Bank of Baroda reduced its home loan interest rate from 6.5 per cent to 6.75 per cent to support customers availing affordable loans during the festive season. The public sector bank shared in a statement that the reduced interest on home loans came into effect from October 7, 2021. The bank has extended the festive season of interest rate till the end of the year (December 31).
The new interest rates will be available to customers who are applying for new loans, transferring loans or looking to refinance their existing loans, making the offer more inclusive. The bank will not charge any processing fee on the home loan- which was already on offer and was extended till December 31. The state-run lender is the fourth largest nationalized bank in India.
Bank of Baroda joins several other banks that have slashed home loan interest rates during the festive season as a special offer. State Bank of India has reduced the interest on home loans to 6.7 percent.
Other private lenders such as HDFC Bank and Kotak Mahindra Bank reduced the home loan interest rate to 6.7 per cent and 6.5 per cent respectively.
On Friday, October 8, shares of Bank of Baroda were trading at Rs 84.20, up 0.24 per cent on the BSE. Bank of Baroda opened at Rs 84.95 on BSE, recording an intraday high of Rs 85.45 and an intraday low of Rs 83.35 in the trading session so far.
On NSE, Bank of Baroda was trading 0.36 per cent higher at Rs 84.40 last time. Bank of Baroda opened at Rs 84.75 on NSE, touching an intraday high of Rs 85.50 and intraday low of Rs 83.35 in the session so far.