State Bank of India, Bank of Baroda reduce home loan rates by 25-45 bps

In an effort to grow their home loan business, State Bank of India (SBI) and Bank of Baroda (BoB) have slashed rates by 25-45 bps, and introduced key changes. For new home loans of Rs 75 lakh and above, SBI will charge 6.7 per cent as against the previous 7.15 per cent. The country’s largest lender will also offer credit score-linked home loans at 6.7 per cent, irrespective of the loan amount.
 
Besides, SBI has also done away with the distinction between salaried and non-salaried borrowers — there will be no occupation-linked interest premium charged for prospective home loan