Kotak Mahindra Bank offers competitive pricing to attract home buyers. Check new prices here
Kotak Mahindra Bank | Image credit: BCCL
New Delhi: Low interest rates combined with several offers from property developers seem to have tempted some of the home buyers to book a property. Builders may want to clear their inventory during the current holiday season by announcing freebies such as cash discounts, modular kitchens, furniture, god coins, air conditioners, club memberships, etc.
More importantly, according to attempts by the Reserve Bank of India (RBI) to revive consumer demand, several banks have cut home loan interest rates to record lows in an attempt to attract homebuyers. It is worth noting here that many state-controlled banks such as the State Bank of India (SBI), Bank of Baroda, and Union Bank of India have cut home loan interest rates. In addition, during this time they provide additional benefits to home buyers such as: B. Discounts on Processing Fees. There are special advantages for homebuyers.
Last month, SBI – the country’s largest lender by asset – announced mortgage rate concessions of up to 25 basis points to attract home buyers. SBI home loan customers would receive a 20 basis point discount on home purchases over Rs 75 lakhs, and 5 basis points more on home loans applied for through YONO and 5 basis points discount on female homebuyers.
Recently, private lender Kotak Mahindra Bank cut home loan interest rates by another 15 basis points (bps) to 6.75 a year. “Kotak home loans and balance transfer loans now start at 6.75% * pa, which is one of the lowest interest rates on the home loan market,” the bank said.
For example, if you take out a home loan of Rs 40 lakh for a period of 20 years at 6.75 percent, your equated monthly rate (EMI) is Rs 30,415. In addition, your total interest on a loan of Rs 40 lakh for 20 years is Rs 33 lakh.
Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “To keep consumer interests in mind and make home buying more affordable, Kotak home loan rates are now from 6.75% pa available. This is an excellent opportunity for both new customers looking to buy a home and existing home loan takers who can transfer their outstanding home loan account to Kotak and take this opportunity to reduce their existing EMIs. “