Loan interest

Latest News | BoB cuts home loan interest rate to 6.5% for limited period

Mumbai, April 22 (PTI) Public Bank of Baroda announced on Friday that it has reduced the interest rate on home loans to 6.50% per annum from 6.75 per annum for a limited period.

The new rates, which are linked to the borrower’s credit profile, are applicable until June 30, 2022, the bank said in a statement.

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“We have seen a significant recovery in home sales over the past few months and are excited to extend the good times for homebuyers with the introduction of a 6 year limited interest rate special, 50% as well as a zero processing fee,” its Managing Director (Mortgages and Other Retail Assets) HT Solanki said in a statement.

The new rate is available to customers applying for new home loans as well as balance transfers. It is available for all loan amounts and will be offered to borrowers with a Cibil score of 771 and above.

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It can be noted that the lender was offering home loans to specific borrowers at an interest rate of 6.5% until March 31, 2022. It increased the rate to 6.75% from April 1, 2022 and l reduced again now.

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