Bank of Maharastra reduces home loan interest rates

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.