Bank of India cuts home loan rates by 25 basis points, effective April 15

State-owned Bank of India on Monday said it has reduced the interest rate on home loans by 25 basis points for both existing and new customers, effective April 15. With the revision in rates, the home loan rate for the bank now stands at 7.90 per cent based on customers’ CIBIL score.

 

This move is aimed at making home ownership more accessible and affordable, in line with the bank’s ongoing commitment to support customers in achieving their financial goals, the bank said in a statement.

 

Additionally, the state-owned lender has reduced interest rates across select existing retail loan products, including vehicle loans, personal loans, loans against property, education loans and the Star Reverse Mortgage Loan, by 25 basis points.

 

According to the bank, this adjustment reflects its proactive approach to passing on the benefits of favourable market conditions to its customers, while continuing to offer competitive and customer-friendly lending solutions.

 

The Reserve Bank of India’s monetary policy committee has reduced the policy repo rate by 50 basis points since February. The repo rate now stands at 6 per cent. In the April policy, the rate-setting body changed its stance to “accommodative” from “neutral”, signalling more rate cuts in the coming months.