BoM cuts home loan rate to 7 per cent, waives fees

Public sector lender Bank of Maharashtra (BoM) on Sunday, August 2, slashed its home loan interest rate to 7 per cent from the existing 7.1 per cent as part of a limited-period offer.

The bank has launched a special scheme, "Monsoon Dhamaka," offering home loans starting at 7 per cent interest along with a complete waiver of processing fees and documentation charges, BoM said in a statement.

The triple benefit of a reduced interest rate combined with zero processing fees and documentation charges reflects the bank's commitment to offering the best financing solutions to its customers and helping them fulfil their dreams, it said.

The bank added that its 7 per cent home loan rate and 7.45 per cent car loan rate are among the lowest in the industry, and that these rates, coupled with the waiver of processing fees and documentation charges, significantly reduce the EMI burden on customers.

(With inputs from PTI)