Bank of Baroda Special Home Loan Offer: State-owned Bank, Bank of Baroda has reduced its home loan rates by 25 basis points to 8.25 percent.
Bank of Baroda Special Home Loan Offer: State-run bank, Bank of Baroda on Friday reduced its home loan rates by 25 basis points to 8.25 per cent. BOB is offering this offer for a limited time only. The bank is also waiving off the processing fee on this offer for a limited period of time. BOB’s interest on home loan is lower as compared to its other competitor banks SBI and HDFC. BOB is offering home loan at the rate of 8.25%. Whereas, SBI and HDFC are offering home loans at the rate of 8.40 per cent. The BoB said the new rates would be effective till the end of December.
Increased demand for home loans
HT Solanki, General Manager, Mortgages and Retail Assets, BOB Bank, said that there is a significant increase in the demand for home loans this year. Demand has increased more in cities. The bank will get the benefit of the rate being slightly lower as compared to other banks and the demand for home loans will increase further. These new rates will also be available to the people who transfer the loan. These new rates will be linked to the credit profile of the borrowers.
SBI and HDFC are charging so much interest
Even after increasing the interest rates on loans last month, SBI and HDFC had given an interest of 8.40 percent at concessional rates under the festive offer. SBI is offering a concessional interest of 25 bps i.e. 0.25 percent to the customers taking new home loans. In this, the minimum home loan rate is 8.40 percent. The bank is giving this offer till the end of January 2023. HDFC is offering an interest of 8.40 percent at the new concessional rates of 20 bps i.e. 0.20 percent. These rates i.e. 8.40 percent interest will be valid till the end of November.
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