Kotak Bank cuts mortgage interest rates to 6.5% amid holiday season

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Kotak Mahindra Bank Ltd today announced a 15 basis point (bps) lower interest rate on its mortgage loans. The rate for new home loans is 6.50 percent per annum, down from 6.65 percent previously. This reduced rate (6.50% per annum) is a limited offer for the holiday season, which will start on September 10 and end on November 8, 2021. This reduced rate applies to both home loans and mortgages. to balance transfers.

“Rates on new home loans and balance transfers now start at 6.50% per annum, providing the best value for homebuyers. This special rate is available for all loan sizes and is linked to the profile borrower’s credit, “Kotak Bank said in a statement. declaration.

Kotak Mahindra Bank CEO Uday Kotak said the bank is excited to make buying their dream home even easier this holiday season.

Ambuj Chandna, President of Consumer Assets, Kotak Mahindra Bank, said that as the world changes, people spend more time at home and their lifestyles have changed as well. “People are looking for comfortable homes where the whole family can work, play and spend quality time together,” he added.

“Kotak’s incredible 6.50% mortgage interest rate now makes owning your dream home even more affordable,” he added.

Read also: Exclusive: Udayan Mukherjee in conversation with Uday Kotak

The bank said “digital” has completely transformed the mortgage sanctioning process. “With Kotak Digi Home Loans, home loan applicants can now apply for and receive an instant principle sanction letter along with their eligibility for loan amount, loan term, interest rate and EMI in one system. fully digital from end to end, paperless and contactless process, ”adds the bank statement.

As of June 30, Kotak Mahindra Bank Ltd had 1,612 branches and 2,591 ATMs, as well as branches in GIFT City and DIFC (Dubai).

Also read: Kotak Mahindra Bank Q1 Profit Jumps 32% to Rs 1,642 cr; net interest income up 5.8%

Meanwhile, ICICI Home Finance last month also launched an on-site home loan for workers and the self-employed, who do not have income tax returns (ITRs) to show their income. Carpenters, plumbers, electricians, tailors, painters, welders, auto mechanics, and automobile taxi drivers, among others, can qualify for the home loan on-site by submitting a PAN card, Aadhaar card, and a bank statement from the past six months. .

Features of Kotak Home Loans

  • Starts at 6.50 percent per year on new home loans and balance transfer loans
  • Attractive rates for both employee and self-employed customer segments
  • Instant Principle Penalty with Kotak Digi Home Loans

Also Read: Ola Chooses Citigroup and Kotak Bank to Handle Upcoming IPO



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