BoB is offering the lowered interest rates on new home loans, balance transfers and for home improvement loans.
The new home loans, which begin at 8.50% annual interest rate, can be availed with an easy process of documentation.
Bank of Baroda (BoB), one of the leading public sector banks in India, has announced a reduction in home loan interest rates by 40 basis points (bps) to 8.50% annually. Additionally, the Bank reduced the interest rates on its MSME loans, which now commence at 8.40% per annum.
Both offers, announced on March 5, will be applicable until March 31, 2023. In addition to lowering its interest rates, the lender is also offering 100% waiver on processing fees for home loans and 50% of processing fees for MSME loans.
BoB is offering the lowered interest rates on new home loans, balance transfers and for home improvement loans. The reduced interest rate is linked to the credit score of the borrower, according to the bank.
Additionally, the Bank of Baroda has simplified the application process for home loans. Customers can apply for a home loan online and get approved in less than 30 minutes by logging in to the BoB World mobile banking app or the bank’s website. At any of the Bank of Baroda’s offices in India, loan applications may also be filed in person.
Features
The Interest rates for home loans start at 8.50% pa for a limited period
Zero processing charges
The home loan will be available with minimum documentation
Flexible tenure of up to 360 months
No Pre-payment/Part-payment charges
Now customers can receive Digital Home Loans with quick approval in just a few steps in 30-minutes
Doorstep service at major centers
How To Apply
You can apply for a home loan from the Bank of Baroda if you are at least 21 years old, employed, or self-employed with regular income. Customers with a CIBIL Score of at least 701 may now apply for home loans through BoB by giving a missed call on 8467001111 or dialing the toll-free number 18002584455. Another way is to connect with the Bank Of Baroda using mobile banking (BoB World). or Baroda connect net banking. You can also visit your nearest BoB branch to avail this service.
Read all the Latest Business News here