Kotak Mahindra Bank reduces home loan interest rate to 6.65% till March 31


Kotak Mahindra Bank said this is a special rate that is applicable till March 31, 2021, across all loan accounts.

Kotak Mahindra Bank.

Kotak Mahindra Bank.

Kotak Mahindra Bank, on March 1, reduced the home loan interest rate by a further 10 basis points (bps) to 6.65 percent per annum – the lowest in the market.

This is a special rate that is applicable till March 31, 2021, the bank said in a statement, adding the rate is applicable across all loan accounts.

The private lender said the interest rates are linked to borrowers’ credit score and the Loan to Value (LTV) ratio.

SBI reduces home loan rate to 6.7 % till March 31

“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,” Kotak Mahindra Bank’s President–Consumer Assets Ambuj Chandna said.

The bank said the rates will be applicable for both the salaried and self-employed customer segments.

Earlier in the day, State Bank of India (SBI) had reduced the rate on home loans to 6.70 percent till March 31, 2021. The bank also said it would give 100 percent waiver on processing fees.

Moneycontrol News