If you’re planning to take a home loan, this news could be beneficial for you. One of the country’s leading public sector banks, Bank of India, is providing significant discounts on home loans. The bank announced new interest rates for home loans on Tuesday.
What are the Interest Rates for Home Loans?
Bank of India has reduced the interest rates for housing loans from 8.45% to 8.3%. Loan applicants will also not have to pay any processing fees.
Avail the Offer Until March 31
This offer from BOI is available for a limited time. Customers can avail of this discount until March 31, 2024. It’s worth mentioning that currently, State Bank of India (SBI) and HDFC Bank are offering home loans at an interest rate of 8.4%.
Special Offer for Solar Panel Installation
Bank of India has also come up with a special offer for Star Solar Rooftop Finance loans. The bank is offering loans at an attractive interest rate of 7%. The processing fee has been waived off by the bank. Customers interested in installing solar panels on their rooftops can receive up to 95% of the project cost. The repayment period for this loan is 120 months, or 10 years. Buyers will also benefit from government subsidies.
This offer presents a great opportunity for individuals planning to purchase a home or install solar panels to take advantage of discounted rates and save on expenses.