Mumbai: State-run Bank of Baroda on Thursday said it has reduced its home loan rate by 25 basis points (bps) to 6.50 per cent from 6.75 per cent.

The new rate will be available for customers till December 31, 2021, the lender said in a press release.

The rate will be offered to customers applying for fresh loans, loan transfers, or looking to refinance their existing loans.

Our customers will get benefited from this offering in this festive season. With this reduced rate of interest, Bank of Baroda home loans are now offering the most competitive rates across categories for a limited period till December 31, 2021, the bank's General Manager (Mortgages and Other Retail Assets) H T Solanki said.

The lender said nil processing fee on home loan was already on offer and has been extended till December 31, 2021.

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