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Public sector lender Bank of Maharashtra (BoM) has brought relief to customers by cutting interest rates on home loans. Under a special offer, the bank has reduced the home loan interest rate from the existing 7.1 percent to 7 percent. This benefit is being offered as part of the 'Monsoon Dhamaka' scheme, which has been launched for a limited period.

**No processing or documentation fees**
According to a statement issued by the bank, under this scheme, there will be no processing or documentation fees charged in addition to the interest rate starting at 7 percent. The bank stated that the objective of this special offer—featuring lower interest rates and fee waivers—is to provide better financial facilities to customers and assist them in realizing their dream of owning a home.

**Reduced EMI burden**
According to the bank, the interest rates of 7 percent for home loans and 7.45 percent for auto loans are among the most competitive in the industry. These features will reduce the burden of monthly installments (EMIs) on customers.

**MCLR also reduced**
Earlier, Bank of Maharashtra had reviewed its MCLR and reduced the Marginal Cost of Funds-based Lending Rate (MCLR), effective from July 25. At that time, it had reduced the MCLR for one tenure while keeping two tenures unchanged; however, it had increased the MCLR for two other tenures.

**MCLR rates effective from July 25**
**S. No.**    **Tenure**    **Existing (Before July 25)**    **Effective from July 25**
1.                    Overnight             7.50%                              7.30%
2.                    1 Month                8.30%                              8.30%
3.                    3 Months              8.55%                             8.55%
4.                    6 Months              8.80%                             8.90%
5.                  1 Year                   8.95%                              9.00%

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