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Mumbai Mumbai:The Bank of Baroda has announced further deduction in the interest rates of its home loan, reducing it to 7.45 percent per year with immediate effect and also offered zero processing fees. The step is in line with the bank’s commitment to make the home loan more economical and promote debt growth for its home loan borrowers.

This latest rate deduction has been done by the bank in June by the Reserve Bank of India in response to the relaxation of policy rates after a reduction of its home loan interest rates from 8 percent per year from 7.50 percent per year.

Commenting on this, Sanjay Mudaliar, Executive Director of Bank of Baroda, said: “We continue to work towards our commitment to make the ownership of the house more accessible. This is aimed at supporting the latest deductions in the interest rates of our home loan and encouraging citizens’ aspirations and encouraging debt growth.