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Kotak Bank cuts home loan interest rates to 6.5% ahead of festive season

Kotak Bank cuts home loan interest rates to 6.5% ahead of festive season

Rates for both fresh home loans and balance transfers now start at 6.50 per cent p.a. This special rate is available across all loans amounts and is linked to a borrower’s credit profile

As of June 30, Kotak Mahindra Bank Ltd has 1,612 branches and 2,591 ATMs, and branches in GIFT City and DIFC (Dubai). Photo: Reuters As of June 30, Kotak Mahindra Bank Ltd has 1,612 branches and 2,591 ATMs, and branches in GIFT City and DIFC (Dubai). Photo: Reuters

Kotak Mahindra Bank Ltd today announced a cut in its home loan interest rates by 15 basis points (bps). The new home loan rate stands at 6.50 per cent per annum from 6.65  per cent earlier. This reduced rate (6.50 per cent per annum) is a limited period festive season offer, which will start on September 10 and end on November 8, 2021. This reduced rate applies to both home loans and balance transfers.

"Rates for both fresh home loans and balance transfers now start at 6.50 per cent p.a., offering the best value to home buyers. This special rate is available across all loans amounts and is linked to a borrower’s credit profile," Kotak Bank said in a statement.

Kotak Mahindra Bank CEO Uday Kotak said the bank is delighted to make it even easier to buy the home of one’s dream during this festive season.

Ambuj Chandna, President–Consumer Assets, Kotak Mahindra Bank, said as the world has changed, people are spending more time at home, and their lifestyles have also evolved. "People are looking for comfortable residences where the entire family can work, entertain and spend quality time together," he added.

"Kotak’s incredible 6.50 per cent home loan interest rate now makes owning one’s dream home even more affordable,” he added.

Also read: Exclusive: Udayan Mukherjee in conversation with Uday Kotak

The bank said 'digital' has completely transformed the home loan sanction process. "With Kotak Digi Home Loans, home loan applicants can now apply for and receive an instant in-principle sanction letter along with their loan amount eligibility, the tenure of the loan, interest rate and EMI in an end-to-end fully digital, paperless and contactless process," the bank statement added.

As of June 30, Kotak Mahindra Bank Ltd has 1,612 branches and 2,591 ATMs, and branches in GIFT City and DIFC (Dubai).

Also read: Kotak Mahindra Bank Q1 profit jumps 32% to Rs 1,642 cr; net interest income up 5.8%

Meanwhile, ICICI Home Finance last month had also launched an on-the-spot home loan for workers and self-employed, who do not have income tax returns (ITR) to show their earnings. Carpenters, plumbers, electricians, tailors, painters, welders, auto mechanics, and auto taxi drivers, among others, can avail of the spot home loan by submitting PAN card, Aadhaar card and bank account statement of the past six months.

Kotak Home Loans features

  •     Starts at 6.50 per cent p.a. on both fresh home loans and balance transfer loans
  •     Attractive rates for both the salaried and self-employed customer segments
  •     Instant in-principle sanction with Kotak Digi Home Loans

Also read: Ola selects Citigroup, Kotak Bank to manage upcoming IPO