Guwahati: Bank of Baroda (Bank), one of India's leading public sector banks, has reduced its home loan interest rates from 6.75%* pa to 6.50%* pa for a limited period, stated a press release.

This special rate is applicable till June 30, 2022.

The bank has also announced a waiver on processing fees during this period, the release added.

The new rate beginning at 6.50 percent per annum is available for customers applying for fresh home loans as well as for balance transfers. This special rate is available across all loan amounts and is linked to a borrower’s credit profile, the public sector lender said further.

Interestingly, the Bank of Baroda home loan interest rate cut was announced days after the bank notified a hike in its MCLR or marginal cost of funds-based lending interest rates by 0.05 percent, effective from April 12 this year. Bank of Baroda Home Loans is linked to an external benchmark i.e. RBI’s policy repo rate.