Now, buying a house has become even easier. Bank of Baroda gave good news; 40 basis points cut on home loan

Bank of Baroda: Bank of Baroda has cut home loan rates by 40 basis points. The new interest rate on home loans is now starting from 8 percent. It will also depend on the credit score of the borrower.

Bank of Baroda: Public sector Bank of Baroda (BOB) has reduced its interest rate on home loans. The bank gave this information on Monday. After this amendment, the interest rate on home loans is now 8 percent as compared to 8.40 percent per annum. The bank informed that these new rates are applicable on new home loans and home improvement loans.

A benefit was also received from the reduction in repo rate.

Bank of Baroda said in a statement on Monday, May 5, 2025, that this rate is applicable on loans of Rs 15 lakh and above. Along with this, it is also linked to the borrower's credit score. The bank also said that the benefit of the reduction in repo rate by the Reserve Bank of India has already been given to the existing borrowers by the bank. Now the bank is giving a concession of 0.05 percent per annum for women borrowers and 0.10 percent per annum for borrowers below 40 years of age, which is applicable on ready properties, shifting of home loan etc.

Now buying a house has become even more affordable

Bank of Baroda Executive Director Sanjay Mudliar said, "With the new reduced interest rate of Bank of Baroda, buying a house will now become even cheaper. We are also offering special concessions for some other important segments. These new revised rates further strengthen the Bank's commitment to offer competitive credit solutions to home buyers and its position as a preferred housing partner.''

Loan transfer is also easy

The Bank's 'Home Loan Balance Transfer' scheme allows customers who have borrowed from other banks and NBFCs to transfer their home loans to Bank of Baroda with minimal documentation and quick processing, so that they also get an opportunity to avail the benefit of low interest rates.