any processing charge.
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The bank said that the new rate of interest on home loans will be applicable till June 30, 2022 and will depend on the CIBIL score of the borrower in the case of the loan.
The new interest rate will be applicable to customers taking new housing loans as well as those transferring loans taken from other banks to BOB. It will be available on all loan amount and will be available only to customers having CIBIL score of 771 or more.