Bank of Baroda (BoB), one of the leading public sector banks in India, today announced a lowering in house loan interest rates of 40 basis points (bps) to 8.50% annually.

Moreover, the Bank cut the interest rates on its MSME loans, which now begin at 8.40% p.a. Both deals go into force on March 5, 2023, and they are only good until March 31, 2023. In addition to decreasing its interest rates, the Bank is also waiving 100% of processing fees for residential loans and 50% of processing fees for MSME loans.

After the announcement, BoB has emerged as one of the top public sector lenders providing house loans with the lowest credit score-linked interest rates.

The new house loan rate, which begins at 8.50% annually at BoB, is available to borrowers seeking new home loans, debt transfers, and home repair loans.

Moreover, Bank of Baroda has simplified the application process for home loans. Customers can apply for a house loan digitally and get approved in less than 30 minutes by logging in to the bob World mobile banking app or the bank's website. In any of the Bank of Baroda's branches in India, loan requests may also be made in person.

“The Bank of Baroda is pleased to drop its home loan interest rates and introduce a very special limited period offer of 8.50 percent. The offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably. The reduction in interest rates for the  Micro, Small & Medium Enterprises (MSME)  sector will further support aspiring entrepreneurs and finance their growth ambitions, Shri Ajay K Khurana, Executive Director, Bank of Baroda said,

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