Bank of Maharashtra cuts base rate

In a bid to push credit in the run-up to the close of the financial year, Bank of Maharashtra has decided to pare its base rate by 10 basis points to 10.60 per cent with effect from February 21.

The public sector bank has also said it will offer housing loans up to Rs 30 lakh at the Base Rate for a repayment period of five years under the floating rate option.

Home loans above Rs 30 lakh and less than Rs 75 lakh, and Rs 75 lakh and above will be charged 11.10 per cent (Base Rate + 0.50 per cent) and 11.35 per cent (Base Rate + 0.75 per cent) interest respectively for repayment period of five years under floating rate option.

The bank has waived processing charges, which range from Rs 4,000 to Rs 12,500, for housing loans up to Rs 25 lakh.