Leading public sector bank, Bank of Baroda, has reduced home loan interest rates by 25 basis points (bps) to 8.25% per annum with effect from November 14, 2022. The bank will offer this interest rate for a limited period. Also, there will be no prepayment or part-payment charges for customers.
In a statement, the Bank of Baroda said, this is one of the lowest and most competitive home loan interest rates in the industry. This special rate is available till December 31, 2022. In addition to the 25 bps discount on the rate of interest, the Bank is also waiving off processing charges.
The new rate beginning at 8.25% per annum is available for borrowers applying for fresh home loans as well as on balance transfers. This special rate is linked to a borrower’s credit profile.
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Commenting on the offer, H T Solanki, General Manager, Mortgages & Other Retail Assets, Bank of Baroda said, “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.”
“We have seen robust growth in home loans this year with strong demand across cities and consumer confidence driving home sales. Such an attractive offer on home loans will give a further boost as people take advantage of this offer to realise their aspiration of owning their own home,” Solanki added.
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Key features of Bank of Baroda Home Loans
- Interest rates starting at 8.25% per annum 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