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Is it true that belief in baptismal regeneration is a damnable heresy?
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Yes, because it turns baptism into a requisite work in order to be saved. If I can point to my baptism as securing my salvation, I turn the finished work of Christ into a lesser part of the gospel.
Is it damnable? Only if a person places their faith in their baptism and not Christ alone. Like any other sin it can be repented of and forgiven.