The reduced interest rate of 6.50% is applicable across all loan amounts and on both Fresh and Balance Transfer cases.
Looking for a home loan at the lowest interest rate to buy your dream home this festive season? Here’s good news for you. Kotak Mahindra Bank Ltd (KMBL) today 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. This special rate of 6.50% p.a. is a limited period festive season offer beginning 10th September and ending 8th November 2021. With this, KMBL continues to offer one of the most competitive rates in the home loan industry.
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.
Commenting on the same, Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank, said, “We are delighted to add to the festive cheer for millions of home buyers and help make their dream of owning their ideal home a reality. 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% home loan interest rate now makes owning one’s dream home even more affordable.”
Welcoming the rate cut move by Kotak Bank, industry experts and developers observed that with the festive season on the cards, the timing of reduction in the interest rate couldn’t have been better.
Amit Goyal, CEO, India Sotheby’s International Realty, said, “The mood amongst home buyers is quite positive and this rate cut will act as a catalyst for quicker decisions. We believe other banks and financial institutions may also bring down rates to match Kotak Bank’s 6.5% limited period offer. Given the upcoming festive season, which is considered auspicious by a large number of Indians to make big ticket purchases, the timing of reduction in the interest rate couldn’t have been better.”
Dr. Ananta Singh Raghuvanshi, Senior Executive Director, Sales & Marketing, Experion Developers, said, “Lower interest rate regime, competitive pricing and stable supply are key factors this festive season. Like Kotak Bank, we hope other banks would also reduce their rates. Besides the attractive lower interest rate regime, the fact remains that developers will soon come out with festive schemes and that should help boost sales for real estate.”
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.
Features of Kotak Home Loans:
# 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.
# Instant in-principle sanction with Kotak Digi Home Loans.
To apply for a Kotak Home Loan online, one can visit Kotak Home Loans. Consumers can also apply through Kotak’s bank branches across India. Kotak Home Loans are available across over 100 cities and towns in India. Existing Kotak customers can also apply through the Kotak mobile banking app or net banking.