New Delhi. After the State Bank of India (SBI), now Kotak Mahindra Bank of the private sector has also decided to cut home loan interest rates. Kotak Mahindra Bank announced on Monday evening that it will reduce home loan rates by 0.10 percent. However, it will be for limited time only. Kotak has claimed that its offer is the cheapest in the home loan market. After this decision, customers of Kotak Mahindra Bank will be able to get a home loan at the rate of 6.65 percent by 31 March. This private bank has cut this interest rate for home loans under a special offer. The bank itself has given information about this.
Ambuj Chandna, President, Consumer Assets at Kotak Mahindra Bank, said, “Kotak is continuing the phase of becoming the price leader in the home loan market. We have decided to give a special year-end bonus to our customers, which will be in the form of even cheaper home loans. This is really the best time to buy a house.
What are the special features of Kotak Mahindra Bank’s home loan: –
>> The lowest home loan rate in this bank is 6.65 percent per annum. This interest rate will be applicable for salaries and non-salaried people. It is one of the most attractive home loans in its segment.
>> To get a home loan from this bank, the processing of the home loan through Kotak Digi Home Loans will be very quick.
>> Home loan interest rates were cut by Kotak Bank when the country’s largest bank i.e. SBI also announced a reduction in home loan interest rates. Home loan rates in SBI have now come to 6.70 per cent.
>>Home loan rates are already at the lowest level in the past 15 years due to competition between banks and RBI’s policy interest rates being low. Banks are now reducing interest rates to deal with low credit demand in the market.
>> Kotak Mahindra Bank said that the interest rates will be linked to the credit score and loan to value ie LTV ratio of the borrower.
>> The bank also said that this rate of 6.65 percent will be applicable on home loans and balance transfer loans.
After the new rate, how much interest will have to be paid on a home loan of 30 lakhs?
If you take a loan of Rs 30 lakhs for 20 years at a new rate from Kotak Mahindra Bank, then you will have to pay a total of Rs 24,31,898 as interest. This amount will have to be repaid as EMI for 20 years. An EMI of Rs 22,633 will have to be given on a home loan of Rs 30 lakh at the rate of 6.65 per cent. However, the bank has also made it clear that this rate will be applicable on home loans till 31 March. Also, it has to be noted that the interest rate will also depend on the credit score and loan to value ratio of the borrower.
