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After Bank of Baroda, now Bank of Maharashtra (Mahabank) has reduced home loan rate by 20 basis points to 8.4 per cent per annum as the lender scales up efforts to cater to growing volumes ahead of the close of the financial year.
The new rates are linked to borrowers' credit profiles and will be effective from March 13.
The reduced home loan rate will be available to those with a credit score of 800 and above. At present, home loans for the salaried cost 8.6-10.30 per cent, depending on credit profile, according to the Mahabank website.
On March 5, Bank of Baroda had reduced the rate for home loans for those with a credit score of 751 and above. At present, home loans for the salaried class cost 8.9-10.50 per cent.
