Bank Of Baroda Cuts Interest Rate To 6.6% On Home Loan

On Friday, April 22, 2022, Bank of Baroda, a State-owned lender cut down the interest rate on home loans to 6.50 per cent per annum from 6.75 per cent per annum for a limited period. Also, the bank has announced a 100% waiver on processing fees during this period.

The new rates, which are linked to the borrower's credit profile, are applicable till June 30, 2022, the bank said in a release.

"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 per cent along with nil processing charges," said H T Solanki, General manager (mortgages and other real assets), Bank of Baroda.

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 a Cibil score of 771 and upwards.

The new rate, which starts at 6.50 per cent per annum, will be offered to consumers who apply for new home loans as well as balance transfers. This special rate is available for all loan amounts and is linked to a borrower's credit history.