Home / Money / Personal Finance /  Kotak Mahindra Bank cuts interest rate on home loans. Check latest rates here

Mumbai: Kotak Mahindra Bank Ltd (Kotak) today announced that it has reduced its home loan interest rates by a further 15 basis points (bps) to 6.75%* p.a. with effect from 1st November, 2020. "Kotak home loan and balance transfer loans now start at 6.75%* p.a., which is one of the lowest rates in the home loan market," the bank said

The new normal has changed the functioning of the entire ecosystem. Interest rates at a 15-year low, developers significantly reducing residential property prices and having a ready inventory of ready-to-move-in homes and lower stamp duty. All these factors when taken together make home buying at this point of time extremely attractive.

“Keeping the consumer’s interest in mind and to make home purchases more affordable, Kotak’s home loan interest rates are now available starting at 6.75% p.a. This is an excellent opportunity for both – new customers who are looking to buy a home as well as existing home loan borrowers who can transfer their outstanding home loan account balance to Kotak and use this opportunity to reduce their existing EMIs," Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said.

The interest rates on home loans have been reduced by some of the biggest banks of the country like State Bank of India, Bank of Baroda, and Union Bank of India. There are also additional benefits for home buyers during this period, such as discounts on processing fees. There are special benefits for women home buyers.

Kotak Mahindra Bank revised interest rate on fixed deposits (FD) on select maturities effective 22 nd October. Now, with the latest revision, Kotak Mahindra Bank FD interest rates range from 2.50% to 5% on maturities with different tenures.

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