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This Private Sector Bank Revises Interest Rates On Home Loans


Kotak Mahindra Bank Ltd (KMBL) has introduced a new home loan interest rate of 6.55 percent per annum, which is in force from November 9 to December 10, 2021 (both days included). KMBL had kicked off the festive season earlier in September by launching home loan interest rates starting at 6.50 percent p.a. - a limited-time festive season deal that expired on November 8, 2021. "Further, applicants who have received a home loan sanction letter from KMBL by 8th November, 2021 can lock in the earlier rate starting at 6.50% p.a. if the loan is disbursed in the next seven days i.e. by 15th November, 2021" said the bank in its official announcement.

This Private Sector Bank Revises Interest Rates On Home Loans

Home loan interest rates at KMBL currently start at 6.55 percent per annum and are available for both new and balance transfers. This customized rate applies to all loan amounts and is based on the creditworthiness of the applicant. Kotak Home Loans are linked to an external benchmark i.e. RBI's policy repo rate and the new applicable interest rates are only for a limited period of time.

The existing customers can visit to apply for a Kotak Home Loan online or also they can apply via the Kotak mobile banking app or through net banking. Non-existing customers can also apply at any of Kotak's bank branches. In India, Kotak Home Loans are provided in over 180 cities and towns.

Key features of Kotak Home Loans

  • Starting at 6.55%* 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.

Ambuj Chandna, President - Consumer Assets, Kotak Mahindra Bank said, "It was just over a year ago that Kotak took the lead in offering consumers the best home loan interest rates, making home purchases more affordable. Most recently, our special 60-day festive season offer has been deeply appreciated by home buyers and we have seen very strong demand momentum - both in fresh cases and balance transfers. We are, hence, delighted to extend the good times for borrowers with a new home loan rate of 6.55%. This is a great opportunity for consumers to buy their dream home now."

Story first published: Friday, November 12, 2021, 12:24 [IST]
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