Home >Money >Personal Finance >Kotak bank drops home loan interest rates to 6.50% for next sixty days

NEW DELHI : Kotak Mahindra Bank Ltd (KMBL) on Thursday kick-started the festive season by announcing that it has reduced its home loan interest rates yet again by a further 15 basis points (bps) from 6.65% to 6.50% per annum (p.a.). This special rate is for a limited period beginning 10 September and ending 8 November 2021.

According to a press statement issued on 9 September by Kotak Bank, "Rates for both fresh home loans and balance transfers now start at 6.50% 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."

Ambuj Chandna, president-consumer assets, Kotak Mahindra Bank, said, "Since people are looking for comfortable residences where the entire family can work, entertain and spend quality time together, Kotak's incredible 6.50% home loan interest rate now makes owning one's dream home even more affordable."

Further, 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, said Chandna.

Features of Kotak home loans are: Starting at 6.50% p.a. on both fresh home loans and balance transfer loans; attractive rates for both the salaried and self-employed customer segments; and instant in-principle sanction with Kotak digi home loans.

How to apply: To apply for a Kotak home loan online, one needs to visit Kotak home loans website. Consumers can also apply through Kotak's bank branches across India. According to the statement, existing Kotak customers can also apply through the Kotak mobile banking app or net banking. 

Kotak home loans are linked to an external benchmark, i.e. the Reserve Bank of India's policy repo rate. While the bank is cutting rates for the next sixty days, other terms and conditions apply to home loan rates. Borrowers should read the loan documents carefully before availing of such loans.

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