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Bank of Maharashtra (BoM) has decided to reduce the minimum interest rate on which mortgages are offered from 8.30% to 8%. The Pune-based public sector bank also cut personal loans by 245 basis points from 11.35% to 8.9%.
The revised mortgage and personal loan interest rates will come into effect on October 17, 2022. On mortgages, the bank said it has introduced his 8% special interest rate for defense personnel, including paramilitary forces, which benefits both salaried workers and pensioners categories. .
The BoM has already waived processing fees for gold, home and car loans under its ‘Diwali Dhamka’ offer. “At a time when loan rates are rising across the spectrum as policy rates rise, banks are discounting retail loans to cheer up customers during the holiday season,” the BoM said in a statement. said.
SBI offers
Last week, the State Bank of India (SBI) decided to offer concessions of up to 0.25% on mortgages, 0.15% on additional loans and 0.30% on loans against real estate for a limited time.
The offer is part of the bank’s celebration jackpot and marks the milestone of over Rs.6 lakh in assets under management in the mortgage segment.
India’s largest bank said in a statement that interest rates for buyers on new mortgages and acquisitions would start at 8.40%, while additional loans for furniture/renovation/home remodeling would start at 8.80%. We are waiving processing fees for mortgages through January 31st.
Published October 16, 2022
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