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.

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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.