Buying a home is everyone's dream, but budget constraints often ruin this dream. Many people hesitate to move forward in this process because they think that taking a home loan can be very expensive. But now some banks are providing cheap home loan options, which can make your dream come true.

Bank of Baroda: Cheapest Home Loan

You may think that the cheapest home loan will always be available from government banks, such as State Bank of India. But recently Bank of Baroda (BOB) has changed this perception and claims to provide home loans to its customers at attractive interest rates. The starting rate of home loan of Bank of Baroda is 8.4%, which is currently the lowest in the market.

What is necessary to get a cheap loan?

If you want to get the cheapest home loan, the most important thing is your CIBIL score. A good CIBIL score can ensure availability of lower interest rates for you. Generally, a CIBIL score of more than 750 is considered good, but if your score is 780 or above, you can get even better interest rates.

Loan calculation: an example

Suppose, you take a home loan of Rs 35 lakh from Bank of Baroda for 15 years at a rate of 8.4%. In this case, you will have to pay an EMI of Rs 34,261 every month. In total, you will have to pay interest of Rs 26,66,986 over 15 years, making the total payment Rs 61,66,986.

Plans before Diwali

If you are thinking of buying your dream home before Diwali, then this loan from Bank of Baroda can be a great option for you. This is the right time to make your dreams come true.

It is worth noting that with cheap home loans, the opportunity to buy your dream home is now in your hands. Make sure that your CIBIL score is good so that you can avail the best loan from the bank.