Government-owned Bank of Maharahtra (BoM) has reduced its home and auto loan rates. It has also trimmed deposit rates across different maturities.
BoM, in a release, said that loans sanctioned up to December 31, would be benefited by the decreased rates.
As per the revised rates, the bank would offer home loans to the extent of Rs. 30 lakh at 8 percent fixed rate of interest for the first two years, 8.5 for the third, 9.5 percent in the fourth and 9.75 percent in the fifth year.
After the fifth year the rates would be revised according to the benchmark prime lending rate of the bank.
For loans over Rs. 30 lakh the bank would charge 8.25 percent for the first two years, 9 percent for the third and 9.75 percent in fourth and fifth years.
Bank of Maharashtra trimmed the lending and deposit rates in July this year.