Mumbai: Public sector bank in the country, Bank of Baroda (BoB) has reduced interest rate on home loans. The fourth largest public sector bank has reduced the rate to 6.50% per annum from 6.75%. The new rates are applicable till June 30, 2022.
‘We have seen a significant pick-up in home sales over the last many months and we are delighted to extend the good times for home buyers with the introduction of a special, limited period interest rate offer of 6.50%along with nil processing charges’, said a statement issued by the bank.
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The new rate is available for customers applying for fresh home loans as well as for balance transfers. It is available across all loan amounts and will be offered to borrowers having Cibil score of 771 and upwards.
Earlier, several banks including State Bank of India, Axis Bank and Kotak Mahindra Bank had raised their marginal cost of funds based lending rates on loans, which would lead to higher home loan instalments.
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