The main public sector bank, Bank of Baroda, has cut interest rates on home loans by 25 basis points (bps) to 8.25% per annum from November 14, 2022. The bank will offer this rate of interest for a limited period. In addition, there will be no prepayment or partial payment fees for customers.
In a statement, Bank of Baroda said it was one of the lowest and most competitive home loan interest rates in the industry. This special rate is available until December 31, 2022. In addition to the 25 basis point reduction on the interest rate, the Bank is also waiving the processing fee.
The new rate starting at 8.25% per annum is available to borrowers applying for new home loans as well as balance transfers. This special rate is linked to the borrower’s credit profile.
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Commenting on the offer, HT Solanki, Managing Director, Mortgages and Other Retail Assets, Bank of Baroda, said: “In a scenario where interest rates are on an upward trajectory, we are happy to lower our interest rates. Interest on Home Loans and to introduce a special, 8.25% limited term Home Loan Interest Rate offer, making real estate purchases much more affordable for homebuyers.
“We have seen robust growth in home loans this year, with strong demand in all cities and consumer confidence driving home sales. Such an attractive offer on home loans will give an extra boost as people take advantage of this offer to fulfill their aspiration of owning their own home,” Solanki added.
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Key Features of Bank of Baroda Home Loans
- Interest rate from 8.25% per annum for a limited period
- No processing fees
- Takeover of home loans with minimal documentation
- Flexible duration up to 360 months
- No prepayment/partial payment fees
- Home service in major centers
- Get digital home loans with fast approval in just a few steps