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Bank of Maharastra reduces home loan interest rates

Bank of Maharashtra reduces home loan interest rates

Apnaloan.com Research Bureau

11 Feb 2008

Bank of Maharashtra has reduced interest rates on home and education loans by 0.25-2.5 per cent for loans sanctioned on or after March 5, 2007.

The current floating interest rate for a home loan up to Rs. 20 lakh for a five-year tenure is 9.75 per cent, 10 per cent for loans for 5-10 years and 10.25 per cent for a 10-20 year tenure.

Fixed interest rates for a Rs. 20 lakh home loan for 5 years is 10.50 per cent and 11 per cent for 5-10 years.

 For loans above Rs 20 lakh, the floating rate for 5-year home loans is 10 per cent, 10.50 per cent for 5-10 years, 10.75 per cent for 10-15 years, and 11.50 per cent for a 15-20 year loan tenure.

For education loans up to Rs 4 lakh, the rate was cut by 0.50 per cent, from 12.50 per cent to 12 per cent, while loans above Rs 4 lakh, the revised rate is 12.75 per cent, down from 13.25 per cent.