By Admin 
Bob home loan rates: If you are also planning to buy a house, then there is a good news for you. Bank of Baroda of the public sector has announced to reduce interest on home loans. Bank of Baroda said on Friday (July 4) that the interest rate for home loan has been cut by 5 basis points (BPS) i.e. 0.05 %. With this, now the annual interest rate on home loans has been reduced to 7.45 percent. Apart from this, the bank has also waived processing fees for those taking new loan.
The interest rate was reduced in June also
Earlier on June 6, after a cut of 50 basis points in the repo rate, the bank had reduced the interest from 8 percent to 7.50 percent on the home loan. Now 5 basis points have been cut further. According to the CNBC report, Sanjay Mudaliar, Executive Director, Bank of Baroda, said, “The purpose of this new deduction at home loan rate is to support people’s wishes and increase credit growth.” For home loan you can apply digitally or in-bunch.
These banks also reduce their home loan interest
Apart from Bank of Baroda, Punjab National Bank (PNB), Indian Bank and Bank of India (BOI) have also made their home loans cheaper. All these banks have cut 5 basis points in their marginal cost of lending rate i.e. MCLR in July.
With this rate cut, PNB’s overnight MCLR has come down from 8.25 % to 8.20 percent. At the same time, 1 month MCLR has been reduced to 8.35 percent, 3 months of 8.55 percent and 3 years MCLR 9.20 percent.
Similarly, no change has been made in Indian Bank’s Overnight MCLR 8.20 percent. 1 month MCLR 8.40 percent, 3 months of 8.60 percent, six months MCLR has been reduced to 8.85 percent, 1 year MCLR has been reduced to 9.00 percent.
Bank of India’s Overnight MCLR 8.10 percent, 1 month MCLR 8.40 percent, 3 months of 8.55 percent of 3 months, six months MCLR 8.80 percent, 1 year old MCLR 9.00 percent and 3 -year MCLR 9.15 %.
Also read:
These government schemes have been strong interest compared to FD, no threat to drowning money; Return guarantee