Kotak Mahindra Bank retains concessional home loan rate

Kotak Mahindra Bank said on Monday that both fresh home loan applicants and balance transfer cases are eligible for interest rates beginning 6.65%. (Aniruddha Chowdhury/Mint) — Kotak Mahindra Bank said on Monday that both fresh home loan applicants and balance transfer cases are eligible for interest rates beginning 6.65%. **(Aniruddha Chowdhury/Mint)**

1 min read . Updated: 12 Apr 2021, 06:00 PM IST Shayan Ghosh

Last month, the lender had lowered home loan rates by 10 basis points to 6.65% and said it would be applicable up to 31 March

Mumbai: Private sector lender Kotak Mahindra Bank on Monday said it will retain the special interest rate of 6.65% on home loans beyond the original deadline of 31 March.

Last month, the lender had lowered home loan rates by 10 basis points (bps) to 6.65% and said it would be applicable up to 31 March. India’s largest lender State Bank of India (SBI) had also reduced home loan rate to 6.7% last month but reverted to the older rate of 6.95% after 31 March.

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Kotak Mahindra Bank said on Monday that both fresh home loan applicants and balance transfer cases are eligible for interest rates beginning 6.65%.

Ambuj Chandna, president (consumer assets) at Kotak Mahindra Bank said that buoyed by the convergence of a number of factors, not the least of which was a steep drop in home loan interest rates, the industry has witnessed a healthy growth in home sales in recent months.

“We expect this trend to continue with consumers keen to purchase, and live and work in their own homes. We would like to assure home buyers that Kotak stands by them and our home loan rate continues unchanged at 6.65%. We also see this as a great opportunity to build a quality home loan book," Chandna said in a statement. As on 31 December, the private lender’s home loans and loans against property (LAP) book stood at ₹49,977 crore and constituted 22% of all customer assets.

SBI’s home loan book touched ₹5 trillion in February, up from ₹4.84 trillion as on 31 December, commanding a 35% market share among all commercial banks. Its home loan disbursements witnessed a 23% year-on-year (y-o-y) growth in December.

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