Home Loan Interest: Bank of Baroda (BoB), one of the top lenders in the public sector, has announced a temporary 25 bps interest rate cut on home loans. One of the lowest house loan interest rates on the market, the bank’s home loan interest rates now begin at 8.25% p.a. taking effect from November 14, 2022 for a limited time.
The discounted pricing is available through December 31, 2022. In addition to the 25 basis points decrease in interest rate, the bank has also reduced processing fees. The new rate, which is dependent on the borrower’s credit profile and starts at 8.25% p.a., is available to borrowers for balance transfers and new home loans.
H T Solanki, General Manager – Mortgages & Other Retail Assets, Bank of Baroda said, “In a scenario where interest rates are on an upward trajectory, we are pleased to drop our home loan interest rates and introduce a special, limited period home loan interest rate offer of 8.25%, making home purchases that much more affordable for home buyers. We have seen robust growth in home loans this year with strong demand across cities and consumer confidence driving home sales. Such an attractive offer on home loans will give a further boost as people take advantage of this offer to realise their aspiration of owning their own home.”
Home Loan Interest
Some of the key features that the Bank of Baroda is promising to its customers include low-interest rates that start at 8.25% p.a. for a limited time, no processing fees, the ability to take over housing loans with little paperwork, a term that can be customised up to 360 months, no fees for part or prepayment, and door-to-door service.
For non-staff individuals who are salaried, the effective rate of interest for Baroda Home Loans ranges from 8.25% to 9.85%; for those who are not, it goes from 8.30% to 9.95%. While the current interest rate for Baroda Home Loan to employees is 8.50%.
You can apply for a home loan from the Bank of Baroda when you are at least 21 years old, and depending on your employment status — employed or self-employed with regular income — BoB offers terms that can run up to 30 years. A house loan’s interest rate is based on the CIBIL score. However, a CIBIL Score of 701 or higher is often viewed as sufficient.