Bank of Baroda, a public sector lender, has further lowered the interest rates on its home loans to 7.45% annually. This represents a decrease from the previous 7.50%. Additionally, the bank said that it has eliminated processing costs for new borrowers.
This action comes after the Reserve Bank of India (RBI) lowered the policy repo rate in June, which caused the banking institution to lower its home loan rates from 8.00% to 7.50%.
It is anticipated that this most recent cut will make home ownership more accessible and help the government achieve its larger economic goal of increasing demand in the nation’s housing market.
We’re still working toward our goal of lowering the barrier to home ownership. “This most recent cut is intended to support citizens’ goals and increase credit growth,” stated Sanjay Mudaliar, Bank of Baroda’s executive director.
