Bank of Baroda Home Loan Interest Rate: If you are planning to take a home loan to buy a house, then there is good news for you. Bank of Baroda, one of the major public sector banks of India, has cut 40 basis points (BPS) in home loan interest rates for new applicants. Now the bank’s home loan interest rates will start from 8.00% annually, which was earlier 8.40% per annum.
This deduction has been made after the Reserve Bank of India cut a 50 basis point in the repo rate in early April. Its effect is now visible on the loans and deposit rates of banks. Bank of Baroda has already given the benefit of this deduction in the repo rate to its existing loan customers.
Who will get the benefit of low interest rate?
New interest rates will apply to customers who are taking a loan of Rs 15 lakh or more for home loan or home improvement loan. The interest rate is connected to the customer’s credit score. Meaning those who have good scores will get a better rate. Along with this, the bank is also giving some special discounts.
Women applicants discount 0.05% annually
0.10% annual discount to those under 40 years of age
Other banks will also be given 0.10% discount for transfer from other banks, built houses and government sanctioned housing projects.
Home loan interest rates
Interest rates on different home loan products of Bank of Baroda are between 8.00% to 10.10% annually, which depend on the applicant’s profile i.e. salaryid or non-salary, loan amount and CIBIL score. Salarid will get interest from 8 per cent to 9.50 per cent and non -salary at the rate of 8 to 9.60 per cent.
Baroda Max Savings (up to Rs 75 lakh): 8.00% to 9.60%
Cre Home Loans: 8.25% to 10.10%
MCLR rates have changed
Bank of Baroda new MCLR rates – These rates are in force from April 12.
1 year MCLR – 9.00%
6 months MCLR – 8.80%
3 months MCLR – 8.55%
This deduction has brought relief to the customers who are planning to buy a house. Loan approval in the bank’s digital home loan facility can also be taken in early and less documents.
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