Kotak Mahindra Bank has further reduced home loan interest rates by another 15 basis points.
“Kotak home loan and balance transfer loans now start at 6.75 per cent per annum, which is one of the lowest rates in the home loan market,” the lender said in a statement on Tuesday, adding that the change is with effect from November 1.
“The new normal has changed the functioning of the entire ecosystem. Interest rates at a 15-year low, developers significantly reducing residential property prices and having a ready inventory of ready-to-move-in homes and lower stamp duty,”it further said, adding that all these factors when taken together make home buying at this point of time extremely attractive.
“This is an excellent opportunity for both – new customers who are looking to buy a home as well as existing home loan borrowers who can transfer their outstanding home loan account balance to Kotak and use this opportunity to reduce their existing EMIs,” said Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank.