BOB Home Loan: One of the top public sector banks in India, Bank of Baroda (BoB), today declared that commencing on November 14, 2022, it has lowered its home loan interest rates by 25 basis points (bps) to 8.25% per annum for a limited period. One of the most competitive and affordable interest rates for home loans is available right now for home loan borrowers. Till December 31, 2022, this cheap rate is offered. The bank additionally waived off processing fees to 100% in addition to the 25 bps reduction in interest rate. For both balance transfers and new home loan applications, the new rate, which commences at 8.25% p.a., is available to borrowers. This special rate is linked to a borrower’s credit profile, said Bank of Baroda (BoB) in a statement.
H T Solanki, General Manager – Mortgages & Other Retail Assets, Bank of Baroda said, “In a scenario where interest rates are on an upward trajectory, we are pleased to drop our home loan interest rates and introduce a special, limited period home loan interest rate offer of 8.25%, making home purchases that much more affordable for home buyers. We have seen a robust growth in home loans this year with strong demand across cities and consumer confidence driving home sales. Such an attractive offer on home loans will give a further boost as people take advantage of this offer to realise their aspiration of owning their own home.”
Benefits of Bank of Baroda home loans
- Rates starting at 8.25%* p.a. for a limited period
- Zero processing charges
- Takeover of home loans with minimum documentation
- Flexible tenure up to 360 months
- No Pre-payment/Part-payment charges
- Doorstep service at major centres
- Avail Digital Home Loans with quick approval in just a few steps
Individuals can visit any bank branch in India to apply for a Bank of Baroda home loan. Customers may also submit an application online at https://www.bankofbaroda.in/personal-banking/loans/home-loan and receive approval within a matter of seconds.
BoB has said on its website that “We grant a term up to a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.”
The applicants who can apply for a house loan at BoB are Persons of Indian Origin (PIOs), Non-Resident Indians (NRIs), and Resident Indians. An individual’s minimum age should be 21 years old while the maximum interest rate should be 70 years, while his or her co-applicant’s age should be 18 years old while applying for a home loan. According to the Bank of Baroda website, residents of Mumbai are eligible for a maximum loan amount of Rs. 20 crores, followed by Rs. 7.50 crores for residents of Hyderabad, New Delhi, and Bengaluru, Rs. 5.00 crores for residents of other metros, Rs. 3.00 crores for residents of urban areas, Rs. 1.00 crores for residents of semi-urban and rural areas, and Rs. 5 crores for residents of Chandigarh, Panchkula & Mohali.
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