Bank of Baroda lowers home loan interest rates by 40 basis points, till 31st March

6 Mar 2023 , 10:57 AM

In order to outperform the competition, the government-owned Bank of Baroda (BoB) cut its home loan rates by 40 basis points (bps) to 8.5% on Sunday. The bank also lowered its MSME loan interest rates, which now start at 8.40%.

According to a statement from BoB, both offers are effective as of March 5, 2023, and are only good until March 31, 2023.

The bank asserted that this interest rate is among the lowest and most aggressive in the sector.

The bank also announced a reduction in interest rates as well as a 100% processing fee waiver on residential loans and a 50% processing fee waiver on MSME loans.

It added that the new home loan rate, which starts at 8.5%, is accessible to borrowers seeking for new mortgages, debt transfers, and loans for home improvements. The rate is based on the borrower’s credit score.

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