The government-owned Bank of Baroda has brought good news to homebuyers, enabling them to opt for financing their dream home through loans at an affordable interest rate. On Friday, the bank slashed interest rates on home loans to 6.50% per annum – one of the lowest and most competitive home loan rates in the industry. The lender also waives the processing fee.
Previously, the bank offered interest rates on home loans of 6.75% per annum.
However, the bank’s latest mortgage rate of 6.5% is a special rate offered for a limited period and will be applicable until June 30, 2022.
Additionally, the bank announced a 100% waiver of processing fees during this time.
In a statement, the bank said: “With this, Bank of Baroda continues to offer one of the lowest and most competitive home loan rates in the industry.”
HT Solanki, Managing Director – Mortgages and Other Retail Assets, Bank of Baroda, said: “We have seen a significant recovery in home sales over the past few months and we are delighted to extend the good times for buyers. of homes with the introduction of a special limited time interest rate offer of 6.50% as well as zero processing fees We expect the momentum to continue as customers look to get the most advantage of this very attractive offer to buy the house of their dreams.”
Notably, the new rate starting at 6.50% per annum will be available to customers applying for new home loans as well as balance transfers. This special rate is available for all loan amounts and is linked to the borrower’s credit profile.
To avail the Bank of Baroda home loan online and get an instant sanction letter, a client can visit their website www.bankofbaroda.in. Customers can also apply through Bank of Baroda bank branches across India.
Bank of Baroda Home Loans is linked to an external benchmark, namely the RBI policy repo rate, which currently remains unchanged at 4%.