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LENDING & CREDIT | Cesar Tordesillas, India

Bank of Baroda cuts home loan rates

Bank of Baroda reduced its home loan rates by 0.25 percent across all categories for both new and existing customers.

"To offer a stimulus to sagging demand amid the ongoing slowdown, we have reduced the interest rates on home loans by 25 bps across the board for our existing and new borrowers," it said.

The country's largest lender, State Bank of India, nnounced a similar cut in its retail offerings, including home and auto loans. SBI has said since then it has seen an uptick in demand.

Others such as IDBI Bank, Oriental Bank of Commerce, Corporation Bank, Dena Bank and Indian Bank, too, have cut interest rates following the SBI move.

But unlike other banks, BoB's rate cut are also applicable to existing borrowers.

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