The state lender Bank of Baroda (BOB) has revised its lending rates following the revision of its marginal cost of funds based lending rates with effect from November 12.
As of now, the home loan rates of Bank of Baroda range between 8.5 percent to 9.85 percent, shows the official website of Bank of Baroda.
After the revision of Marginal cost of funds-based lending rates (MCLR) on November 12, 2022, the overnight MCLR is now 7.25 percent, one-month MCLR is 7.7 percent, 3-month MCLR is 7.75 percent, 6-month MCLR is 7.90 percent and one-year MCLR is 8.05 percent.
At the same time, the home loan interest rate has slashed by 25 basis points, media reports suggest. The revised rates are applicable for fresh home loans and takeover of existing home loans from other lenders. This special rate is linked to a borrower’s credit profile.
For loans linked to base rate, the bank levies a rate of 8.60 percent w.e.f. October 12, 2022. For Baroda home improvement loan, the rate of interest is base rate + 2.50 percent.
Savings bank rates revised
At the same time, the state lender has also revised its savings bank deposit rates with effect from Nov 14. The latest savings bank interest rates for an amount up to ₹50 crore is 2.75 percent. For an amount between ₹50 to 200 crore, the rate of interest is 3 percent.
For a bigger amount up to ₹500 crore, the rate of interest is 3.05 percent. The sum between ₹500 crore and above, the rate of interest is 3.35 percent.