Bank of Baroda has slashed its home loan interest rate from 6.5 per cent to 6.75 per cent to support customers getting affordable loans during the festive season. The public sector bank shared in a statement that the reduced interest rate on home loans came into effect from October 7, 2021. The bank has extended the festive period of interest rates till the end of the year (December 31).
The offer may also include offers for customers applying for new interest rates, new loans, loan transfers or refinancing existing loans. The bank does not charge any processing fees on home loans — it was already on offer and has been extended until December 31st. The state-run lender is the fourth largest nationalized bank in India.
Bank of Baroda joins several banks in lowering home loan interest rates as a special offer during the festive season. State Bank of India has cut interest rates on home loans to 6.7 per cent.
Other private lenders, such as HDFC Bank and Kotak Mahindra Bank, cut interest rates on home loans to 6.7 percent and 6.5 percent, respectively.
Shares of Bank of Baroda rose 0.24 per cent to Rs. Traded on the BSE at 84.20. Bank of Baroda opened at Rs 84.95 on the BSE, with a high of Rs 85.45 and an intra-day high of Rs. 83.35.
At NSE, Bank of Baroda last rose 0.36 per cent to Rs. Was 84.40. Baroda’s Pinnacle opened at Rs 84.55 on the NSE.