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 %.

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Bank of baroda: Bank of Baroda (BOB) of the public sector has reduced its interest rate on home loans. The bank gave this information on Monday. After this amendment, the interest rate on home loan is now 8.40 percent annually as against 8.40 %. The bank informed that these new rates are applicable to new home loans and home improvement loans.

Repo rate was also benefited

Bank of Baroda said in a statement on Monday, May 5, 2025, this rate is applicable to loans of Rs 15 lakh and above. Along with this, it is also associated with the credit score of the borrower. The bank also said that the benefit of reducing the repo rate of the Reserve Bank of India has already been given to the existing borrowers from the bank. Now the bank is giving a concession of 0.05 % annually for female borrowers and 0.10 percent annually for borrowers below 40 years, which is applicable to ready properties, shifting of home loans etc.

Now buying a house is even more affordable

Sanjay Mudaliar, Executive Director of Bank of Baroda, said, “Buying the house at the new interest rate of Bank of Baroda will become even cheaper now. We are also offering special concepts for some more important segments. These new revised rates also make their positions stronger as a bank’s commitment to offer competition and a favorite housing partner to offer competition to those who want to buy a house. ‘

Loan transfer also easy

The bank’s ‘Home Loan Balance Transfer’ Spokes also gives the customers borrowed from other banks and NBFCs to the minimum documents and early processing and also gives a chance to transfer their home loans to Bank of Baroda, which will also give them a chance to take advantage of the low interest rate.

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