With the introduction of the Festive Offer, the Bank of Baroda released a statement that a borrower can procure a home loan for any amount at a rate as low as 6.70 per cent.
H.T.Solanki, GM- Mortgages & Other retail assets, Bank of Baroda views this move opportunistic and further stated, “ With the introduction of these retail loan offers for this festive season, we intend to bring festive cheer among our existing loyal customers and also offer new to bank customers an attractive proposition for availing home loans and car loans who will be benefited from lower rates and waiver of processing fee on offer.”
The Bank further said, “Customer can also look forward to speed of processing and doorstep services and can apply on “bob World”/ mobile banking or banks website for instant sanction.”
This festive offer includes a waiver of processing fees in home loans and a further waiver of @0.25% in the existing applicable rates of car and home loans. Hence, the car loan rates start at 7.00% and home loan rates will start at 6.75%.
Meanwhile, SBI has also announced festive offers for prospective home loan customers. For those People with credit scores of over 800, the Interest Rate starts at 6.7 per cent irrespective of the loan amount.