In the last few days, many banks have increased the MCLR. The interest rate of the loan is decided on the basis of MCLR only. Bank of Baroda has also increased its MCLR by 0.05 percent.
Despite this, the bank has announced to reduce the interest rate. This offer is being given to the home buyers for a limited period only. If you are also planning to buy a house, then you can take advantage of this offer of the bank.
New Delhi. On one hand all banks have started increasing the rates of interest on all types of loans including home loans, while the public sector Bank of Baroda has announced to cut interest rates on home loans. The bank will now give home loan at 6.5 percent annual interest instead of 6.75 percent. The new rate has come into effect from April 22.
In the last few days, many banks have increased the MCLR. The interest rate of the loan is decided on the basis of MCLR only. Bank of Baroda has also increased its MCLR by 0.05 percent. Despite this, the bank has announced to reduce the interest rate.
This offer is for limited time
Actually, this offer is being given to new home buyers for a limited period only. If you are also planning to buy a house, then you can take advantage of this offer of the bank. This special rate of home loan is only till June 30, 2022. That is, till this period, if you apply in the bank to take a home loan, then you will get the loan at the same interest rate. This means that existing customers will not get the benefit of this deduction.
Exemption from processing fee
Similarly, if you transfer your home loan from any other bank to Bank of Baroda, then you will get the loan only at 6.5 percent interest. The bank has also announced a waiver in processing fees under this special offer. The bank will not charge any processing fee for home loan applications made till this period.
HT Solanki, GM (mortgage and other retail assets), Bank of Baroda, said that the number of home loan customers has increased significantly in the last few months. This is a good time for home buyers. In view of this, Bank Special Limited is offering Period Interest Rate. It is expected that at this attractive interest rate, more and more customers will be able to fulfill their dream of home.
