Bank of Maharashtra cuts interest rates on home and personal loans

Bank of Maharashtra (BoM) has decided to reduce the minimum interest rate at which it will offer home loans to 8% from 8.30%. The public sector bank, headquartered in Pune, also cut personal loans by 245 basis points from 11.35% to 8.9%.

The revised interest rate on home loans and personal loans will come into effect on October 17, 2022. The Bank announced that it has introduced a special interest rate of 8% for defense personnel, including paramilitary forces, benefiting both categories of employees and retirees, for home loans. .

The BoM has already waived processing fees for its gold, real estate and car loans under the “Diwali Dhamaka” offer. “At a time when interest rates on loans are rising across the board in line with higher policy rates, the Bank is making retail loans cheaper to keep customers happy during the festive season,” the BoM said. in a press release.

The SBI offer

Last week, the State Bank of India (SBI) decided to offer a concession of up to 0.25% on home loans, 0.15% on top-up loans and 0.30% on home loans for a limited period.

This offering is part of the Bank’s festive bargain and is set to mark the milestone of surpassing ₹6 lakh crore of assets under management in the home lending segment.

The interest rate for buyers of new home loans as well as buyouts starts at 8.40% and top-up home furnishing/renovation/renovation loans start at 8.80%, said the India’s largest bank in a statement. SBI has also waived application fees on home loans through January 31, 2023.

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