Bank of Maharashtra lowers home loan rate to 6.40%

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State-owned Bank of Maharashtra (BoM) on Sunday announced a cut in interest rate on home loans to an all-time low of 6.40 per cent, from the existing 6.80 per cent under the 'Retail Bonanza-Festive Dhamaka' offer. Besides, the bank has also lowered interest rate on car loans to 6.80 per cent, from 7.05 per cent in line with market competition.

The new rates would be effective from December 13, BoM said in a statement. The 'Retail Bonanza-Festive Dhamaka' offer rate is linked to borrowers' credit score, it said, adding, the bank has already waived processing fee for its gold, housing and car loan.

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"We believe that 'Retail Bonanza-Festive Dhamaka' offerings will help customers to save more on their loans and bring cheers in their lives," BoM Managing Director A S Rajeev said. With the offer, the bank is providing one of the lowest interest rates in retail loans especially for housing and car loans in the industry, BoM Executive Director Hemant Tamta said.