New Delhi, July 4 -- Public Sector lender Bank of Baroda has further reduced its home loan interest rates to 7.45% per annum. This is a reduction from the earlier 7.50%. The bank has also waived processing fees for new borrowers, the financial institution announced.

This move follows an earlier rate cut in June, when the financial institution brought its home loan rates from 8.00% to 7.50% after the Reserve Bank of India (RBI) reduced the policy repo rate.

This latest reduction is expected to ensure that home ownership becomes more affordable and support the government's broader economic objective of stimulating demand in the housing sector of the country.

"We continue to work towards our commitment of making home ownership more access...