Bank of Maharashtra drops housing loan rates

Bank of Maharashtra has reduced the rates of interest on its housing loan segment by 25 basis points with effect from October 25. Processing fee on its retail segment for housing, vehicle, consumer and personal loans has also been waived till January 15, 2008. As per the new structure, the floating rate for loans up to Rs 20 lakh is 10 per cent for a five-year term, 10.25 per cent for a 5-10 year term, and 10.5 per cent for 10-20 years. The rates for above Rs 20 lakh are 10.25 per cent, 10.75 per cent and 11 per cent for the three periods, respectively. The fixed rates of interest for loans up to Rs 20 lakh, are 10.75 per cent and 11.25 per cent for terms of five years and 5-10 years, respectively. The same for higher amounts are 11 per cent and 11.75 per cent.