Public sector Bank of Baroda has cut the initial interest rate of home loans, giving great relief to its customers. The bank has reduced the initial interest rate 8.40 percent to 8 percent. The bank said that these rates would apply to new home loan and home improvement loans. This rate will apply to loans of 1.5 million and above and it will be connected to the credit score of the borrower. Bank of Baroda has already given the benefit of cut in repo rate to its existing customers with loans connected to repo rate.
Relief for women borrowers
According to the news, the bank is also offering 0.05% per year for women borrowers on shifting of ready properties, home loans and 0.10% per year for borrowers below 40 years. This move of the bank will make the ownership of the house even more economical with new low home loan rates.
Many banks have reduced interest
Before Bank of Baroda, banks like State Bank of India, Punjab National Bank, Indian Bank, Bank of Maharashtra and Canara Bank have also cut home loan rates. The Reserve Bank of India has cut the policy rate by 50 basis points in recent months, after which banks have also given relief to customers.
LIC increased stake
A few days ago, LIC has increased its stake in Bank of Baroda (BOB) by about 2 per cent to 7.05 per cent. LIC has won an additional 10.45 crore shares from the open market over a period of one and a half years. According to LIC, with the acquisition made between November 20, 2023 and April 16, 2025, LIC’s stake in Mumbai -based bank has increased from 5. 03 per cent to 7.05 per cent.
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