Greatest news of the year! Big government bank made home loan cheaper than SBI and HDFC


Photo:FILE Home Loan

In the era of inflation, the interest rates of home loans have been increasing for the last six months. The Reserve Bank (RBI) has increased interest rates in the last 4 meetings. There is a similar apprehension in the December meeting as well. In this environment of inflation, one of the country’s leading government bank Bank of Baroda has given great news. State-owned Bank of Baroda (BoB) has announced a cut in home loan interest rates. Along with this, the bank has also waived the processing fee for a limited time.

how low interest rates

In a big announcement, Bank of Baroda has reduced the interest rates of its housing loans by 0.25 percent. With this, now the bank’s home loan interest rate has come down to 8.25 percent. Along with this, the processing fee for disposal of the application has also been waived for a limited time.

SBI and HDFC interest rates are lower than

This home loan rate offered by BoB is lower than that of SBI and HDFC, whose new rates are 8.40 percent. The bank said the new rate would be applicable from next Monday and would be effective till the end of December.


H T Solanki, general manager (mortgage and retail property business), BoB said, “Our home loan rates are now among the lowest and most competitive rates in the industry. We are giving a discount of 0.25 percent in the interest rate and also completely waiving the processing fee.


Repo rate hiked by 1.9 percent after May

In its last monetary review meeting, the Reserve Bank had once again increased the repo rate by 0.50 percent. After this the repo rate has reached 5.90 percent. Since May, the Reserve Bank has increased by 1.9 percent in four times. Till April, the repo rates in the country were 4 percent.

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