Home/ Industry / Banking/  BoB cuts home loan interest rates by 25 bps to 8.25% for a limited period

One of the leading public sector lenders Bank of Baroda (BoB) has announced today an interest rate reduction on home loans by 25 bps for a limited time period. The home loan interest rates offered by the bank now start from 8.25% p.a. with effect from November 14, 2022 for a limited period, making it one of the lowest home loan interest rates available in the market. The price reduction is valid until December 31, 2022. The bank has also eliminated processing fees in addition to the 25 bps reduction in interest rate. Borrowers can apply for balance transfers and new home loans at the new rate, which starts at 8.25% p.a. which is linked to the borrower’s credit profile.

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 a 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." 

Interest rates for Bank of Baroda Home Loans start at 8.25% p.a. for a limited time, there are no processing fees, taking over housing loans with minimal paperwork, a customizable term of up to 360 months, no charges for part or prepayment, door-to-door service, are some of the key features that BoB is promising to its customers. 

The effective rate of interest for Baroda Home Loans to non-staff members ranges from 8.25% to 9.85% for those who are salaried and from 8.30% to 9.95% for those who are not. While the interest rate currently in effect for Baroda Home Loan to staff members is 8.50%. BoB grants terms that can last up to 30 years and depending on your job status—employed or self-employed with regular income—you can apply for a home loan from Bank of Baroda when you are at least 21 years old. CIBIL score determines the rate of interest for a home loan. Nevertheless, a CIBIL Score of 701 or more is typically regarded as adequate.

(With inputs from PTI)

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Updated: 23 Nov 2022, 06:42 PM IST
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