Bank of India has announced a cut in its interest rates on home and vehicle loans by 35 basis point.
New Delhi: Following in the footsteps of the State Bank of India (SBI) and Bank of Baroda, the Bank of India on Sunday, October 17, announced a cut in its interest rates on home and vehicle loans by 35 basis point and 50 basis points, respectively.
With the latest revision in interest rates, the Bank of India is now offering home loans starting at just a 6.50 per cent interest rate.
The latest move is aimed at making housing affordable for many. At 6.5%, the Bank of India is now offering home loans at one of the lowest interest rates in the industry.
The interest rate on home loans starts at 6.50 per cent against earlier 6.85 per cent, and at 6.85 per cent against 7.35 per cent prior on vehicle loans, the bank said in a release.
However, the low-interest rates on home loans are applicable for a select period of time. Bank of India said that the special rate is effective from October 18, 2021, till December 31, 2021
The special rates are available for customers applying for fresh loans and also for those seeking transfer of loans, it said.
The bank added it has also waived processing charges for both home and vehicle loans till December 31, 2021.
Previously, banks such as state-owned lenders such as SBI and Bank of Baroda had slashed interest rates on home loans.
Other lenders such as Life Insurance Company’s Housing Finance Limited (LIC HFL) and Kotak Mahindra Bank have also reduced interest rates on home loans.
