Bank of Baroda (BoB) on Saturday announced a 15-basis point reduction in its repo-linked lending rate to 6.85% from 7% earlier, effective November 1. The lender’s retail loans — home loan, mortgage loan, car loan, education loan and personal loan — are linked to its Baroda Repo Linked Lending Rate. With the recent revision, home loan rates will start at 6.85% and car loan rates at 7.1%, mortgage loan rates at 8.05% and education loan rates at 6.85%, the bank said in a release.
Union Bank of India too slashed its interest rate by 10 basis points for home loans above ₹30 lakh. In a release, the bank said women borrowers would get further concession of 5 basis points. The new rates are effective November 1.