NEW DELHI : Kotak Mahindra Bank Ltd (KMBL) kicked off the festive season on Thursday by announcing that it had further cut interest rates on home loans by another 15 basis points (bps), from 6.65% to 6 .50% per year (pa). This special rate is valid for a limited period beginning September 10 and ending November 8, 2021.
According to a Sept. 9 press release from Kotak Bank, “Rates for new home loans and balance transfers now start at 6.50% per annum, providing the best value for homebuyers. This rate special is available for all loan amounts and is tied to a borrower’s credit profile.”
Ambuj Chandna, Chairman-Consumer of Assets, Kotak Mahindra Bank, said, “As people seek comfortable residences where the whole family can work, play and spend quality time together, the incredible interest rate of 6 50% on Kotak home loans now allows you to own the house of your dreams. even more affordable.”
Additionally, digital has completely transformed the sanctioning process for home loans. With Kotak Digi Home Loans, home loan seekers can now apply for and receive an instant principle sanction letter along with their eligibility for loan amount, loan term, interest rate and EMI in one fully end-to-end digital and paperless. and contactless process, Chandna said.
The features of Kotak Home Loans are as follows: Starting at 6.50% per annum on new home loans and balance transfer loans; attractive rates for salaried and self-employed customer segments; and instant in-principle sanction with Kotak Digi home loans.
How to register: To apply for a Kotak home loan online, one must visit the Kotak home loan 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 online banking.
Kotak’s home loans are tied to an external benchmark, the Reserve Bank of India’s repo rate. As the bank cuts rates for the next sixty days, other terms and conditions apply to home loan rates. Borrowers should read the loan documents carefully before availing these loans.
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