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Good news for home loan borrowers looking for the lowest home loan interest rate in the market. Close on the heels of the State Bank of India (SBI) revising its home loan interest rate from 6.70% to 6.95% effective April 1, 2021, Kotak Mahindra Bank Ltd (KMBL) today announced that home loan borrowers will continue to enjoy its special interest rate of 6.65% per annum. This incredibly low interest rate is applicable across all loan amounts.
Both fresh home loan applicants and balance transfer cases are eligible for interest rates beginning at 6.65% per annum. Interest rates, however, are linked to borrowers’ credit score and the Loan to Value (LTV) ratio.
Commenting on the same, Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank, said, “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 & 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% p.a. We also see this as a great opportunity to build a quality home loan book.”
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
To apply for a Kotak Home Loan online, consumers can visit the website at Kotak Home Loans. Consumers can also apply through Kotak’s bank branches across India. Existing Kotak customers can also apply through the Kotak mobile banking app or net banking.
It may be noted that Kotak Home Loans are linked to an external benchmark, i.e. RBI’s policy repo rate.
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