January 10, 2017
Bank of Baroda, one of the largest public sector banks in the country, has reduced its home loan interest rate by 70 bps to 8.35%. The bank has decided to offer home loans to customers with CIBIL score of 760 or more at its 1-yr marginal cost of funds-based lending rate (MCLR). The bank will also extend this benefit of availing home loan at MCLR to customers with no credit history i.e. CIBIL score of -1 to 0. After this reduction of rate, home loans from Bank of Baroda will be available at interest rates ranging from 8.35% – 9.35%.
For existing home loan customers, the lender further waived off switchover fees for those customer who want to switch to MCLR from base rate. By switching to MCLR, existing customers of the bank can save a substantial amount of money on their home loan EMIs. According to bank officials, customers with a home loan of Rs.50 lakh can save an amount of Rs.2496 per month on EMIs for a tenure of 30 years due to this reduction of interest rate.
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