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New Delhi: People who are planning to buy houses, here comes a piece of good for them. They will get home loan at less interest rate in the upcoming festive season. The Kotak Mahindra Bank on Thursday announced that it has slashed its home loan interest rate by 15 basis points, bringing it down to 6.50% p.a. — the lowest rate offering.
Issuing a statement, the Kotak Mahindra Bank said the slashed rates will be offered on all loan amounts in both fresh and balance transfer cases. The bank further added that the lowered interest rate is part of their festive offer and will be applicable for the period between September 10 and November 8.
As per a report by BloombergQuint, Kotak Mahindra Bank’s president for consumer assets, Ambuj Chandna confirmed that these lowered interest rates will be offered to loans of all sizes. Furthermore, he claimed that nearly 15-20 % of the bank’s home loan disbursement are happening at the lowest rates.
Giving details about the bank’s approach in managing home loans, Chandna said they will be focusing on salaried and self-employed customers to push the home loan offering. He also claimed that Kotak Mahindra has been witnessing a sharp rise in demand for its retail products like credit cards.
“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,” said Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank.
It must be noted that the bank interest loans have witnessed a sharp cut ever since the RBI lowered the repo rates to increase liquidity in the market to counter the impact of the COVID-19 pandemic on the economy.
However, the Kotak Mahindra Bank latest cut on home loan interest rate makes their loan offering the cheapest home loan by an Indian bank.
Uday Kotak, Chief Executive Officer (CEO), Kotak Mahindra Bank informed in a tweet today that the bank will offer home loans at an interest rate of 6.50 per cent for the limited period in the festive season.
As families get ready to welcome Ganesha into their homes, we are delighted to make it even easier to buy the home of one’s dream. Home Loans now at 6.50%. Wish everyone a happy festive season.
— Uday Kotak (@udaykotak) September 9, 2021
Here’s how to apply for Kotak Home Loan?
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