Public sector bank Bank of Maharashtra (BOM) has cut its home loan interest rate by 0.20 per cent.
A statement issued by the bank said:
The interest rate on home loans was 8.6 percent so far. It has now been reduced to 8.4 percent. The new rate is effective from Monday (March 13).
8.4 percent is one of the lowest rates in the Indian home loan market.
Apart from this, the bank is also implementing special home loan schemes for those serving in the security forces including the paramilitary forces, the statement said.
Earlier, another public sector bank, Bank of Baroda (BOP) cut its home loan interest rate by 0.40 percentage points to 8.5 per cent. Also, it is worth recalling that the loan interest rate for micro, small and medium enterprises was reduced to 8.4 percent.