Watch Shri P.S. Jayakumar, MD & CEO, #BankofBaroda shares his views on the introduction of the new RBI Repo Rate and introduces a new Home Loan variant.
Bank of Baroda, India’s second largest public sector bank, has introduced a new variant of home loan product linked to Reserve Bank of India’s Repo Rate.
The new home loan variant will directly link interest rate to an external benchmark, which in this case is the repo rate and thereby build a direct link to ensure fair and transparent transmission of the monetary policy rate.
While customers can pick between MCLR linked rates and Repo Rate, the Home Loan linked to the repo rate will be available at an interest starting at 8.45%. This move is following RBI reducing the key interest rate (repo) by 35 basis points to a nine-year low of 5.40%.
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