NEW DELHI : Kotak Mahindra Bank Ltd (KMBL) kicked off the holiday season on Thursday by announcing that it further reduced interest rates on its home loans by an additional 15 basis points (bps), going from 6.65% to 6.50% per year (pa). This special rate is valid for a limited period starting September 10 and ending November 8, 2021.
According to a press release released on September 9 by Kotak Bank, âRates for new home loans and balance transfers now start at 6.50% per annum, providing the best value for homebuyers. This special rate is available for all loan amounts and is linked to a borrower’s credit profile. “
Ambuj Chandna, President-Consumer, Kotak Mahindra Bank, said, âAs people search for comfortable homes where the whole family can work, play and spend quality time together, the incredible mortgage interest rate of 6.50% of Kotak now allows you to own your dream home. even more affordable. “
In addition, digital technology has completely transformed the process of sanctioning home loans. With Kotak Digi Home Loans, home loan applicants can now apply for and receive an instant principle sanction letter along with their eligibility for loan amount, loan term, interest rate and EMI in a system of Fully digital, paperless and contactless end-to-end, Chandna said.
The characteristics of Kotak home loans are as follows: From 6.50% per annum on new home loans and balance transfer loans; attractive rates for both employee and self-employed customer segments; and instant sanction in principle with Kotak Digi home loans.
How to register: To apply for a Kotak home loan online, one must visit the Kotak home loans website. Consumers can also apply through Kotak bank branches across India. According to the statement, existing Kotak customers can also apply through the Kotak mobile banking app or online banking.
Kotak home loans are linked to an external benchmark, i.e. the Reserve Bank of India repo rate. As the bank lowers rates for the next sixty days, other terms and conditions apply to mortgage rates. Borrowers should read loan documents carefully before availing these loans.
Never miss a story! Stay connected and informed with Mint. Download our app now !!