Bank of Baroda (BoB) said it will reduce its home loan interest rates by 25 basis points (bps) to 8.25 per cent with effect from November 14 for a limited period.
“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,” per a statement by the public sector bank.
The new rate beginning at 8.25 per cent 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.
The key features of the Bank’s home loans include loans with a tenure of up to 30 years, takeover of loans with minimum documentation and no pre-payment/part-payment charges, BoB said.
H T Solanki, General Manager, Mortgages & Other Retail Assets, BoB, said, “In a scenario where interest rates are on an upward trajectory, we are pleased to drop our home loan interest rates…We have seen robust growth in home loans this year with strong demand across cities and consumer confidence driving home sales.”