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BoM slashes home loans interest rates

BoM slashes home loans interest rates
PTI
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First Published: Wed, Sep 30 2009. 02 58 PM IST
Updated: Wed, Sep 30 2009. 02 58 PM IST
Mumbai: Bank of Maharashtra, on Wednesday said 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 16 September and 31 December, a press release issued here said.
For loans upto Rs30,00,000, the new interest rate for the first two-years will be 8%, for the third year 8.5%, for the fourth year 9.5% and for the fifth year 9.75%.
The average interest rate for the first five-year period will be 8.75%. The rate will be reset at the end of every fifth year, the release said.
For loans above Rs30,00,000 the interest rate for the first two-years will be 8.25%, for the third year 9% and for the fourth and fifth year 9.75%.
Average interest rate for the first five-year period will be 9%. The rate will be reset at the end of every fifth year, the release said.
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First Published: Wed, Sep 30 2009. 02 58 PM IST