Home / News / India /  Bank of Baroda (BoB) slashes home loan interest rates by 40 bps to 8.50%

One of India's top public sector banks, Bank of Baroda (BoB), announced today a slash in home loan interest rates by 40 basis points (bps) to 8.50% per annum. Moreover, the Bank has lowered the interest rates on its MSME loans, which now start at 8.40% p.a. Both deals are effective as of March 5, 2023, and they are only valid through March 31, 2023. The Bank is also waiving 100% of processing fees for home loans and 50% of processing fees for MSME loans in addition to lowering its interest rates. After the announcement, BoB has now become one of the leading public sector lenders offering the cheapest credit score-linked interest rates on home loans.

Borrowers seeking new home loans, balance transfers, and home improvement loans may use the new home loan rate, which starts at 8.50% per annum at BoB. Moreover, Bank of Baroda has streamlined the home loan application procedure. By signing in to the bob World mobile banking app or visiting the bank's website, customers may digitally apply for and receive approval for a home loan in less than 30 minutes. Loan applications may also be submitted in person at any of the Bank of Baroda's branches in India.

Shri Ajay K Khurana, Executive Director, Bank of Baroda said, “The Bank is pleased to drop its home loan interest rates and introduce a very special limited period offer of 8.50%. The offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably. The reduction in interest rates for the MSME sector will further support aspiring entrepreneurs and finance their growth ambitions."

Key features of Bank of Baroda Home Loans

o Interest rates starting at 8.50%* p.a. for a limited period

o Zero processing charges

o Takeover of home loans with minimum documentation

o Flexible tenure up to 360 months

o No Pre-payment/Part-payment charges

o Avail Digital Home Loans with quick approval in just a few steps in just 30-minutes

o Door step service at major centres

If you are at least 21 years old, working or self-employed with regular income, and you want to construct, buy, or renovate a house or apartment, you can apply for a home loan from Bank of Baroda. Consumers who have a CIBIL Score of at least 701 may now apply for home loans with BoB by calling the missed call number 8467001111, by dialling the toll-free number 18002584455, by using the mobile banking (BoB World) or Baroda onnect net banking feature, or by visiting the closest bank branch.

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