Kotak Mahindra Bank Hikes Home Loan Rates By 0.05%

Kotak Mahindra Bank Ltd (KMBL) has announced a new home loan interest rate of 6.55% p.a., which is valid from 9th November to 10th December, 2021 (both days inclusive), as it continues to set the pace in offering home buyers one of the lowest interest rates in the market. Earlier in September, KMBL had kick-started the festive season by introducing home loan interest rates beginning at 6.50% p.a. – a limited period festive season offer that ends today, 8th November 2021. As part of a festive period move, the lender had announced a rate cut in September, which was followed by other industry players as well. Right now, other lenders are offering loans from 6.45 per cent. "Our special 60-day festive season offer has been deeply appreciated by home buyers and we have seen very strong demand momentum both in fresh cases and balance transfers," Ambuj Chandna, president for consumer business, said. Further, applicants who have received a home loan sanction letter from Kotak Mahindra Bank by 8th November, 2021 can lock in the earlier rate starting at 6.50% p.a. if the loan is disbursed in the next seven days i.e. by 15th November, 2021, said the bank. KMBL’s home loan interest rates now start at 6.55% p.a. and is applicable for both fresh home loans and balance transfers. This special rate is available across all loans amounts and is linked to a borrower’s credit profile. The new rates will apply until December 10.