On Thursday (September 9) Kotak Mahindra Bank announced that it has lowered home loan rates by 15 base points effective September 10. After the rates are slashed, the private lender will be offering home loan interest rate at just 6.5% as against the earlier rate of 6.65% per annum.
Note this is an offer rolled out for a limited period i.e. until November November 8, 2021. Also, the rate shall be valid across loan size and will further depend on the credibility of the loan applicant or borrower. Furthermore, the revised lower home loan rate shall apply on both new as well as balance transfer home loan cases.
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 percent home loan interest rate now makes owning one's dream home even more affordable."
The entity was already amongst the lending players in the market who are offering competitive rates on home loan. In the current regime there are a host of lenders who are offering Rs. 75 lakh at below 7 percent rate and among them Kotak Mahindra Bank and PNB offered at the cheapest starting rate of 6.65%.