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State-owned Bank of Maharashtra (BoM) today (Sunday) announced a cut in interest rate on home loans to 8.4 per cent from the existing 8.6 per cent. Accordingly, the new rate will be effective from tomorrow, the bank said in a statement. It also said that those who have availed loans earlier can approach the bank and reduce their interest rate. Similarly, MSME loan interest rates have been reduced by 8.4 percent.