Kotak Mahindra Bank cuts home loan rates to 6.65%
1 min read . Updated: 02 Mar 2021, 12:11 AM IST- Interest rates are linked to borrowers' credit score and the Loan to Value (LTV) ratio, Kotak Mahindra Bank said
Kotak Mahindra Bank on Monday announced a 0.10 percentage point cut in its home loan rates for a limited period, claiming its offering to be the lowest in the market.
Customers will be able to avail home loans for 6.65 per cent till March 31 as part of a special offer after the rate reduction, the bank said in a statement.
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Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “Kotak continues to set the pace as the price leader in the home loan market and we are delighted to offer consumers a special year-end bonus in the form of even lower home loan interest rates. This is indeed the best time to buy a home."
Features of Kotak Home Loans:
- Starting at 6.65%* p.a. on Home Loans and Balance Transfer Loans
- 6.65%* p.a. interest rate is applicable on all loan amounts
- Attractive rates for both the salaried and self-employed customer segments
- Instant In-Principle Sanction on Kotak Digi Home Loans
The move comes hours after home loan segment leader SBI cut its offering to 6.70 per cent. Home loan rates were already at a 15-year-low, as banks compete in a market with low credit demand.
Interest rates are linked to borrowers' credit score and the Loan to Value (LTV) ratio, Kotak Mahindra Bank said.
The 6.65 per cent rate is applicable to both home loans and Balance Transfer Loans across amounts, it said.
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