In a move aimed at making homeownership more affordable, Bank of Baroda (BoB) has announced a 40 basis points reduction in its home loan interest rates, bringing them down to 8.50% per annum. This revised rate is applicable to new borrowers, including those seeking fresh home loans, balance transfers, and home improvement loans. The interest rate is linked to the borrower’s credit score, ensuring that individuals with better credit profiles can avail themselves of the most competitive rates.
As part of this limited-period offer, BoB is also waiving 100% of processing charges on home loans, providing additional financial relief to prospective homeowners. Furthermore, the bank has reduced its Micro, Small, and Medium Enterprises (MSME) loan interest rates to 8.40% per annum, coupled with a 50% waiver on processing fees for these loans.
Shri Ajay K Khurana, Executive Director of Bank of Baroda, stated, “The Bank is pleased to drop its home loan interest rates and introduce a very special limited period offer of 8.50%. The offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably. The reduction in interest rates for the MSME sector will further support aspiring entrepreneurs and finance their growth ambitions.”
Key Features of the Revised Home Loan Offer:
- Interest rates starting at 8.50% per annum for a limited period
- Zero processing charges on home loans
- Flexible loan tenure of up to 360 months
- No pre-payment or part-payment charges
- Option to transfer existing home loans with minimal documentation
- Digital home loan application with approval in just 30 minutes via the ‘bob World’ mobile app or the bank’s website
- Doorstep service available in major centers
This initiative by Bank of Baroda is expected to stimulate the housing market by making financing more accessible and affordable. Prospective borrowers are encouraged to take advantage of this offer within the stipulated time frame.
For more details or to apply for a home loan, customers can visit the official Bank of Baroda website or their nearest branch.
