Home Loan Rates : After the RBI cut the repo rate, many banks have followed suit and reduced their interest rates on loans. Now, Bank of Baroda (BOB) has provided relief to millions of its customers by reducing the interest rates on home loans. These new rates became effective from May 5, 2025. Additionally, the bank has also lowered the interest rates on Fixed Deposits (FDs).
Bank of Baroda Cuts Home Loan Rates
Bank of Baroda has made a significant change by reducing its home loan interest rates. The bank has cut the rates by 40 basis points. Now, for home loans above ₹15 lakh, the interest rates have dropped from 8.40% to 8%. However, the rates are still dependent on the credit score of the borrower. If your credit score is good, you might be eligible for even lower rates. This reduction in home loan rates is part of a recent revision made to the MCLR and BRLLR (Benchmark Prime Lending Rate).
Special Benefits for Women and Young Borrowers
The bank is offering special relief for certain categories of borrowers:
- Women borrowers will get a 0.50% annual reduction in their interest rates.
- Young borrowers under the age of 40 years can get a 0.10% discount on home loans, especially for ready properties or when transferring existing home loans.
In addition to this, Bank of Baroda is already passing on the benefits of the repo rate cuts to existing borrowers who have loans linked to the repo rate.
Changes in MCLR and BRLLR Rates
Bank of Baroda had revised its MCLR (Marginal Cost of Lending Rate) in April 2025. Here are the updated MCLR rates:
- Overnight MCLR: 8.15%
- One-month MCLR: 8.35%
- Three-month MCLR: 8.55%
- Six-month MCLR: 8.80%
- One-year MCLR: 9%
Additionally, the Base Rate is 9.45%, and the BPLR (Benchmark Prime Lending Rate) is 13.75% annually.
FD Interest Rates Also Reduced
Along with the home loan rates cut, Bank of Baroda has also reduced its Fixed Deposit (FD) interest rates, effective May 5, 2025. For example, the interest rate on the 444-day special FD for general citizens has decreased from 7.15% to 7.10%. For senior citizens, the rate has been reduced to 7.60%, and super senior citizens will get an interest rate of 7.70%.
Conclusion
Bank of Baroda has made significant changes to its home loan and FD interest rates, providing its customers with a great opportunity to benefit from lower rates. If you are planning to take a home loan Rates, this is the perfect time to take advantage of the reduced rates. Additionally, if you’re considering investing in Fixed Deposits, seniors and super seniors can earn higher returns. These changes are a win for anyone looking for affordable loans or better returns on investments.
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