State-owned Bank of Maharashtra (BoM) on Sunday announced that it will reduce the interest rate on home loans to 8.4 per cent from the existing 8.6 per cent.
The new rate will be effective from March 13, 2023, the bank said in a statement.
The reduction of home loan to 8.4 per cent makes it one of the lowest in the banking sector.
The bank also offers a special rate of interest (ROI) for home loans for benefiting salaried, defence personnel, including paramilitary forces and pensioner categories.
Additionally, the bank has already waived processing fees for its home, gold, and car loans under the festive offer.
Last week, public sector lender Bank of Baroda cut its home loan interest rate to 8.5 per cent by 40 basis points (bps). The bank also reduced its MSME loan interest rates starting at 8.4 per cent. Customers could get this offer from March 5 till March 31.
With inputs from PTI
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