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Updated January 5th, 2024 at 17:41 IST

Bank of Maharashtra cuts home loan interest rates - Details here

Bank of Maharashtra has effectively lowered its home loan rates, making it one of the most competitive options in the market, read more below

Rishi Shukla
Bank of Maharashtra new home loan rates
Bank of Maharashtra new home loan rates | Image:ANI
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In a significant move to kick off the New Year 2024 on a positive note, Bank of Maharashtra (BOM) has announced a generous reduction in its home loan interest rates. The bank has slashed the rates by 15 basis points, translating to a 0.15 percent decrease. As a result, customers can now avail themselves of home loans at an attractive rate of 8.35 percent. Additionally, the bank has chosen to waive off processing fees on home loans, providing a double benefit for potential homeowners.

Key Highlights:

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Interest Rate Reduction: Bank of Maharashtra has effectively lowered its home loan rates, making it one of the most competitive options in the market. The reduction of 15 basis points emphasizes the bank's commitment to providing affordable financial solutions for its customers.

Processing Fee Waiver: In a move to further sweeten the deal, the bank has decided to eliminate processing fees on home loans. This strategic decision aims to attract a larger customer base, providing added incentive for individuals looking to invest in their dream homes.

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New Year Dhamaka Offer: As part of its broader initiative to enhance customer satisfaction, the bank has extended the waiver of processing fees to home, car, and retail gold loans. This comprehensive 'New Year Dhamaka Offer' positions Bank of Maharashtra as a customer-centric institution, prioritizing the financial well-being of its clientele.

Statement from the Bank: In an official statement, the bank expressed its commitment to making retail loans more affordable, ensuring customer delight in the face of prevailing high-interest rates. The move reflects the bank's dedication to providing one of the lowest interest rates in the banking industry for home loans. The statement emphasized that the combined benefits of reduced interest rates and waived processing fees aim to attract a more extensive customer base.

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Financial Performance: According to the latest market update filed on January 2, Bank of Maharashtra witnessed robust business growth, reporting an 18.92 percent year-on-year increase, reaching Rs 4.34 lakh crore for the quarter ending December 31, 2023. This growth was underpinned by a substantial 17.9 percent rise in bank deposits, totaling Rs 2.46 lakh crore. The bank's gross advances also saw a commendable 20.3 percent increase, bringing the total value to Rs 1.89 lakh crore.

Bank of Maharashtra's strategic move to reduce home loan interest rates and waive processing fees is not only a timely New Year's gift for customers but also a testament to the bank's proactive approach in adapting to market dynamics. As the bank continues to foster financial growth, customers can look forward to more accessible and affordable home financing options.

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Published January 5th, 2024 at 17:41 IST

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