Bank of Baroda: Bank of Baroda has cut home loan rates by 40 basis points. The new interest rate on home loans now starts from 8 percent. It will also depend on the credit score of the borrower.
Bank of Baroda: Public sector Bank of Baroda (BOB) has reduced its interest rate on home loans. The bank gave this information on Monday. After this amendment, the interest rate on home loans is now 8 percent as against 8.40 percent per annum. The bank informed that these new rates are applicable on new home loans and home improvement loans.
Benefit was also received from the reduction in repo rate
Bank of Baroda said in a statement on Monday, May 5, 2025, this rate is applicable on loans of Rs 15 lakh and above. Along with this, it is also linked to the credit score of the borrower. The bank also said that the benefit of the reduction in the repo rate of the Reserve Bank of India has already been given by the bank to the existing borrowers. Now the bank is offering a rebate of 0.05 per cent per annum for women borrowers and 0.10 per cent per annum for borrowers below 40 years of age, which is applicable on ready properties, shifting of home loans etc.
Now buying a house has become even more affordable
Bank of Baroda Executive Director Sanjay Mudliar said, “With the new reduced interest rate of Bank of Baroda, buying a house will now become even cheaper. We are also offering special concessions for some other important segments. These new revised rates further strengthen the bank’s commitment to offer competitive credit solutions to home buyers and its position as a preferred housing partner.”
Loan transfer is also easy
The bank’s ‘Home Loan Balance Transfer’ scheme also gives customers who have borrowed from other banks and NBFCs an opportunity to transfer their home loan to Bank of Baroda with minimum documentation and quick processing, so that they also get a chance to take advantage of the low interest rate.
