Bank of Baroda has reduced the interest rate on home loan, the cheapest home loan
The bank says that this special rate will be available only for those customers who apply for a fresh home loan. Also, if a person wants to transfer home loan balance from any other bank, then he will also get the benefit. Along with this, the bank has also removed the processing fee on the home loan. However, the bank says that the new rate will depend on the credit profile of the borrower. The bank says that its home loan interest rate is among the lowest in the industry and most competitive. The benefit of special rate on home loan can be availed till December 31, 2022.
how much will be the benefit
However, the customers who are currently running a loan from the bank, they will not benefit from it. HT Solanki, General Manager (Mortgages & Other Retail Assets) of the bank said that at this time interest rates are going up rapidly. At such a time, we have brought this special offer. In this we are giving home loan at 8.25%. This will benefit home buyers. If you take a loan of Rs 30 lakh at this rate for 20 years, then you will have to pay an installment of Rs 25,562 every month.
Bank of Baroda has made all types of loans expensive, now customers will have to pay the increased EMI
At present, the home loan interest rate in public sector banks starts from 8.5 per cent. At this rate, you will have to pay Rs 26,035 per month for a loan of Rs 30 lakh for a tenure of 20 years. That is, in the special scheme of Bank of Baroda, you can save Rs 473 every month. RBI has increased the repo rate four times since May by a total of 190 basis points. Due to this, the installment of home loan borrowers has increased significantly. Increasing the repo rate increases the cost for the banks. They put the burden of this on the customers. This makes all types of loans costlier.
