Mumbai: The Bank of Maharashtra (BoM) has slashed its home loan rates. The rates were cut by 15 basis points to 8.35 per cent. The public sector bank has also waived processing fees on home loans.
‘In the current high-interest rate landscape, the bank is making retail loans cheaper to bring in cheer among customers. Bank has already waived processing fees for home, car, and retail gold loans under its ‘New Year Dhamaka offer’,’ said BoM in a statement.
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According to an update filed with the markets regarding the business on January 2, the bank witnessed a growth of 18.92 per cent year-on-year in its business, thereby hitting Rs 4.34 lakh crore for the quarter that ended on December 31, 2023. The bank saw a 17.9 per cent increase in deposits, which makes a total of Rs 2.46 lakh crore. The increase can also be attributed to the 20.3 per cent increase in gross advances, which took the total value to Rs 1.89 lakh crore.
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