September 14, 2023: Public lender Bank of Baroda has reduced its home loan interest rates by 20 basis points to 8.40% under its festive campaign, BOB Ke Sang Tyohaar Ki Umang.
The bank has been charging the lowest annual interest of 8.60% on home loans so far while the highest limit stood at 10.60%.
The government-run lender is also offering a complete waiver on home loan processing fee during the campaign period.
This offer will be valid on all home loans sanctioned from September 7, 2023, to December 31, 2023.
The bank calculates interest on its loans on the daily-reducing-balance method and not on the monthly-reducing-balance method, making it more affordable for borrowers. BoB has also set up 112 retail asset processing centres in various cities for faster loan processing.
Features of BoB home loan
- Residents as well as NRIs can apply for BoB home loans.
- The minimum age to get a BoB home loan is 21 years. You can add a co-applicant aged 18 years, too.
- The bank offers up to 90% of the property value as home loans.
- The bank offers repayment tenure of up to 30 years.
- BoB offers a moratorium period up to 36 months after the loan amount is disbursed.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
