News ECG: One of India’s top public sector banks, Bank of Baroda (BoB), today announced a 40 basis point (bps) drop in the annual interest rate on home loans to 8.50%. The Bank also lowered the interest rates on its MSME loans, which now start at 8.40% p.a. Both contracts enter into effect on March 5, 2023, and are only valid through March 31, 2023.
The Bank is also waiving 100% of processing fees for residential loans and 50% of processing fees for MSME loans in addition to lowering its interest rates. With the announcement, BoB rose to prominence as one of the leading public sector lenders offering home loans with the lowest interest rates based on credit score.
The new house loan rate, which begins at 8.50% annually at BoB, is available to borrowers seeking new home loans, balance transfers, and loans for home repairs. The Bank of Baroda has also made the home loan application process simpler.
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By entering the bob World mobile banking app or the bank’s website, customers can submit an online application for a housing loan and receive approval in less than 30 minutes. Loan applications may also be submitted in person at any of the Bank of Baroda’s branches in India.
“The Bank is glad to lower its house loan interest rates and introduce a very exceptional limited-time offer of 8.50%,” stated Shri Ajay K. Khurana, Executive Director of Bank of Baroda. In the current environment, when mortgage rates have significantly increased, the offer will help homebuyers purchase homes at more reasonable prices.
Aspiring business owners will benefit from the lower borrowing rates for the MSME sector and be able to finance their expansion plans. If you want to build, buy, or renovate a home or apartment, you can apply for a home loan from the Bank of Baroda provided you are at least 21 years old, employed, or self-employed with regular income.
Clients who have a CIBIL Score of at least 701 may now apply for home loans through BoB by dialing the missed call number 8467001111, calling the toll-free number 18002584455, using the mobile banking (BoB World) or Baroda connect online banking function, or visiting the nearest bank office in person.
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