If on your wish list is finally getting a house, Bank of Baroda (BoB) has just made it that much easier! One of India’s most respected Public Sector Banks, BoB has slashed home loan interest rates by 40 basis points (bps) for the benefit of new borrowers. A new home purchase loan with an interest rate as low as 8.00% per annum can now be availed against the previous rate of 8.40%.
Bank of Baroda Home Loan interest rate 2025
This move from BoB came right after the Reserve Bank of India (RBI) decreased the repo rate by 50 basis points in early April. The banks have started passing this benefit to their customers, and Bank of Baroda stands first in rendering affordable home loans for more easy access to homeownership.
Who Benefits from Lower Interest Rates?
After the reduction in home loan rates, all new loans for ₹15 lakhs and above, either to purchase a new home or to renovate an existing home, will be covered under the new rates.
Your final interest rate shall depend on your credit score: good CIBIL scores get the best deals. On top of this, the bank is going to offer some extra discounts, making these loans even more attractive.
- 0.05% discount for female applicants
- 0.10% discount for borrowers below 40 years of age
- 0.10% discount for balance transfers, constructed homes, and government-approved housing projects
Bank of Baroda Home Loan Interest Rates (2024 Update)
Depending on your employment status, loan amount, and credit profile, interest rates vary:
- Salaried Individuals: 8.00% – 9.50% p.a.
- Self-Employed/Non-Salaried: 8.00% – 9.60% p.a.
Key Home Loan Products & Rates:
- Baroda Max Savings (up to ₹75 lakh): 8.00% – 9.60% p.a.
- CRE Home Loans: 8.25% – 10.10% p.a.
Revised MCLR Rates (Effective from April 12)
Bank of Baroda has also adjusted its Marginal Cost of Funds Based Lending Rate (MCLR):
- 1-Year MCLR: 9.00%
- 6-Month MCLR: 8.80%
- 3-Month MCLR: 8.55%