If you are planning to buy a house, then there is good news for you; these government banks have reduced their home loan rates.

BOB Home Loan Rates: After reducing the interest on home loans from 8 percent to 7.50 percent, now Bank of Baroda has again reduced the interest rate for home loans by 5 basis points (bps).

BOB Home Loan Rates: If you are also planning to buy a house, then there is a good news for you. Public sector Bank of Baroda has announced to reduce the interest on home loans. Bank of Baroda said on Friday (July 4) that the interest rate for home loans has been reduced by 5 basis points (bps) i.e. 0.05 percent. With this, now the annual interest rate on home loans has been reduced to 7.45 percent. Apart from this, the bank has also waived the processing fee for those taking a new loan.

Interest rate was also reduced in June

Earlier on June 6, after the reduction of 50 basis points in the repo rate, the bank had reduced the interest on home loans from 8 percent to 7.50 percent. Now it has been reduced by another 5 basis points. According to a CNBC report, Sanjay Mudaliar, Executive Director of Bank of Baroda, said, "The purpose of this new reduction in home loan rate is to support people's desire to buy a house and increase credit growth." You can apply for a home loan digitally or in-branch.

These banks also reduced their home loan interest

Apart from Bank of Baroda, Punjab National Bank (PNB), Indian Bank and Bank of India (BOI) have also made their home loans cheaper. All these banks have reduced their Marginal Cost of Lending Rate i.e. MCLR by 5 basis points in July.

With this rate cut, PNB's overnight MCLR has come down from 8.25 percent to 8.20 percent. Whereas, 1 month MCLR has been made 8.35 percent, 3 months 8.55 percent and 3 year MCLR has been made 9.20 percent.

Similarly, no change has been made in Indian Bank's overnight MCLR of 8.20 percent. 1 month MCLR has been made 8.40 percent, 3 months 8.60 percent, 6 months MCLR 8.85 percent, 1 year MCLR has been made 9.00 percent.

Bank of India's overnight MCLR has been fixed at 8.10 percent, 1 month MCLR at 8.40 percent, 3 month MCLR at 8.55 percent, 6 month MCLR at 8.80 percent, 1 year MCLR at 9.00 percent and 3 year MCLR at 9.15 percent.