Bank of Baroda undercuts SBI on home loan rates

MUMBAI: Bank of Baroda (BoB) has said that it will offer the cheapest home loans in the industry to top-rated borrowers. The bank has said that these customers will receive home loans at its one-year marginal cost of lending rate (MCLR) of 8.3%. "This rate is applicable irrespective of the total home loan amount and is available for a tenure of up to 30 years for all categories, that is, salaried/self-employed," the bank said in a statement.

Earlier, SBI had said that its home loans would vary according to the credit score of the borrower. SBI currently offers home loans at 8.3% for women and 8.35% for others on loans of up to Rs 75 lakh. On larger loans, the bank charges 8.45% and 8.5% respectively. BoB ED Ashok Kumar Garg said, "With the new digital experience and quick turnaround time, we aim to become the most agile bank in retail loan category."