Bank of Baroda Home Loan Interest Rate 2023: Bank of Baroda (BoB) has cut the interest rate on home loans by 40 basis points (bps) to 8.50 per cent per annum, the lowest and most competitive interest rates in the industry, according to BoB website.
Not just that, the public sector bank has also reduced its MSME loan interest rates, starting at 8.40 per cent.
The new rates are applicable from March 5 to March 31, 2023, according to the details available on bank’s website.
“The Bank is pleased to drop its home loan interest rates and introduce a very special limited period offer of 8.50 per cent.
The offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably.
The reduction in interest rates for the MSME sector will further support aspiring entrepreneurs and finance their growth ambitions,” said Ajay K Khurana, Executive Director, Bank of Baroda.
In addition to the cut in interest rate, the bank is also offering a 100 per cent waiver on processing charges on home loans and a 50 per cent processing charges waiver on MSME loans.
There won’t be any Pre-payment/Part-payment charges on the loan.
BoB Home loan rate 2023: Who can apply
The new home loan rate is available for borrowers applying for fresh home loans, balance transfers as well as home improvement loans. The rate is linked to a borrower’s credit score.
BoB Home loan rate 2023: How to apply
Borrowers can digitally apply for and get approval for a home loan within 30 minutes by logging in to the BoB World mobile banking app or visiting the Bank’s website.
Applicants can also apply for a loan by visiting any of Bank of Baroda’s branches across India.
BoB Home loan rate 2023: Calculator
If one borrows Rs 1 crore as a home loan for a tenure of 360 months or 3 years, they have to pay Rs 76,891 as Equated Monthly Installment (EMI).