Mumbai: Bank of Baroda announced on Wednesday that it is reducing its home loan interest rates by 25 basis points (bps) to 8.25 percent per annum with effect from November 14 for a limited period. “This is one of the lowest and most competitive home loan interest rates in the industry. This special rate is available till December 31. In addition to the 25 bps discount on the rate of interest, the bank is also waiving off processing charges. The new rate beginning at 8.25 percent per annum is available for borrowers applying for fresh home loans as well as on balance transfers. This special rate is linked to a borrower’s credit profile,” said the bank in a press statement.
We have seen a robust growth in home loans this year with strong demand across cities: GM
HT 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 percent, making home purchases much more affordable for home buyers. We have seen a 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.”
(With PTI inputs)
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