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Public sector lender Bank of Maharashtra (BoM) has reduced its home loan interest rate to 7 per cent from 7.1 per cent under a limited-period promotional campaign aimed at homebuyers. Alongside the lower lending rate, the bank has waived processing fees and documentation charges on home loans, lowering the overall borrowing cost for customers. The lender has also announced a car loan interest rate starting at 7.45 per cent under the same scheme. The initiative is intended to make retail financing more affordable by reducing upfront expenses as well as monthly equated monthly instalments (EMIs) for borrowers.
Public sector lender Bank of Maharashtra (BoM) has reduced its home loan interest rate to 7 per cent from the existing 7.1 per cent under a limited-period promotional campaign. The lender has also waived processing fees and documentation charges on home loans as part of the offer, providing borrowers with lower upfront costs in addition to reduced borrowing rates.
The special campaign, branded as Monsoon Dhamaka, offers eligible customers home loans at an interest rate starting from 7 per cent. According to the bank, the waiver of processing fees and documentation charges forms part of the package, making home financing more affordable during the promotional period.
In a statement, the bank said the combined benefit of lower interest rates, zero processing fees and waived documentation charges reflects its commitment to providing competitive financing solutions while helping customers achieve home ownership at a lower overall cost.
Apart from housing finance, Bank of Maharashtra has also announced concessional pricing for vehicle finance under the same campaign. Car loans will be available at interest rates starting from 7.45 per cent during the offer period.
The bank stated that both the home loan and car loan rates are among the lowest currently available in the banking industry. It added that the reduction in lending rates, together with the elimination of processing and documentation charges, would substantially lower the financial burden on borrowers by reducing both initial loan acquisition costs and monthly equated monthly instalments (EMIs).
Lower home loan interest rates generally improve housing affordability by reducing repayment obligations for prospective buyers. Waivers on processing and documentation charges also reduce the initial expenditure associated with obtaining a housing loan, making property purchases more accessible for eligible borrowers.
The announcement comes as lenders continue to compete for retail lending business through promotional offers and competitive pricing. Housing finance remains one of the largest segments of retail lending, with banks using interest rate reductions and fee waivers to attract new customers and support demand in the residential property market.
Bank of Maharashtra did not specify the duration of the Monsoon Dhamaka campaign but described it as a limited-period offer available to eligible borrowers.
Source - PTI
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