Mumbai: Bank of India (BOI) has lowered its home loan interest rates by 25 basis points, bringing them down to 7.90 percent per annum, effective April 15, 2025. This rate is linked to the borrower's CIBIL score and is applicable to both new and existing customers.
This move follows the Reserve Bank of India’s recent decision to reduce the repo rate by 25 basis points to 6 percent. Several other banks have made similar cuts to their loan and deposit rates in response.
Apart from home loans, BOI has also reduced interest rates by 25 bps on a range of retail loans including:
- Vehicle Loans
- Personal Loans
- Loans Against Property
- Education Loans
Star Reverse Mortgage Loan
The bank stated that these changes aim to pass on the benefits of a better market environment to its customers and make borrowing easier and more affordable.
FD Rates Also Adjusted
BOI has also revised fixed deposit (FD) rates for select tenures. These apply to both deposits below Rs 3 crore and those between Rs 3 crore and Rs 10 crore.
For deposits below Rs 3 crore:
91 to 179 days: 4.25 percent
180 days to <1 year: 5.75 percent
1 year: 7.05 percent
1 year to 2 years: 6.75 percent
For deposits between Rs 3 crore and <Rs 10 crore:
91 to 179 days: 5.75 percent
180 to 210 days: 6.25 percent
211 days to <1 year: 6.50 percent
1 year: 7.05 percent
1 year to <2 years: 6.70 percent
BOI has also withdrawn its special 400-day FD that offered 7.30 percent interest, starting April 15, 2025.
