Home Loan Interest Rate Reduced by Bank of Baroda.

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When it comes to offer the best interest rate on home loan, Bank of Baroda, the state-owned bank has beaten all other private sector banks and the State Bank of India by offering the lowest interest rate. The bank currently offers 8.35% which is the lowest rate among different home loan interest rates offered by public and private sector banks, non-banking financial companies and other housing finance companies. This reduced rate of interest on home loan by 70 bps becomes effective from January 7, 2017. Now, with reduction in home loan interest rate by 70bps, a borrower can save up to Rs. 2,496 per month on a home loan of Rs.50 lakh, and Rs. 9 lakhs for a tenure of 30 years.

Bank of Baroda has been successful in alluring a considerable number of home borrowers, who are willing to transfer their existing home loans from other banks to Bank of Baroda. Now, existing home loan borrowers of housing finance companies and other banks will be able to transfer their home loans to Bank of Baroda without paying any fee. The bank has waived off switching fee so that a borrower can easily convert an existing base rate loan to the low-cost MCLR structure. Currently, a switching fee of Rs. 5000 to Rs. 10000 has been charged by other banks while converting an existing home loan from one bank to another. Bank of Baroda  will charge an interest rate of 8.85% and 10.35% on car and mortgage loans respectively.  

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