Bank of Baroda Reduces Home Loan Interest Rate to 8.35%

0
445

January 10, 2017

interest-rate

Bank of Baroda, one of the largest public sector banks in the country, has reduced its home loan interest rate by 70 bps to 8.35%. The bank has decided to offer home loans to customers with CIBIL score of 760 or more at its 1-yr marginal cost of funds-based lending rate (MCLR). The bank will also extend this benefit of availing home loan at MCLR to customers with no credit history i.e. CIBIL score of -1 to 0. After this reduction of rate, home loans from Bank of Baroda will be available at interest rates ranging from 8.35% – 9.35%.

For existing home loan customers, the lender further waived off switchover fees for those customer who want to switch to MCLR from base rate. By switching to MCLR, existing customers of the bank can save a substantial amount of money on their home loan EMIs. According to bank officials, customers with a home loan of Rs.50 lakh can save an amount of Rs.2496 per month on EMIs for a tenure of 30 years due to this reduction of interest rate.

All information, including but not limited to news articles, published on this website are strictly for general information purpose only. BankBazaarnews.com does not provide any warranty about the authenticity and accuracy of such information. BankBazaarnews.com will not be held responsible for any loss and/or damage that may arise or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for any product may vary from the information mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

Copyright reserved © 2018 A & A Dukaan Financial Services Private Ltd. All rights reserved.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here