Mumbai: Leading public sector lender in the country, Bank Of Maharashtra has decided to reduce the interest rate on home loans. The interest rate on home loans is reduced to 8.4%. The new rates will came into effect from March 13. This will one of the lowest interest rate on home loans in the banking sector.
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Currently, the interest rate on a home loan is 8.6%. The BoM has also announced a special rate of interest (ROI) for defence personnel, including paramilitary forces, benefiting salaried and pensioner categories for home loans. Earlier, the BoM had waived processing fees for its gold, home and car loans under the festive offer.
Last week, public sector lender Bank of Baroda slashed its home loan interest rates by 40 basis points (bps) to 8.5%.
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