Vivid News 24: Bank of Baroda’s home loan rate was reduced by 25 basis points on Friday. Home loan interest rates at the state-owned bank are now 8.25% as a result. Processing costs for home loans are also entirely waived. Due to this, State Bank of India and HDFC home loan rates are higher than those offered by Bank of Baroda. Banks release their home loan rates in advance of Diwali. It is currently 8.40%.
This new rate will be effective from tomorrow, Monday. And it will be till the end of December. It has been informed by the bank that the home loan rate of Bank of Baroda is the lowest in the banking sector at the moment. Bank home loan rates were already low. Also 25 basis points less as per the current decision. That’s why home loan rates are lowest now. Even, banks have waived the processing fees required for home loans.
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Incidentally, real estate was hit like any other sector by the Covid pandemic. The sale rate of flats and houses reached the bottom. But in the present time, this field has been strengthened again. Especially in metropolitan cities, the rate of buying flats has increased significantly. And so far what is happening shows that this rate of buying flats and houses will continue in the future
According to Bank of India, demand for home loans has increased in urban and suburban areas. Because, the confidence of buyers has returned. In this situation, the Bank of India authorities believe that the Bank of Baroda home loan rate will give additional benefits to the buyers for buying houses and flats.
SBI and HDFC Bank cut interest rates on home loans despite the hike in interest rates last month. That was their special offer for the festive season. The annual rate of home loan was announced by them at 8.4%.
SBI reduced home loan by 25 basis points for new home loan applicants. As a result buyers will get home loan facility at 8.4% per annum. This offer is available till January 2023. On the other hand, HDFC has cut home loan interest rates by 20 basis points. Their home loan rate is also 8.4%. This offer will last until the end of November.
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