State-owned Bank of Baroda (BoB) on Sunday slashed its home loan interest rates by 40 basis points (bps) to 8.5 per cent to beat the competition. Further, the bank also reduced its MSME loan interest rates starting at 8.40 per cent. Both offers are with effect from March 5, 2023, and are valid for a limited period till March 31, 2023, BoB said in a statement.
This is one of the lowest and most competitive interest rates in the industry, the bank claimed. In addition to reducing its interest rates, the bank is also offering 100 per cent waiver on processing charges on home loans and 50 per cent processing charges waiver on MSME loans, it said.
The new home loan rate beginning at 8.5 per cent is available for borrowers applying for fresh home loans, balance transfers as well as for home improvement loans, it said, adding, the rate is linked to a borrower's credit score.
