Kotak Mahindra Bank Ltd (KMBL) on Thursday said it has cut home loan interest rate by 0.15 percent to 6.50 percent. The bank has kick-started the festive season by announcing reduction in home loan interest rate yet again by a further 15 basis points (bps) from 6.65 percent to 6.50 percent per annum, it said in a release.
This special rate of 6.50 percent is a limited period festive season offer beginning 10th September and ending 8th November 2021, said the private sector lender. With this, KMBL continues to offer one of the most competitive rates in the home loan industry, it added.
Kotak said, the offering is for both fresh home loans and balance transfers, which is available across all loan amounts and is linked to a borrower's credit profile.
Ambuj Chandna, president of consumer assets, Kotak Mahindra Bank, said, "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."
The loan, applicable for both the salaried and self-employed customer segments, has an instant in-principle sanction process with Kotak Digi Home Loans.
(Edited by : Jomy Jos Pullokaran)