Kotak Mahindra Bank had announced a cut in the home loan interest rate in September 2021 as a festive season offer. After this other banks also reduced the interest rates. Kotak Mahindra Bank provided home loan till 8th November 2021 at an initial rate of 6.50 per cent.
New Delhi. Kotak Mahindra Bank has shocked the home buyers by changing their interest rates as soon as the festive season is over. The bank has increased the interest rates on home loans by 0.05 percent on Monday. Now the interest rate on the home loan of this private sector bank will start from 6.55 percent, which was 6.50 percent during the festive season. The new rates will be applicable from 9 November to 10 December 2021.
Kotak Mahindra Bank had announced a cut in the home loan rate in September 2021 as a part of the festive season offer. After this other banks also reduced their interest rates. Currently, other banks are offering home loans at an interest rate of 6.45 per cent. Kotak Mahindra Bank has made available home loans at an introductory rate of 6.50 per cent till November 8, 2021. Now customers will get home loan at an initial rate of 6.55 percent.
New rates will be applicable on home loan and balance transfer
Kotak Mahindra Bank said that for those whose loans have been approved by November 8, 2021 and will be disbursed by November 15, 2021, the interest rates will remain 6.50 percent. According to the bank, an interest rate of 6.55 per cent per annum will be applicable on both new home loans and balance transfers. This special interest rate is applicable for all loan amounts and will be linked to the credit profile of the borrower. Apart from this, the same interest rates are applicable for both the salaried and the self-employed.
There was good demand in KMB’s loan balance transfer.
Ambuj Chandana, President, Consumer Business, Private Sector Bank said that our 60-day special festive season offer has received a good response from home buyers. We have registered strong demand for new loans as well as loan balance transfers. The bank has definitely increased the interest rates, but it is still one of the most affordable rates. Presently Union Bank of India is providing the cheapest home loan.
What is the interest rate on Ham loan of which bank?
Union Bank of India is currently providing the cheapest home loan. The initial interest rate of the bank’s home loan is 6.40 percent per annum. These interest rates are applicable from 27 October 2021. These interest rates are applicable on new loans as well as balance transfers. The bank had introduced this offer during the festive season. At the same time, the country’s largest lender State Bank of India (SBI) is offering home loans at an initial interest rate of 6.70 percent.