BoM slashes home loans interest rates

Bank of Maharashtra, today said that it would offer reduced interest rates for housing loans sanctioned during the festival period under Mahabank Platinum Housing Loan Scheme. The new rates will be applicable for loans sanctioned between September 16 and December 31, a press release issued here said. For loans upto Rs 30-lakh, the new interest rate for the first two-years will be 8 per cent, for the third year 8.5 per cent, for the fourth year 9.5 per cent and for the fifth year 9.75 per cent. The average interest rate for the first five-year period will be 8.75 per cent. The rate will be reset at the end of every fifth year, the release said. For loans above Rs 30-lakh, the interest rate for the first two-years will be 8.25 per cent, for the third year 9 per cent and for the fourth and fifth year 9.75 per cent. Average interest rate for the first five-year period will be 9 per cent. The rate will be reset at the end of every fifth year, the release said.