Kotak Mahindra Bank Ltd will offer home loans at an interest rate of 6.50 percent per annum instead of 6.65 percent per annum starting September 10.
Kotak Mahindra Bank announced on September 9 that it has reduced home loan rates by 15 base points effective September 10.
According to a CNBC-TV18 report, Kotak Mahindra Bank Ltd (KMBL) will now offer home loans at an interest rate of 6.50 percent per annum instead of 6.65 percent per annum.
Notably, this is a limited period offer for the festive season and will be offered till November 8, 2021, Indiainfoline.com reported.
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.”
As per Bankbazaar.com data from the month of July, Kotak Mahindra was already among banks that were offering home loans at the cheapest rates of interest.
At least 16 banks and housing finance companies offer Rs 75-lakh home loans at interest rates under seven percent. Amongst these, private sector bank Kotak Mahindra and government-owned Punjab and Sind offer the cheapest home loans, with interest rates starting at 6.65 percent. Large lenders such as the State Bank of India (SBI) and HDFC offer home loans worth Rs 75 lakh at interest rates of 6.95 percent and seven percent, respectively.
