Bank Of Maharashtra Slashes Home Loan Rate To 8.35%
As part of its New Year promotion for customers, the Bank of Maharashtra (BoM) reduced its home loan rate by 15 basis points to 8.35 per cent on 3 January 2024.
This move, encompassing lowered interest rates and waived processing fees on home loans, showcases the bank's dedication to offering prime financing solutions and supporting its clients' requirements, as stated by the bank.
Amidst the current high-interest rate environment, the bank is striving to make retail loans more affordable to bring positivity to its customer base, as highlighted in the statement.
The state-owned bank is presenting one of the most competitive interest rates in the banking sector for home loans through this initiative. Additionally, the bank has already eliminated processing fees for home, car and retail gold loans as part of its 'New Year Dhamaka offer'.
According to the business update disclosed on 2 January, the bank's overall business expanded by 18.92 per cent year-on-year, reaching Rs 4.34 lakh crore by the quarter ended 31 December 2023. This surge is attributed to a 17.9 per cent rise in deposits, amounting to Rs 2.46 lakh crore and a 20.3 per cent increase in gross advances, totaling Rs 1.89 lakh crore.
