New Delhi: In what could be an incentive for potential buyers in the near future, the state-owned
In a statement dated April 22, the lender said interest rates on home loans had been reduced to 6.50% from 6.75% until June 30, 2022. In addition, the bank will grant a 100% waiver on processing fees during this period. .
BoB said the latest rates will apply to both new loans and balance transfers.
What did the bank say?
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“We have seen a significant recovery in home sales over the past few months and are excited to extend the good times for homebuyers with the introduction of a 6 year limited interest rate special, 50% as well as a zero processing fee. We expect the momentum to continue as clients seek to make the most of this very attractive offer to purchase their dream home,” said HT Solanki, Managing Director – Mortgages and Other Retail Assets at BoB.
Previous BoB mortgage rate cuts
The Bank of Baroda had, on October 7, 2021, reduced its mortgage loans to 6.50%.
Meanwhile, the public lender was offering home loans to specific borrowers at an interest rate of 6.50% until March 31, 2022. However, it increased the rate to 6.75% from April 1. 2022 and reduced it again now.