Bank of Maharashtra cuts home loan interest rate by 15 bps to 8.35 pc

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In the run up to the financial year-end, Bank of Maharashtra (BoM) has cut its home loan Interest rates by 15 basis points to 8.35 per cent from 8.50 per cent.

The Pune-based public sector bank said the revision in the home loan rate is with immediate effect. The processing fees has also been waived on home loans.

In the second quarter ended September 30, BoM reported a 16.58 per cent year-on-year increase in home loans to ₹26,686 crore.

Home loans accounted for about 57 per cent of the Bank’s retail portfolio of ₹46,449 crore as at September-end 2023.

The bank, in a statement, said its home loan interest rate is one of the lowest among banks for home loans.

BoM has already waived processing fees for home, car and retail gold loans under its “New Year Dhamaka offer”.