September 23, 2009. Bank of Maharashtra has joined many other institutions including SBI, PNB, Union Bank of India, United Bank of India, ICICI and HDFC in offering lower interest rates on housing loans for the festival season. These new lowered interest rates will be applicable until December 31, 2009.

Bank of Maharashtra is now offering an interest rate of 8.00% for home loans upto Rs. 30 lakhs for first 2 years of loan repayment period. The interest rate for the year 3 under this scheme would be 8.50%, for year 4 it would be 9.50% and for year 5 it would be 9.75%. All these rates would be fixed during the first 5 years. After 5 years, the interest rate the Bank’s Prime Lending Rate (BPLR) - 2.50% with a minimum of 9.75%.

Interest rates for loan amounts above Rs. 30 lakhs are being offered at 8.25% for the first 2 years of your loan, 9.00% for year 3 and 9.75% for years 4 and 5. After 5 years, interest rates will be BPLR-2.25% with a minimum of 10.00%.

The Mahabank Platinum Housing Loans offer can be one of your choices for housing loans currently with attractive interest rates. Bank of Maharashtra has not offered any waiver of processing or pre-payment charges unlike other banks as part of this scheme. A comprehensive list of available 2009 festival season housing loan offers has been compiled by Ratekhoj and can be used to get the best interest rates and other terms on your home loans.

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