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BOI offers preferential pricing rates to borrowers with good credit scores for home loans of Rs 30 lakh and above
Tuesday, May 8, 2018 - 1:20:52 PM - By News Bureau
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Bank of India
MUMBAI : Bank of India has announced that it will offer preferential pricing rates to borrowers with good credit scores for home loans of Rs 30 lakh and above, according to a media release. Those with a score of 759 and less, the rate of interest for loans of Rs 30 lakh and above will come at MCLR plus 0.10 basis points for a year. One basis points is 100th of a percentage point, the release added.

The media release said customers with CIBIL score of 760 and above would be offered loans at the minimum home loan interest rate or the marginal cost of lending rate (MCLR) for an year.

A consumer's CIBIL score is a three-digit numeric summary of the credit information report (CIR) -- summarising the past credit behaviour and repayment history -- and ranges from 300 to 900. The higher the score, the better are the chances of loan approval. Most banks check a consumer's CIBIL score and report before approving a loan.

MCLR is the minimum interest rate of a bank below which it cannot lend.

Borrowers availing home loans of over Rs 30 lakh will benefit from the reduced rate of interest.

The media release said, "Consumers with a good credit discipline should be rewarded, as it helps propagate the importance and need to maintain a good financial history. Our preferential pricing model aims to reward high-scoring home-loan aspirants with competitive ROI, thereby helping them making their dream home a reality".
Bank Of India
BOI
offers
preferential pricing rates
borrowers
good credit scores. home loans of Rs 30 lakh and above
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