Bank of Baroda lowered its home loan interest rate to 6.5 per cent to 6.75 per cent to support customers seeking affordable loans amid the festive season. The public sector bank shared in a statement that the lowered interest on home loans came into effect from October 7, 2021. The bank has extended the festive season of the interest rate till the end of the year (December 31).
The new interest rates will be available for customers applying for fresh loans, loan transfer or looking to refinance their existing loans making the offer more inclusive, according to its statement. The bank will not charge any processing fee on home loans- which was already on offer and is extended till December 31. The state-run lender is the fourth largest nationalised bank in India.
Bank of Baroda joins several other banks which have slashed the home loan interest rates as a special offer in the festive season. State Bank of India reduced its interest on home loans to 6.7 per cent.
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 last trading 0.24 per cent higher at Rs 84.20 on the BSE. Bank of Baroda opened on the BSE at Rs 84.95, registering an intra day high of Rs 85.45 and an intra day low of Rs 83.35, in the trading session so far.
On the NSE, Bank of Baroda were last trading 0.36 per cent higher at Rs 84.40 apiece. Bnak of Baroda opened on the NSE at Rs 84.75, touching an intra day high of Rs 85.50 and an intra day low of Rs 83.35, in the session so far.