Bank of Maharashtra slashes home loan rates to 7%

Public sector lender Bank of Maharashtra (BoM) on Sunday slashed its home loan rate to 7 per cent from the existing 7.1 per cent as part of an offer.

The bank has launched of a special limited period — Monsoon Dhamaka — offering its home loan starting from 7 per cent interest rate along with complete waiver of processing fees and documentation charges, BoM said in a statement on Sunday.

This triple benefit of reduced interest rates with zero processing fees and documentation charges reflects bank’s commitment to offer best financing solutions to all its customers and help them fulfil their dreams, it said.

The 7 per cent interest rate on home loans and 7.45 per cent interest rate on car loan are priced among the lowest in the industry, which, along with zero processing fees and documentation charges, significantly reduce the EMI burden on the customers, it said.