BoB Reduces Home Loan Interest Rates Tto 6.50%
New Delhi, April 22: To push retail credit, public sector lender Bank of Baroda (BoB) on Friday announced to reduce home loan interest rates to 6.50 percent for a limited period.
This special rate is applicable till June 30, 2022, a statement from the bank said.
The bank also announced a 100 percent waiver on processing fees during this period.
The state-owned lender was offering home loans to specific borrowers at an interest rate of 6.5 per cent till March 31, 2022. It hiked the rate to 6.75 per cent from April 1, 2022 and has again reduced it now.
Recently, banks like State Bank of India, Axis Bank, Bank of Baroda and Kotak Mahindra had started increasing marginal cost of funds based lending rate (MCLR) on loan.
According to experts, increase in MCLR means increase in borrower’s interest payment.
