Kotak Mahindra Bank cuts home loan rates by 0.15 per cent: Kotak Mahindra Bank on Thursday announced a 0.15 per cent cut in its home loan rates.
- The 6.50 per cent home loan is given during the festival and will only be available for two months until November 8.
- Loans at this reduced rate will be given to customers coming from salaried areas with the highest credit score.
- The bank’s lowest rate was 6.9 per cent last October.
Private sector bank Kotak Mahindra Bank on Thursday slashed interest rates on its home loans by 0.15 per cent to boost its share in the home loan market. The bank will now offer home loans at 6.50 per cent. This is the lowest interest rate in a decade in the most competitive home loan category among competitors, says Ambuj Chandana, chairman of consumer finance at the bank.
The home loan at the rate of 6.50 per cent is given during the festivals and will be available for only two months till November 8, he said. Also, loans at this reduced rate will be given to customers with the highest credit score from the payroll department.
That is why the demand for home loans has increased
Ambuj Chandana said the demand for home loans is on the rise due to high interest rates in home purchases due to the Kovid-19 epidemic. The epidemic has moved both work and education home. He said the bank’s lowest rate offer was 6.9 per cent last October. The rate has been cut twice since then and is currently 6.65 per cent, down from 0.15 per cent to 6.50 per cent.
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Earlier, Kotak Bank’s main rivals HDFC Bank and SBI Bank had also slashed interest rates on their home loans. It will be interesting to see how these banks react to Kotak Bank’s interest rate cuts this time. Kotak Bank has managed to cut interest rates without any policy rate cuts. This is due to the extra cash available in the system.
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