Bank of Baroda cuts home loan rates by 40 basis points for new customers

Bank of Baroda has cut home loan rates by 40 basis points, with revised rates starting at 8 per cent and linked to borrower credit scores; added concessions offered

State-owned Bank of Baroda on Monday cut its home loan rates by 40 basis points (bps), with the revised rates starting from 8 per cent for loans above Rs 15 lakh. The rates apply to fresh home loans and home improvement loans, and are linked to a borrower’s credit score.

 

Further, the bank is offering a concession of 5 bps for women borrowers and 10 bps for borrowers below 40 years of age on ready properties, loan transfers, and similar categories.

 

The bank had already passed on the repo rate reduction benefits to its existing borrowers with loans linked to the repo rate.

 

“Bank of Baroda’s new reduced home loan rates will further make home ownership more affordable. We are also offering special concessions for specific important segments. These revised rates reinforce the bank’s commitment to offer competitive credit solutions to aspiring homeowners, further strengthening its position as a preferred housing finance partner,” said Sanjay Mudaliar, Executive Director, Bank of Baroda.

 

Previously, a number of banks had reduced interest rates on home loans following the Reserve Bank of India’s policy rate cut of 50 bps. Banks such as State Bank of India, Punjab National Bank, Indian Bank, Bank of Maharashtra, and Canara Bank have also cut home loan rates.