Mumbai: State-owned lender, Bank of Baroda has reduced its home loan interest rates. After the revision, the lender’s home loan rates now start from 8 per cent per annum. Earlier t was at 8.40 per cent pa. The new rates are applicable on fresh home loans and home improvement loans.
‘The rate is applicable on loans of Rs 15 lakh and above and is linked to a borrower’s credit score,’ Bank of Baroda said in a statement.
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The bank is offering a concession of 0.05 per cent per annum for women borrowers and 0.10 per cent per annum for borrowers below 40 years of age, on ready properties, shifting of home loans, etc.
The bank’s ‘Home Loan Balance Transfer’ scheme offers an opportunity for borrowers of other banks and NBFCs to shift their home loans to Bank of Baroda with minimum documentation and quick processing.
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