BoB sees 23-25% home loan growth in Apr-Nov

Public-sector lender Bank of Baroda (BoB) saw its home loan portfolio grow by 23-25 per cent during April-November, and expects the growth to pick up further in the next quarter, a bank official said.

"From April to November the growth (in home loans) has been a healthy 23-25 per cent. We expect this momentum to continue in the coming quarter as well," the official told PTI.

The bank, however, did not have any immediate plans to follow its peers in offering home loans at 8 per cent but may look at the possibility in future after assessing the market conditions, the official said.

"As of now, we are not looking at launching any such schemes, as the growth (in home loans) has been quite healthy even without any such strategies. May be, we will look at it later," the official said.

BoB currently offers home loans at a rate ranging from 8.5 per cent to 10.5 per cent, based upon the loan amount and tenure of the advance.

A host of banks, including the country's largest lender, State Bank of India and its nearest competitor ICICI Bank had announced similar home loan schemes to woo customers.

As on September, the bank's total retail loan book stood at around Rs 21,000 crore, of which home loans contributed around 45 per cent, the official said.

The lender has also maintained a healthy asset quality on its home loan portfolio, the official said.