Bank of Maharashtra Slashes Home Loan Rates by 15 Basis Points, Waives Processing Fees

Bank of Maharashtra made a significant move by slashing its home loan rates by 15 basis points to 8.35% on January 3rd, alongside a complete waiver of processing fees.

This reduction, part of its ‘New Year Dhamaka’ offer, positions the bank with one of the most competitive interest rates in the industry for home loans, extending its fee waivers to home, car, and retail gold loans.

This initiative reflects the bank’s commitment to providing top-notch financing solutions, aiming to meet the varied needs of its esteemed clientele. Amidst the current landscape of high-interest rates, the bank’s effort to make retail loans more affordable intends to spread a wave of positivity among its customers.

This move follows the recent decision by the RBI Governor-led monetary policy committee to maintain the repo rate at 6.5% for the fifth consecutive time, contrasting the six consecutive rate hikes totalling 250 basis points until the pause in April.

In another stride, Bank of Maharashtra overall business surged to ₹4.35 lakh crore in the third quarter of FY24, marking a robust 19% increase compared to the same period last year. During this quarter, total deposits also soared to ₹2.46 lakh crore, witnessing an impressive 18% year-on-year rise from ₹2.08 lakh crore, as disclosed in the bank’s regulatory filing.

While the CASA percentage saw a minor dip from 52.50% to 50.19% year-on-year, the bank maintained a healthy CASA deposit of ₹1.23 lakh crore in Q3, showcasing a sturdy 12.70% growth from ₹1.09 lakh crore in the corresponding period last fiscal.

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