Private lender Kotak Mahindra Bank on September 9 reduced its home loan rates by 15 base points and the new rates would be effective September 10. Kotak Mahindra Bank Ltd (KMBL) will now be offering home loans at an interest rate of 6.50 percent per annum instead of 6.65 percent per annum, as per the new rates offered during the festival bonanza.
The new rates are only available for a limited period offer during the festive season and will be applicable till November 8, 2021.
Besides, the slashed interest rate of 6.5 percent will be applicable across all loan denominations and will be synced with a borrower’s credit profile. Moreover, this will be applicable on both fresh and balance transfer cases.
Ambuj Chandna, President, Consumer Assets, Kotak Mahindra Bank, said: “We are delighted to add to the festive cheer for millions of home buyers and help make their dream of owning their ideal home a reality. As the world has changed and we are spending more time at home, our lifestyles have also evolved. People are looking for comfortable residences where the entire family can work, entertain and spend quality time together. Kotak’s incredible 6.50 percent home loan interest rate now makes owning one’s dream home even more affordable.”