Bank of Maharashtra lowers home loan interest to 8.4%

Bank of Maharashtra lowers home loan interest to 8.4%

Key Points of Home Loan Interest Rate Reduction:

  • Bank of Maharashtra (BoM) has reduced its interest rate for housing loans from 8.6% to 8.4%.
  • The new interest rate will be effective from March 13, 2023.
  • BoM’s home loan interest rate is among the lowest in the banking industry.
  • The bank offers a special rate of interest for home loans to members of the armed forces and paramilitary formations.
  • BoM has waived processing fees for gold, home, and auto loans as part of a holiday promotion.
  • Bank of Baroda (BoB) has also reduced its home loan interest rate to 8.5% and lowered interest rates on its MSME loans to 8.4% effective from March 5, 2023, until March 31, 2023.

Details of Home Loan Interest Rate Reduction:

On Sunday, the government-owned Bank of Maharashtra (BoM) announced that the interest rate on housing loans would be lowered from its previous 8.6 percent to 8.4 percent.

As of March 13, 2023, the new rate will be in force, according to a statement from BoM.

With an interest rate of 8.4%, the home loan is among the lowest in the banking industry.

Additionally, it claimed that the bank offers home loans at a special rate of interest (ROI) for members of the armed forces, including paramilitary formations.

According to the lender, BoM has already removed processing fees for its gold, home, and auto loans as part of the holiday promotion.

According to the statement, BoM is providing the most profitable ROI along with a variety of extra incentives for consumers who choose to use its goods.

The interest rate on home loans offered by public sector lender Bank of Baroda was reduced by 40 basis points (bps) to 8.5 percent last week.

Additionally, BoB lowered the interest rates on its MSME loans, which now start at 8.4%.

According to a prior statement from BoB, both deals went into effect on March 5, 2023, and are only available through March 31, 2023.

About Bank of Maharashtra:

Bank of Maharashtra offers banking services across various segments, which include Treasury, Corporate/Wholesale Banking, Retail Banking, and Other banking operations.

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