The state-owned Bank of Baroda announced on Friday that it had cut the interest rate on home loans from 6.75% to 6.50% a year for a limited period.
The new interest rates, which are linked to the borrower’s credit profile, will apply until June 30, 2022, the bank said in a press release.
“We’ve seen a significant pick-up in home sales over the past few months and are pleased to extend the good times for home buyers with the launch of a special, limited-time interest rate offer of 6.50%, along with zero processing fees. ‘ General Manager (mortgages and other retail assets) HT Solanki said in a press release.
The new rate is available to customers applying for new home loans and for balance transfers. It is available for all loan amounts and is offered to borrowers with a CIBIL score of 771 and above.
It should be noted that the lender offered home loans at an interest rate of 6.5% to certain borrowers until March 31, 2022. He raised the interest rate to 6.75% from April 1, 2022 and has now lowered it again.
