Bank Of Baroda Cuts Interest Rate To 6.6% On Home Loan
On Friday, April 22, 2022, Bank of Baroda, a state-owned lender, reduced the interest rate on home loans to 6.50% per annum from 6.75% per annum for a limited period. Additionally, the bank announced a 100% waiver of processing fees during this time.
The new rates, which are linked to the borrower’s credit profile, are applicable until June 30, 2022, the bank said in a statement.
“We have seen a significant recovery in home sales over the past few months and are excited to extend the good times for homebuyers with the introduction of a 6 year limited interest rate special, 50% as well as zero processing fees,” said HT Solanki, Managing Director (Mortgages and Other Real Estate Assets), Bank of Baroda.
The new rate is available to customers applying for new home loans as well as balance transfers. It is available for all loan amounts and will be offered to borrowers with a Cibil score of 771 and above.
The new rate, which starts at 6.50% per annum, will be offered to consumers applying for new home loans as well as balance transfers. This special rate is available for all loan amounts and is tied to the borrower’s credit history.
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Article first published: Friday, April 22, 2022, 9:02 p.m. [IST]