Bank of Baroda slashes home loan interest rates

Hyderabad: Bank of Baroda (BoB), one of India's leading public sector banks, announced the reduction in its home loan interest rates by 40 basis points (bps) to 8.50 per cent per annum. Further, the bank has also reduced its MSME loan interest rates starting at 8.40 per cent per annum. Both offers are valid for a limited period till March 31.

This is one of the lowest and most competitive interest rates in the industry. In addition to reducing its interest rates, the bank is also offering 100 per cent waiver on processing charges on home loans and 50 per cent processing charges waiver on MSME loans. The new home loan rate beginning at 8.5 per cent per annum is available for borrowers applying for fresh home loans, balance transfers as well as for home improvement loans. The rate is linked to a borrower's credit score.

Ajay K Khurana, Executive Director of BoB said: "The bank is pleased to drop its home loan interest rates and introduce a very special limited period offer of 8.5 per cent. The offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably.