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With the festival season starting, Kotak Mahindra Bank on Thursday announced a 15 basis point reduction in home loan rates from 6.65 per cent to 6.5 per cent.
“This special rate of 6.50 per cent per annum is a limited period festive season offer beginning September 10 and ending November 8, 2021. With this, Kotak Mahindra Bank continues to offer one of the most competitive rates in the home loan industry,” it said in a statement.
The rate is applicable for fresh home loans and balance transfers and is not linked to the home loan amount.
“Home loans is a growth driver for retail assets for Kotak Mahindra Bank. We are looking to increase our market share in the business. The focus is on fresh sales and balance transfers,” said Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank.
The offer will continue from Ganesh Chaturthi to the festivals of Navratri and Diwali, adding that customers take important decisions like buying a home during the festival period.
The focus will be on both salaried and self-employed customers.
The private sector lender had reduced its home loan rate to 6.9 per cent in October 2020 and has since then been further lowering rates.
According to the bank statement, with Kotak Digi Home Loans, applicants can now apply for and receive an instant in-principle sanction letter along with their loan amount eligibility, the tenure of the loan, interest rate and EMI in an end-to-end fully digital, paperless and contactless process.
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