Loan interest

BoB cuts home loan interest rates by 25 basis points to 8.25% for a limited period

One of India’s leading public sector banks, Bank of Baroda (BoB), today said that effective November 14, 2022, it has lowered its interest rates on home loans by 25 basis points (bps) at 8.25% per annum for a limited time. period. One of the most competitive and affordable home loan interest rates available to home borrowers right now. Until December 31, 2022, this advantageous rate is offered. The bank also waived 100% of the processing fee in addition to the 25 bps interest rate reduction. For balance transfers and new home loan applications, the new rate, which starts at 8.25% per annum, is available to borrowers. This special rate is linked to the borrower’s credit profile, the Bank of Baroda (BoB) said in a statement.

HT Solanki, Managing Director – Mortgages and Other Retail Assets, Bank of Baroda, said: “In a scenario where interest rates are on an upward trajectory, we are happy to lower our interest rates on home loans and introducing a special interest rate on time-limited home loans 8.25% rate offer, making buying a home much more affordable for buyers We have seen robust growth home loans this year, with strong demand in all cities and consumer confidence driving home sales Such an attractive offer on home loans will give an extra boost as people take advantage of this offer to realize their aspiration to own their own home.”

Benefits of Bank of Baroda Home Loans

o Interest rate from 8.25%* per year for a limited period

o No processing fees

o Takeover of real estate loans with a minimum of documentation

o Flexible duration up to 360 months

o No prepayment/partial payment fees

o Home service in major centers

o Get digital home loans with quick approval in just a few steps

Individuals can go to any bank branch in India to apply for a home loan from Bank of Baroda. Customers can also submit an application online at https://www.bankofbaroda.in/personal-banking/loans/home-loan and receive approval within seconds.

BoB stated on its website that “We give a maximum term of 30 years. The term of the loan shall in no event exceed retirement age or the age of 65, whichever comes first.”

The applicants who can apply for a home loan from BoB are Persons of Indian Origin (PIO), Non-Resident Indians (NRIs) and Resident Indians. The minimum age of an individual must be 21 years old while the maximum interest rate must be 70 years old, while their co-applicant’s age must be 18 years old when applying for the home loan. According to the Bank of Baroda website, residents of Mumbai are eligible for a maximum loan amount of Rs. 20 crores, followed by Rs. 7.50 crores for residents of Hyderabad, New Delhi and Bengaluru, Rs. 5.00 crores for residents of other metro areas, Rs. 3.00 crores for residents of urban areas, Rs. 1.00 crores for residents of semi-urban and rural areas, and Rs. 5 crores for residents of residents of Chandigarh, Panchkula and Mohali.

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