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HomeGENERALWhy Choose Bank of Baroda Housing Loan?

Why Choose Bank of Baroda Housing Loan?

Bank of Baroda Housing Loan

Home is one of the most important things that people consider buying during their early years. They begin to think about the type of house they want, the design and the contents that go into it. Unfortunately, this dream of owning a home requires a substantial amount of money, and it is difficult to save enough money to make this purchase. In times of economic crisis and inflation, a home loan from Bank of Baroda is a great way to get the money you need for your dream house.

Offers lowest interest rates on home loans

For a limited period, Bank of Baroda has reduced its home loan interest rate to 6.50 percent. In addition, it is waiving the processing fee for new home loans. Currently, the BLLR rate stands at 6.85% p.a. This rate is applicable to new home loans only, and can be taken to finance the purchase of a house. There are no other charges associated with this loan, including processing fees.

To apply for Bank of Baroda home loan, you must have a minimum CIBIL score of 650. A credit score of more than 700 indicates a high likelihood of being approved for a low interest rate. Additionally, you must be a resident of India. The bank will also check whether you have a regular source of income. The more income you earn, the lower your interest rate will be.

Accepts co-applicants

Bank of Baroda Housing Loan is an affordable home loan. You and your co-applicants should be employed and have a CIBIL score of 710 or above. Bank of Baroda provides free accident insurance to the co-applicants and an equated monthly installment. You can also get a top-up loan up to five times your loan amount. The loan is linked to your Savings Account at zero interest.

The Bank of Baroda Housing Loan has competitive interest rates and an easy documentation process. You can get a loan of up to Rs 10 crore. There are several perks that you can get when you choose this house loan. Firstly, you get a complimentary Bank of Baroda credit card. You can use it for shopping, entertainment, and dining. Secondly, you can apply for a house top-up loan for the additional money you need to buy a car. Lastly, Bank of Baroda Housing Loan accepts co-applicants.

Facilitates balance home loan transfer

You can avail a Bank of Baroda Housing Loan to transfer your balance home loan to a new lender. Bank of Baroda offers a competitive loan balance transfer rate that starts at 6.75% per annum and can go up to 8.25% per annum depending on your profile. Balance home loan transfer can reduce your EMI amount and reduce your overall cost of the home loan.

Whether you are planning to buy a new house or want to transfer the balance of an existing one, Bank of Baroda offers competitive house loan rates and processing fees. In addition, the bank offers an optional top-up loan that can help you save more money on interest. Besides, Bank of Baroda accepts home loan balance transfers from other lenders and accepts existing home loans.

Offers interest subsidies or credit

The Bank of Baroda Housing Loan offers various schemes, all of which are customized to meet the needs of the customer. These loans are available for both residential and commercial properties, and are designed for people who are resident in India. You can opt for the loan scheme based on your requirement, whether you’re buying a plot or a private home. You can also choose a flexible repayment option, such as a flexi-loan.

The interest rates of the Bank of Baroda Home Loan start at 6.5% p.a. for salaried and self-employed customers. You can avail these low rates on both fresh loans and loan transfers. You can also take advantage of the facility of zero processing fees for home loans. The interest rate of the Bank of Baroda Home Loan is based on a risk-based risk rating and can go up to 8.25% p.a.

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