Bank of Maharashtra Reduces home loan Interest to 8.4%

Public Sector Bank of Maharashtra Reduces home loan Interest to 8.4%, the lowest as far as the other banks are concerned. Recently the another public sector Bank of Baroda had reduced the Rate of Interest on home loan to 8.50%. The move made by BoM to push the retail lending growth of the bank and attracting new customers with higher credit score.

But, there is a catch in this attractive rate of interest on Home loan. The lowest rate offered is for the best borrowers who have highest Cibil scores. Banks are finding these groups of the borrowers the best suited as defaults are apparently nil. BoM had earlier waived processing fee for home loans as well as gold loans and car loans.

India’s largest lenders like SBI and HDFC are offering home loans at 8.50%.