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Kotak Mahindra Bank now offering cheaper home loans than SBI, Know More

Kotak Mahindra Bank of the private sector has announced a reduction of 0.10 percent in its home loan interest. After this limited period cut, the interest rate has come down to 6.65 percent. With this deduction, the bank claims that it will provide the home loan to the customers at the lowest interest rate in the market. It is noteworthy that the State Bank of India (SBI), the country’s largest public bank, has also announced a reduction in home loans by 0.10 percent on Monday, and its home loan interest rate will start from 6.70 percent.

Kotak Mahindra Bank said in a statement that as a special offer, customers will be able to take loans at 6.65 percent by March 31. Kotak Bank announced this a few hours after the country’s largest bank SBI (State Bank of India) reduced the interest rate on home loans to 6.70 percent. Kotak Mahindra Bank said that the interest rate will depend on the credit score of the borrower and the debt to value ratio (LTV).

The country’s largest bank SBI (SBI) has cut interest rates on its home loans by 0.10 percent. Now the bank is offering a home loans at 6.70 percent interest. SBI said in a statement on Monday that the new rates will depend on the loan amount and the borrower’s CIBIL score. Under this, the loan will be available till 31 March 2021. The bank said that the interest rate on housing loans up to Rs 75 lakh will be 6.70 percent. For loans ranging from Rs 75 lakh to Rs five crore, the interest rate will be 6.75 percent.

Saloni Narayan, Deputy Managing Director (Retail Business) of the bank said that we want to take advantage of the festive season especially Holi. This is the last month of the year and we are expecting good figures. Apart from this, the bank is also giving a 100 percent discount on the processing fee. The bank said that customers can also apply for a home loan through the YONO app. In doing so, they will be given an additional discount of 0.05 percent. On the occasion of International Women’s Day, the bank is also giving special 0.05 percent discount in interest to women customers. Narayan said that the bank does not see any challenge on the payment of installment in the housing loan segment. We are aware of whatever pressure is there and we are reaching out to the customers.

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