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Kotak Mahindra Bank increases home loan rates as festival offers end

NEW DELHI: Kotak Mahindra Bank on Monday announced new home loan rates as the festive offer period ends today. The private bank has increased home loan rates by around 5 basis points (bps). One bps is one hundredth of a percent.

Revised home loan rates will start at 6.55% per annum and will be valid from 9 November to 10 December.

“Earlier in September, KMBL (Kotak Mahindra Bank Ltd) 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,” the bank said in a statement.

Those applicants whose home loan request has been sanctioned by the bank by 8 November will be able to lock in the festive rate of 6.5% per annum if the loan is disbursed by 15 November, the bank said.

“Most recently, 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. We are, hence, delighted to extend the good times for borrowers with a new home loan rate of 6.55%. This is a great opportunity for consumers to buy their dream home now,” said Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank.

The revised rate of 6.55% is applicable to fresh home loans as well as balance transfer loans. There is no cap on the loan amount that can be borrowed under this rate and is available to both salaried as well self-employed professionals.

The final rate that a borrower will get will depend on her/his credit score.

Kotak Mahindra Bank’s earlier lowest rate of 6.50% was for borrowers with a credit score of 800 and above. Interest rates for credit score bands of 750-799, 700-749 and 650-699 were 6.60%, 6.80% and 7.10%, respectively.

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