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Kotak Mahindra Bank has decided to continue its special interest rate on home loans of 6.65 per cent per annum.
“In the interest of consumers and on the back of strong demand trends, Kotak continues to offer possibly the lowest home loan interest rate in the market,” it said in a statement on Monday, adding that the rate is applicable across all loan amounts.
“Both fresh home loan applicants and balance transfer cases are eligible for interest rates beginning at 6.65 per cent per annum. Interest rates are linked to borrowers’ credit score and the Loan to Value ratio,” Kotak Mahindra Bank further said.
The move comes at a time when State Bank of India’s concessional home loan rate came to an end on March 31, 2021. The lender has restored the original interest rates starting from 6.95 per cent.
Kotak Mahindra Bank had earlier said the special home loan rate was available until March 31, 2021.
However, Ambuj Chandna, President, Consumer Assets, Kotak Mahindra Bank, noted that there has been a healthy growth in home sales in recent months led by several factors, including the drop in home loan interest rates. The bank also sees it as an excellent opportunity to build a quality home loan book.
“We expect this trend to continue with consumers keen to purchase and live and work in their own homes. We would like to assure home buyers that Kotak stands by them and our home loan rate continues unchanged at 6.65 per cent per annum,” he said.
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