Saturday , October 16 2021

Kotak Mahindra Bank Drops Home Loan Interest Rates to 6.50%

Udaipur : The festive season has begun in India and in a move that will cheer consumers in Udaipur, Kotak Mahindra Bank (KMBL) has reduced its home loan rates once again by a further 15 basis points (bps) from 6.65% to 6.50%* p.a. Kotak home loan interest rates now begin at 6.50%* p.a. offering the best value to home buyers in Udaipur. These rates are valid for a limited period till 8th November, 2021.

Rates for both fresh home loans and balance transfers now start at 6.50%* p.a. This special rate is available across all loans amounts and is linked to a borrower’s credit profile.

Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank 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 are spending 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% home loan interest rate now makes owning one’s dream home even more affordable.”

With this new rate, existing home loan borrowers who are paying a higher interest rate on their current home loan, can lower their EMIs with unbelievable savings by shifting their home loan to Kotak Home Loans.

There are a number of reasons that make it the right time to buy a home. We are spending more time at home and hence, people are looking for bigger and better homes. The need and importance of owning one’s own home has gone up. Developers are offering attractive offers to home buyers. To add to that, interest rates on home loans are at a decade low. All these factors combined together make it the best time to buy one’s dream home.

Over the last several months, there has been a significant pickup in the residential real estate market in Udaipur. We are in a buyers’ market with sufficient supply of ready possession and under-construction properties coupled with extremely low home loan interest rates acting as vital enablers.

Further, digital has completely transformed the home loan sanction process. With Kotak Digi Home Loans, home loan applicants can now apply for and receive an instant in-principle sanction letter along with their loan amount eligibility, the tenure of the loan, interest rate and EMI in an end-to-end fully digital, paperless and contactless process.

To apply for a Kotak Home Loan online, please visit Kotak Home Loans. Existing Kotak customers can also apply through the Kotak mobile banking app or net banking.

Consumers can also apply through Kotak’s bank branches across India. Kotak Home Loans are available across over 180 cities and towns in India. Visit your nearest Kotak branch in Udaipur to apply for a home loan.

Kotak has a large base of customers in Udaipur. As on 30th June, 2021, Kotak Mahindra Bank’s CASA deposits have registered a year-on-year (YoY) growth of 12% in Udaipur, while Total Advances in Udaipur saw a YoY growth of 55%. In Rajasthan, as on 30th June, 2021, CASA deposits stood at Rs 3,977 crore, registering a year-on-year (YoY) growth of 32%, while Total Advances stood at Rs 10,563 crore, a YoY growth of 16%.

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