Public Sector lender Bank of Baroda has further reduced its home loan interest rates to 7.45% per annum. This is a reduction from the earlier 7.50%. The bank has also waived processing fees for new borrowers, the financial institution announced.
This move follows an earlier rate cut in June, when the financial institution brought its home loan rates from 8.00% to 7.50% after the Reserve Bank of India (RBI) reduced the policy repo rate.
This latest reduction is expected to ensure that home ownership becomes more affordable and support the government’s broader economic objective of stimulating demand in the housing sector of the country.
“We continue to work towards our commitment of making home ownership more accessible. This latest reduction is aimed at supporting the aspirations of citizens and boosting credit growth,” said Sanjay Mudaliar, Executive Director of Bank of Baroda.
Focus on credit growth and policy alignment
The bank further highlighted its focus on aligning home loan lending strategies with the rapidly evolving monetary policy environment. The focus will also be on passing the benefits of rate cuts to customers as per the adjustments done in the policy from time to time.
Digital application process and wide reach
Further, in addition to competitive interest rates, Bank of Baroda provides a completely digital application process for home loans. Customers can apply through the financial institution’s website or visit the nearest branch for more information on the same. It is also important to keep in mind that Bank of Baroda is among the top public sector banks in the country. It serves over 165 million customers worldwide and has a presence in 17 countries.
Disclaimer: The interest rate of 7.45% per annum and waiver of processing fees are subject to eligibility and may vary based on the applicant’s credit profile, loan amount, tenure, and other factors. Terms and conditions apply. Please visit www.bankofbaroda.in or contact the nearest Bank of Baroda branch for detailed information.