Bank of Baroda has reduced the home loan interest rate to 8.25 percent.
The benefit of the bank’s new interest rates can be taken only till January next year.
SBI and HDFC are offering home loans at the rate of 8.40 per cent.
New Delhi. Bank of Baroda (BoB) on Friday reduced its home loan interest rates by 0.25 per cent to 8.25 per cent. Along with this, the processing fee has also been waived for a limited time. This home loan rate offered by BoB is lower than that of SBI and HDFC. The new rates of these institutions are 8.40 percent. Let us tell you that BOB is giving home loan at low interest for a limited time only.
The bank said that the new rate will be applicable from next Monday and will be effective till the end of December. The general manager (mortgage and retail assets) of BOB, H.T. Solanki said, “Our loan rate is now among the lowest and most competitive rates in the industry. We are giving a discount of 0.25 percent in the interest rate as well as completely waiving the processing fee.
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Interest rate based on credit profile
The bank has said that the new interest rate is based on the credit profile of the borrower. ht According to Solanki, he said, “While interest rates are going up, we are happy to reduce our home loan interest rates and make it to 8.25 per cent for a limited period of time. We have seen a jump in the sale of homes in different cities and with that in home loans due to the increased trust among the people.
Benefits of BOB Home Loan
You are getting the loan for a limited time at an interest rate of 8.25 percent. This is much less than many big banks. You do not have to pay any processing fee. Flexible tenure of up to 360 months is available. There is no charge on prepayment. You can also take a digital home loan by following a few steps. You can apply for a home loan at https://www.bankofbaroda.in/personal-banking/loans/home-loan.
Other banks also reduced interest rate
SBI is offering a discount of 25 basis points or up to 0.25 percent on interest to new customers taking its home loan. With this, the home loan of the bank has become 8.40 percent. This offer is valid till January 2023. At the same time, HDFC has also reduced the interest rates by 0.20 percent and has reduced it to 8.40 percent. However, HDFC’s cheaper interest rates are available only till the end of November. Bank of India is also offering home loan @ 8.30. You can transfer the loan running in other banks to Bank of India. According to the bank, the person applying for the home loan will get the facility of overdraft.
Tags: bank interest rate, Bank of Baroda, Business news in hindi, Home loan EMI
FIRST PUBLISHED : November 12, 2022, 09:31 IST