Bank of Baroda (BoB) has announced a cut in home loan interest rates by 40 basis points (bps) to 8.50 percent per annum.
It also reduced its Micro, Small and Medium Enterprises (MSME) loan interest rates starting at 8.40 percent p.a. Both the offers are effective from March 5 to March 31, an official communication said.
The bank is also offering 100 percent waiver on processing charges on home loans and 50 percent processing charges waiver on MSME loans.
The new home loan rate beginning at 8.50 percent per annum is available for borrowers applying for fresh home loans, balance transfers as well as for home improvement loans.
The rate is linked to a borrower’s credit score. Ajay K. Khurana, Executive Director, Bank of Baroda, said: “The Bank is pleased to reduce its home loan interest rates and introduce a special limited period offer of 8.50 percent.
