Bank of Maharashtra cuts rates

Loans sanctioned up to December 31, 2009 will avail the benefit of rate reductions, Bank of Maharashtra said in a release.

Following the reduction, the bank would offer home loans up to Rs 30 lakh at a fixed rate of 8 per cent for the first two years, 8.5 in the third year, 9.5 per cent in the fourth and 9.75 per cent in the fifth year.

After the fifth year, the rates will be reset based on the benchmark prime lending rate of the bank, it said.