Home Loan Interest Rate Reduces: With an aim to increase its share in the housing loan market, private sector bank Kotak Mahindra Bank announced a reduction of 0.15 percent in its home loan rate.
Home Loan Interest Rate Reduces: Private sector bank Kotak Mahindra Bank aims to increase its share in the housing loan market (Kotak Mahindra Bank) announced a cut in its housing loan rate by 0.15 percent. The bank will now provide home loan at the rate of 6.50 percent. This is the lowest interest rate in over a decade in the most competitive home loan category among rivals, said Ambuj Chandna, president of consumer assets of the bank.Also Read – RBI has changed the rule of interest, now you will get cheaper home loan, know how
He informed that the housing loan at the rate of 6.50 per cent is offered during festivals and will be available only for two months till November 8. Also, the loan at this reduced rate will be given to the customers with the highest credit score coming from the salaried class. Ambuj Chandna said that due to the Kovid-19 epidemic, the demand for housing loans is coming due to the high interest in buying the house. The pandemic has shifted both work and education to homes. A declining trend was seen in the prices of this first house. Also Read – HDFC’s move made buying a house expensive
He said the bank’s lowest rate offer was 6.9 per cent in October last. Since then the rate has been cut twice and currently the rate is 6.65 percent which has now been reduced to 6.50 percent after a 0.15 percent cut.
Earlier Kotak Bank’s main rivals HDFC Bank and SBI Bank have also responded to the rate cut by reducing the interest rate on their home loans. This time it will be interesting to see how these banks react to Kotak Bank’s interest cut.