Interest War Ahead of Festival Season: Kotak Home Loan at 8.95%

Updated on: 19 Jan 2024 // 2 min read // #mmm news
Author :(524 posts)

Ahead of festive Season Kotak Mahindra Bank has further slashed its Home Loan Interest Rates by 15 bps. The effective rate of interest will be 8.95% p.a. applicable from Nov 1 2020.

This comes as a big News for new as well as existing home loan customers as the rate is also available for balance transfer customers. The bank said in the press statement, “Kotak Home Loan and Balance Transfer Loans now start at 8.95%* p.a., which is one of the lowest rates in the home loan market.”

In past one month, many leading lenders have announced Lowest Home Loan Interest Rates. Banks like State Bank of India, Bank of Baroda, Union Bank of India, HDFC, PNB and ICICI Banks have not only slashed rate of interest for home loans but have launched several festival home loan offers as well.

Bank of Baroda and Union Bank of India have announced reduced Home Loan rates from November 1, 2020. Baroda Repo Linked Lending Rate (BRLLR) will now be available at 8.95% per cent and lowest rate for UBI Home Loan for women applicants will be 8.95% for lower than Rs 30 Lakh loans.

Why this is the best time to apply for Home Loan in 2020?

  1. Special festival offers are available. You can save loan processing fee, avail of the concessional/festive rate of interest and choosing flexible EMI options.
  2. The home loan interest rates are lowest ever in last 15 years for entire eco system.
  3. Amidst pandemic, lenders as well realty developers are pushing up customer friendly schemes to push growth in the industry. Thus you can seal some attractive offer and save lakhs of rupees.
  4. The property prices have also corrected across the country.

Thus you can make most of this opportune time by applying for a Home Loan now. Both new customers as well as existing customers will be able to tap the benefits of these offers. Women Customers can tap further concession in the rate.

Let’s compare Home Loan Interest Rates, as of November 1, 2020 (festive offers included):

BankHome Loan Interest Rate
Kotak Mahindra Bank8.95%
Union Bank of India6.95%
Axis Bank6.90%

Also read: 10 Best Home Loan Interest Rates in India