Kotak Mahindra Bank has cut its home loan rates by 15 basis points ahead of the festival season. From September 10, the bank will give home loans at the rate of 6.5 percent. This is probably the cheapest home loan rate offered by any bank in the last one year. The bank has said that this rate will be applicable in both new home loan and balance loan transfer cases. This particular rate will be applicable on all loan amounts and will be linked to the credit profile of the borrowers.
The bank has continuously cut the home loan rate
The bank is continuously reducing its loan rates to increase its share in the home loan market. In October last year, the bank started giving home loans at the rate of 6.9 percent. In November, the bank has reduced it by another 15 basis points and started giving loans at the rate of 6.75 percent. In March this year, it was further reduced to 6.65 per cent. Now this has been reduced to 6.5 per cent before the festival season.
IPO NEWS: Byju’s will bring IPO, will enter the primary market to raise Rs 4500 crore next year
New home loan rate for two months
The bank said that this special rate of 6.5 percent is for a limited period starting from September 10 (Ganesh Chaturthi) till November 8, 2021. The bank was giving a discount of 5 basis points i.e. 0.05 percent to the customers who transferred the loan from another bank. The interest rates are different for salaried and self-employed customers.
Ambuj Chandana, President, Kotak Mahindra Bank said, “The world has changed and we are spending more time at home. Our lifestyle has changed. People are looking for a comfortable home where the whole family can work, have fun and spend quality time together. Kotak’s 6.50 per cent home loan interest rate will now make buying one’s dream home even more affordable.
According to Ambuj Chandna, due to the COVID-19 epidemic, the demand for home loans has increased among home buyers. The pandemic has shifted both work and education to homes. Earlier, a declining trend in house prices was observed.