Money & Banking

Kotak Bank cuts interest rate on home loans by another 10 bps

Mumbai | Updated on October 22, 2020 Published on October 22, 2020

Private sector Kotak Mahindra Bank, on Thursday, announced a further 10 basis points cut in the interest rate for its home loan products.

“Kotak Mahindra Bank announced that it has reduced its rate on home loans by a further 10 basis points to 6.9 per cent per annum with effect from October 21, ,” it said in a statement.

Consumers can avail Kotak’s festive season bonanza with home loans and balance transfer loans starting at 6.9 per cent per annum, it further said.

Significantly, a day before, State Bank of India had also announced concession in home loan rates by as high as 25 basis points. SBI is also now offering interest rates starting as low as 6.9 per cent for a home loan of up to ₹30 lakh and 7 per cent for above ₹30 lakh.

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Published on October 22, 2020
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