After the continuous increase in the repo rate of the Reserve Bank of India, where all the banks are increasing the loan interest rates. At the same time, the government Bank of Maharashtra has announced to reduce the interest rates of its home loan.
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If you have been troubled by seeing the news of every bank’s home loan being expensive. Then this news is for you. reserve Bank of India (RBI) constant repo rate of (Repo Rate) By increasing where most of the banks have increased the loan interest rates. And now the government sector Bank of Maharashtra (Bank of Maharashtra) new home loan Home loan Has announced a reduction in interest rates. The home loan interest rates of the bank are possibly the lowest in India.
Bank of Maharashtra informed in a statement that it has reduced the home loan interest rate from 8.6 percent to 8.4 percent. The new interest rates will come into effect from March 13, 2023.
Cheaper loans to defense personnel
The interest rate of 8.4 percent on home loan is one of the lowest interest rates in the banking sector. Apart from this, the bank provides home loans to defense personnel at a special interest rate. These include personnel of paramilitary forces. With this, both salary and pensioner defense personnel get home loans at affordable interest rates.
There is also no processing fee on these loans.
Bank of Maharashtra has already waived off the processing fee on gold, home and car loans. The bank has given this discount under the festive offer. While offering this offer, it was said that keeping in mind the benefits of the customers, it has started giving loans at an attractive rate of interest.
Bank of Baroda had also reduced the interest rate
Last week the public sector Bank of Baroda (Bank of Baroda) Also reduced the interest rates on home loans by 0.40 percent to 8.5 percent. Not only this, the bank has given loans to small and medium industries. (MSME Loan) The interest rates were reduced to 8.4 percent. These special interest rates of Bank of Baroda are valid till March 31, 2023 only.
While Canara Bank of the public sector (Canara Bank) Has announced an increase in its MCLR by 0.45 percent from yesterday i.e. March 12.
