Repo Rate Cut Impact: This Bank Reduces Home Loan Interest By 25 Bps – News18
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Bank of India has reduced home loan interest rates by 25 basis points to 7.90% p.a., effective April 15, 2025. This move follows the Reserve Bank of India’s repo rate cut to 6%.
RBI cuts repo rate by 25 bps to 6 per cent amid controlled inflation.
Repo Rate Cut Impact: Bank of India, one of the leading public sector banks in India, has announced a reduction of 25 basis points in its home loan interest rates, benefitting both new and existing customers. With this revision, the home loan rate stands reduced from 8.10 % p.a. to 7.90% p.a. based on CIBIL score.
This move is aimed at making home ownership more accessible and affordable, in line with the Bank’s ongoing commitment to support customers in achieving their financial goals. The revised rates come into effect from the 15th April 2025
In addition to home loans, Bank of India has also reduced interest rates by 25 basis points across select existing retail loan products, including vehicle loan, personal loan, loan against property, education loan and Star reverse mortgage loan.
This adjustment reflects the Bank’s proactive approach to passing on the benefits of favourable market conditions to its customers, while continuing to offer competitive and customer-friendly lending solutions.
In its bi-annual MPC meeting 2025 between April 07 to April 09, Reserve Bank of India announced to cut its repo rate by 25 bps to 6 per cent from 6.25 per cent amid controlled inflation, marking a second time revision in the interest rates after keeping stagnant for almost 5 years since covid-19 times.
Since then, several lenders have aligned interest rates on loans including home loan, personal loan, vehicle loan, etc.
