As we step into the new year, homebuyers receive heartening news as government banks roll out measures to make home loans more affordable.
Bank of Maharashtra (BOM), a prominent public sector bank, has announced a reduction in home loan interest rates by 0.15%, offering a competitive rate of 8.35%.
This move is part of the bank’s New Year offer, aimed at making homeownership more accessible to customers.
Double Benefits: Interest Rate Reduction and Processing Fee Waiver
In addition to the reduction in interest rates, Bank of Maharashtra has also decreased the processing fee for home loans.
The dual benefit of lower interest rates and the waiver of processing fees underlines the bank’s commitment to providing enhanced financing solutions, supporting customers in achieving their homeownership goals.
The bank recognizes the challenges posed by the current high-interest rate environment and aims to alleviate financial burdens for its customers by making retail loans more affordable.
Details of Home Loan Offerings by Bank of Maharashtra
Interest Rate: As per the official website of Bank of Maharashtra, the current interest rate for housing loans is 8.35%.
Discounts: Women and defense employees can avail an additional discount of 0.05% on the interest rate.
Loan Tenure: Home loans come with a maximum tenure of up to 30 years.
Eligibility: The loan facility is available for individuals up to the age of 75 years.
The bank proudly claims to offer the lowest interest rates on home loans in India, aligning its efforts with the government’s initiatives to boost homeownership and stimulate economic growth in the real estate sector.
Homebuyers are encouraged to seize this opportunity and fulfill their dream of owning a home in the new year.
