Home Loan; Interest Rates Are Lower At Bank Of Baroda, Available For A Limited Period

Bank of Baroda, a leading public sector bank, has reduced interest rates on housing loans. 25 basis points or 8.25% lower on annual basis. It will come into effect from November 14, 2022. Customers will not be charged pre-payment charges for partial repayments. This offer is available for a limited time only.

Bank of India announced in a statement that this is the lowest and most competitive home loan rate in the banking home loan sector. This scheme will be available till December 31, 2022. Apart from reducing the interest rate, the bank has also decided to waive the processing charges.

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New borrowers can avail loan at 8.25% interest rate. Similarly, this rate applies to balance transfers. This special rate is linked to the borrower’s credit profile.

HT Solanki, General Manager of Mortgages and Retail Assets of the bank said that he is happy to be able to introduce a loan scheme at low interest rates in the current scenario of rising interest rates. He said that this will help people to buy houses at low cost. It can be seen that there has been a huge increase in housing loans this year. There has been a huge demand in various cities. The presence of confident consumers is a factor that increases the sale of houses. He said that the current low rate offered by Bank of Baroda will be beneficial for those who want to own their own house.

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Key features of Bank of Baroda Home Loan are given below.