Kotak Mahindra Bank has announced that it has reduced its home loan interest rates by 15 basis points (bps) from 6.65 per cent to 6.50 per cent p.a starting tomorrow. This special rate of 6.50 per cent p.a. is a limited period festive season offer beginning 10th September and ending 8th November 2021. 

“Rates for both new home loans and balance transfers now start at 6.50 per cent p.a., offering the best value to home buyers. This special rate is available across all loans amounts and is linked to a borrower’s credit profile,” the lender said in a statement. 

This is the lowest interest rate in more than a decade and one of the most competitive among rivals. Its president for consumer assets, Ambuj Chandna, told reporters in a virtual call.

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Chandna also said, “We are delighted to add to the festive cheer for millions of home buyers and help make their dream of owning their ideal home a reality. As the world has changed and we spend more time at home, our lifestyles have also evolved. People are looking for comfortable residences where the entire family can work, entertain and spend quality time together. Kotak’s incredible 6.50 per cent home loan interest rate now makes owning one’s dream home even more affordable.”