Under its Mahabank Platinum housing loan scheme, Bank of Maharashtra (BoM) reduced its home loan rates for the coming festive season.

A release said that the revised rates would be applicable for loans sanctioned between September 16 and December 31st.

For loans up to 30 lakh, the rate would be eight percent for the first two years, 8.5 percent in the third year, 9.5 percent for the forth year and 9.75 percent for the fifth year.

According to the release, the mean interest rate of 8.75 percent would be charged for the first five years and the rate will be reset at the end of every fifth year.

For loans beyond 30 lakh, 8.25 percent interest rate would be charged for the first two years, 9 percent for the third year and 9.75 percent for reach fourth and fifth year.

The average interest rate for the first five years would be 9 percent and would be reset at the end of every fifth year.

Bank of Maharashtra is in the process of finalizing its advertising partners that would take care of its creative, media, events and PR duties development. It is learnt that amongst the empanelled agencies are Lintas India that includes Lowe Lintas and Lintas Media Group, Rediffusion that includes Rediffusion Y&R and TME, Crayons and Goldmine.