Bank of Baroda home loan interest rates lowered to 8%

Bank of Baroda, an Indian public sector bank, on Monday announced a reduction in its home loan interest rates. The Bank’s home loan rates now start from 8.00% p.a. (earlier 8.40% p.a.).

The rates are applicable on fresh home loans and home improvement loans. The rate is applicable on loans of Rs 15 lakh and above and is linked to a borrower's credit score.

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

Further, the Bank is offering a concession of 0.05% p.a. for women borrowers and 0.10% p.a. for borrowers below 40 years of age, on ready properties, shifting of home loans, etc.

“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,” said Sanjay Mudaliar, Executive Director, Bank of Baroda.

The bank’s home loan balance transfer scheme offers an opportunity for borrowers of other banks and NBFCs to seamlessly shift their home loans to Bank of Baroda with minimum documentation & quick processing, thus enabling them to take advantage of reduced interest rates.