The Bank of Baroda (BoB) has announced a 25 basis point (bps) reduction in the interest rates it charges on home loans to borrowers applying for new loans and on balance transfers. Beginning on November 14 for a limited time, the new rates now start at 8.25 percent per annum. Until December 31, 2022, you can take advantage of this special rate.
The Bank is omitting processing fees in addition to the interest rate discount of 25 basis points.
According to the public sector bank, the new rate will begin at 8.25% per annum.is available to borrowers applying for new home loans and to those transferring balances. A borrower’s credit profile is linked to this special rate.
“In a scenario where interest rates are on an upward trajectory, we are pleased to drop our home loan interest rates and introduce a special, limited period home loan interest rate offer of 8.25%, making home purchases that much more affordable for home buyers,” said H T Solanki, General Manager – Mortgages & Other Retail Assets, Bank of Baroda.
This year, home sales have increased significantly due to strong demand across cities and consumer confidence. People who take advantage of this offer to realize their dream of owning their own home will receive an additional boost as a result.”
Key characteristics of Bank of Baroda Home Loans Interest Rates
- Interest rates starting at 8.25%* p.a. for a limited period
- Zero processing charges
- Takeover of home loans with minimum documentation
- Flexible tenure up to 360 months
- No Pre-payment/Part-payment charges
- Door step service at major centres
- Avail Digital Home Loans with quick approval in just a few steps
Additionally, customers can apply online athttps://www.Bankofbaroda.In/personal-banking/loans/home-loan and receive an immediate preliminary approval.
Customers can save, invest, borrow, and shop all from the same app with the newly released bob World mobile app. The app also helps non-customers open accounts through video KYC, which is a benefit.