Bank of Maharashtra cuts home loan rate to 8%

[] The public lender is one of the few banks that have come forward to offer some relief to homebuyers this festive season amid rising interest rates.

Public lender Bank of Maharashtra has said it would offer home loans at a starting interest of 8%, keeping in view of the ongoing festive season.  So far, the Pune-based lender has been offering housing loans at 8.3% interest.

However, the lowest rates will be offered to only salaried borrowers with a credit score of 800 and above. The lowest rate will also be applicable only on housing loans worth up to Rs 30 lakh. As part of its “Diwali Dhamaka” initiative, Bank of Maharashtra will also not charge any processing free on home loans.

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The new rate will be effective from October 17, 2022.

Recall here that stet-run Bank of Maharashtra is the third bank after SBI and HDFC that has announced some discount to homebuyers this festive season amid a rate hike spree by most financial institutions. The interest rate increase by banks is in response to the RBI increasing the repo rate to 5.90 with a 190-basis point or 1.90% appreciation in the benchmark lending rate since May 2022.

“At a time when loan interest rates are rising across the spectrum in line with the rising policy rates, the bank is making retail loans cheaper to bring in cheer among customers during the festive season. It is expected customers will make best use of these benefits. Bank in its constant endeavor offering best financing solutions to all its valued customers and help them fulfill their needs,” Bank of Maharashtra has said in a press statement.

The move by the bank would give a positive push to buyer spirit during this festive season—especially to buyers in Mumbai, where property registration numbers have been on rise, latest data show.  Data available with the inspector-general of registration showed property sales in Mumbai during the Navratri festival recorded a 14% jump when compared to the Navratri period last year.

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