Mumbai: Bank of Baroda (BoB) has said that it has cut its home loan interest rates by 40 basis points (100bps = 1 percentage point) to 8.5% as part of a special scheme that is being offered until the end of the financial year (March 31). In addition to reducing its interest rates, BoB is also offering 100% waiver on processing charges on home loans.
The bank’s offer comes days after HDFC announced special rate of 8.7% for borrowers. Although the RBI hiked rates in February 2023 by 25bps, lenders are offering better deals for new borrowers in a bid to increase their share of retail loans.
BoB has also reduced its MSME loan interest rates, which will now start at 8.4%. Both offers are with effect from March 5, 2023 and are valid for a limited period till the month-end. Besides new buyers, the revised home loan rate is available for those seeking loan transfers. The special rate is linked to borrowers’ credit scores.
“The offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably. The reduction in interest rates for the MSME sector will further support aspiring entrepreneurs and finance their growth ambitions,” said BoB executive director Ajay K Khurana.
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