Bank of Baroda has made home loans cheaper, how much interest rates have come down?

According to the bank, in this scheme, along with cheap home loans, many offers are being given including exemption in processing fees. The customer can also apply for the loan online while staying at home.

Bank of Baroda’s big offer on home loan

If you are postponing your plan to buy a home because of the expensive home loan or because of the high loan amount, your EMI has increased the burden of Bank of Baroda You can take advantage of the offer. In fact, for a limited period, the bank home loan Special offer is given for the customers. In which the bank has not only given exemption in interest rates but also waived off the processing fees. According to the bank, the interest rates during this period will be one of the lowest in the industry. According to the bank, many more offers are also being received in this scheme. The special thing is that customers can apply for this online even sitting at home.

What is this scheme of Bank of Baroda

The bank today announced that it is reducing its home loan interest rates by 25 basis points (bps) to 8.25 per cent per annum. This scheme has come into force from November 14, 2022 and will be effective for a limited period. According to the bank, this is one of the lowest and most competitive home loan interest rates in the industry. This special rate is available till December 31, 2022. The bank also said that apart from the 25 bps discount on the interest rate, the bank is also waiving off the processing fee under this scheme.

The bank has said that the new rates can be availed by customers applying for new home loans as well as those applying for balance transfer. However, the bank made it clear that this special offer is linked to the credit profile of the customer. That is, to get better rates, your credit profile should be better.

Speaking on the occasion, the Bank’s General Manager – Mortgage and Other Retail Assets, Bank of Baroda, H T Solanki said that in a scenario where interest rates are on the upward trend, we are looking forward to reducing our home loan interest rates and offering a special, limited period of Rs. Starting home loan interest rates. The 8.25% rate is making home buying more affordable for the customers.

Apart from this, there are also facilities like flexible tenor up to 360 months, no prepayment/part payment charges, doorstep service at key centers, digital home loan. Customers can visit any Bank of Baroda branch across India. Along with this, customers can also apply online at https://www.bankofbaroda.in/personal-banking/loans/home-loan.

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Offers to deal with rate hike

At present, the process of increasing the rates is going on, with the increase of 1.9 percent in the prime rates by the Reserve Bank, all the banks are increasing the loan rates. However, with rising interest rates, there is also a possibility of a decline in demand, in view of which banks are now offering short-term offers where loans are available at low rates for a specific period. Recently many banks have introduced such offers.

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