Hi, While planning to buy a new house, I thought of opting for a home loan. Since I hold a BoB bank account, I planned to take the loan from Bank of Baroda. I asked a friend who works at the Bank of Baroda about the BoB home loan interest rate CIBIL score. Here is what he told me.
What Is The BoB Home Loan Interest Rate As Per Cibil Score?
My friend provided me with a bunch of information about home loan interest rates and CIBIL scores. I am putting all the information in a table below to make it easier for you;
| Bank of Baroda Home Loan | - |
Amount |
Rs. 20 Crore |
Processing Fee |
Up to .50%. |
Max Tenure |
30 Years |
Interest Rate (For Salaried and Non-Salaried) |
8.40% – 10.60% |
CIBIL Score |
Above 701 |
Following this conversation with him, I checked my CIBIL score, and it was below 700. I informed him about my CIBIL score. I also asked him how I could improve my CIBIL score, and here is what he told me.
- Paying Off Existing Loans
He told me to ensure that I am paying my existing EMIs on time and that there is no default.
- Choose A Joint Home Loan
He said that, when sanctioning home loans, lenders consider the income of both parties. So, if the combined monthly income is higher, the loan amount will also be high.
- Record Your Variable Pay
He also said that recording my variable pay and submitting it to the government can help in increasing the eligibility as well.
And that’s all about the BOB home loan interest rate CIBIL score. Hopefully, this is helpful.
Check Your Home Loan CIBIL Score Through NoBroker Read MoreHow to Open CIBIL Report PDF Password?
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What Is The BoB Home Loan Interest Rate CIBIL Score?
Hetal
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2024-03-04T12:11:56+00:00 2024-08-06T15:01:38+00:00Comment
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