Kotak Mahindra Bank slashes its home loan interest rates by a further 15 basis points (bps) to 6.75 per cent per annum (p.a) with effect from November 1, 2020. The reduction in home loan interest and balance transfer loans makes Kotak Bank offer one of the lowest rates in that segment.
“This is an excellent opportunity for both new customers, who are looking to buy a home as well as existing home loan borrowers, who can transfer their outstanding home loan account balance to Kotak and use this opportunity to reduce their existing monthly instalments,” says Shanti Ekambaram, Group President, Consumer Banking, Kotak Mahindra Bank.
The ongoing pandemic has changed the functioning of the entire ecosystem. Today interest rates are at 15-year low. Developers have significantly reduced residential property prices due to reduction in interest rates. This factor brings comfort to home buyers.
Home loans offered by the Kotak provides attractive rates for both the salaried and self-employed customers. The bank also provides Kotak Digi Home Loan, with quick online sanction in less than 48 hours and easy documentation.