After Bank of Baroda, this public sector lender cuts home loan rate to 8.4%
The home loan at 8.4 per cent makes Bank of Maharashtra it one of the lowest in the banking sector. This would help the public sector bank to get more home loan business and shall also help home loan borrowers to pay reduced EMIs.
Bank of Maharashtra – a state-owned public sector lender – on Sunday announced a reduction in the interest rate on home loans to 8.4 per cent from the existing 8.6 per cent.
The new rate is effective from March 13, 2023, BoM said in a statement.
The home loan at 8.4 per cent makes it one of the lowest in the banking sector.
Besides, it said, the bank has also a special rate of interest (ROI) for defence personnel, including paramilitary forces, benefiting salaried and pensioner categories for home loans.
Bank of Maharashtra has already waived processing fees for its gold, home and car loans under the festive offer, the lender said.
By introducing this offer, it said, Bank of Maharashtra is offering the most lucrative ROI with added benefits on its array of products, benefiting customers availing them.
Last week, public sector lender Bank of Baroda slashed its home loan interest rates by 40 basis points (bps) to 8.5 per cent.
Further, Bank of Baroda also reduced its MSME loan interest rates starting at 8.4 per cent.
Both offers were effective from March 5, 2023, and are valid for a limited period till March 31, 2023, Bank of Baroda said in a statement earlier.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
01:18 PM IST