After SBI's announcement, Kotak Mahindra Bank cuts home loan rates

After SBI's announcement, Kotak Mahindra Bank cuts home loan rates

AgenciesUpdated: Tuesday, March 02, 2021, 08:24 AM IST
article-image
After SBI's announcement, Kotak Mahindra Bank cuts home loan rates |

Kotak Mahindra Bank on Monday announced a 0.10 percentage point cut in its home loan rates for a limited period, claiming its offering to be the lowest in the market.

Customers will be able to avail home loans for 6.65 per cent till March 31 as part of a special offer after the rate reduction, the bank said in a statement.

The move comes hours after home loan segment leader SBI cut its offering to 6.70 per cent. Home loan rates were already at a 15-year-low, as banks compete in a market with low credit demand.

Interest rates are linked to borrowers' credit score and the Loan to Value (LTV) ratio, Kotak Mahindra Bank said.

"We are delighted to offer consumers a special year-end bonus in the form of even lower home loan interest rates," it's president for consumer assets Ambuj Chandna said.

The 6.65 per cent rate is applicable to both home loans and Balance Transfer Loans across amounts, it said.

RECENT STORIES

Bandhan Bank Q1 Net Profit Plunges 65% YoY; NII Falls 7.7% Amid Challenging Environment

Bandhan Bank Q1 Net Profit Plunges 65% YoY; NII Falls 7.7% Amid Challenging Environment

Morgan Stanley Projects RBI Rate Cut In October As India’s Inflation Falls To Multi-Year Low

Morgan Stanley Projects RBI Rate Cut In October As India’s Inflation Falls To Multi-Year Low

JSW Steel Q1 Net Profit Jumps 47% To ₹2,209 Crore Despite 3.7% Drop In Revenue To ₹43,147 Crore

JSW Steel Q1 Net Profit Jumps 47% To ₹2,209 Crore Despite 3.7% Drop In Revenue To ₹43,147 Crore

Sensex Tanks 501 Points, Bank Stock Selloff & FII Outflows Drag Markets

Sensex Tanks 501 Points, Bank Stock Selloff & FII Outflows Drag Markets

Axis Bank Names Neeraj Gambhir Executive Director, Appointment Approved For 3-Year Term

Axis Bank Names Neeraj Gambhir Executive Director, Appointment Approved For 3-Year Term