New Delhi: Following in the footsteps of lenders such as LIC HFL, State Bank of India (SBI), Kotak Mahindra, and YES Bank, among others, Bank of Baroda has now slashed the interest rates applicable on home loans by 25 bps. With the latest revision, borrowers can apply for home loans at just 6.50%* interest rates starting from October 7, 2021.
In a recent previous change, the Bank of Baroda had cut its interest rates on home loans to 6.75%. However, the latest move has now made buying a new home more affordable than ever amid the ongoing festive season.
Moreover, the Bank of Baroda has extended the festive season offer on home loans till December 31, 2021. This means that customers can buy homes at just 6.50% interest rates till 2021.
H T Solanki, GM- Mortgages & Other Retail Assets, Bank of Baroda said, “Bank always tries to offer the most competitive rates of interest on home loan and other retail loan products while making the process seamless and hassle-free through our digital platforms and our dedicated teams. Our customers will get benefited from this offering in this festive season. With this reduced rate of interest, Bank of Baroda home loans is now offering the most competitive rates across categories for a limited period till 31/12/2021."
Besides new home loans, customers can apply for transfer of previous loans or refinancing their existing loans at attractive interest rates. Moreover, customers applying for home loans at the Bank of Baroda will also enjoy a zero processing fee till 31 December 2021. Also Read: Check THIS direct link to update your name in Aadhaar yourself online through Aadhaar Self-service Portal
By offering home loans at an attractive interest rate of 6.50%, the Bank of Baroda is offering one of the cheapest home loans in the sector. For instance, Kotak Mahindra Bank is also offering home loans at just a 6.50% interest rate. On the other hand, SBI is offering home loans at 6.70% interest rates while LIC HFL Is providing home loans at 6.66%. Also Read: Zee Group founder Subhash Chandra says key investor wants to take over company