Bank of Maharashtra slashes home loan rate on new year by 15 bps to 8.35%

State-owned Bank of Maharashtra (BoM) on Wednesday trimmed its home loan rate by 15 basis points to 8.35 per cent as part of its new year offer to customers.

The processing fees are also waived on home loans, BoM said in a statement.

This dual benefit of reduced interest rates and waiver of processing fees in home loans is a testament of bank's commitment to offer best financing solutions to all its valued customers and help them fulfil their needs, it said.

In the current high-interest rate landscape, bank is making retail loans cheaper to bring in cheer among customers, it said.

By introducing this offer, bank is offering one of the lowest interest rates in the banking industry for home loans, it said, adding, the bank has already waived processing fees for home, car and retail gold loans under its 'New Year Dhamaka offer'.