The bank is offering 100% waiver on processing charges on home loans
Both the offers are effective from March 5, 2023 and are valid for a limited period till March 31, 2023, the bank said.
Public sector bank, Bank of Baroda today announced reduction in its home loan interest rates by 40 basis points (bps) to 8.50% per annum.
The new home loan rate is available to borrowers applying for fresh home loans, balance transfers as well as home improvement loans. The rate is linked to the credit score of the borrower.
Apart from this, the bank also announced that it has reduced its MSME loan interest rates from 8.40% per annum.
Both the offers are effective from March 5, 2023 and are valid for a limited period till March 31, 2023, the bank said.
Apart from reducing its interest rates, the bank said it is offering 100% processing fee waiver on home loans and 50% processing fee waiver on MSME loans.
Read also: Home loan EMI: 5 easy ways to reduce the burden of rising interest rates
Ajay K Khurana, Executive Director, Bank of Baroda said, “The Bank is pleased to introduce a very special limited period offer by reducing its home loan interest rates. In the current scenario where interest rates have shot up significantly, this offer is beneficial for home buyers. Will make home buying more affordable for the MSME sector. The reduction in interest rates for the MSME sector will further support aspiring entrepreneurs and help them fulfill their growth ambitions.”
Meanwhile, the interest rate on home loans rose as the Reserve Bank of India in its latest MPC announced a hike in the repo rate by 25 basis points to 6.5%.
Repo rate is the rate at which RBI lends money to commercial banks.
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