In what is bad news for mortgage borrowers, Kotak Mahindra Bank has announced a hike in mortgage interest rates as soon as the festive offer ends. The bank increased mortgage interest rates by 5 basis points, or 0.05%. After that, Kotak Mahindra Bank home loan interest rates will start from 6.55%. In other words, the new mortgage interest rates will be applicable from November 9 to December 10, 2021. The bank has issued a press release to this effect.
âEarlier in September, Kotak Mahindra Bank Limited kicked off the holiday season by introducing interest rates on home loans starting at 6.50% per annum. A limited holiday season offer that ends today, November 8, 2021. For applicants whose loans have been approved by bank by November 8, 2021, and will be disbursed for the next seven days, that is that is, by November 15, 2021, interest rates will remain at 6.50 percent, âthe bank said in a statement.
Ambuj Chandana, President – Consumer Assets, Kotak Mahindra Bank said, âRecently, our special 60 days holiday season has been very popular with home buyers and we have seen very high demand, both in new cases and balance transfers. Therefore, we are happy to extend the good times for borrowers with the new 6.55% mortgage rate. This is a great opportunity for clients to buy their dream home now. “
The new Kotak Mahindra Bank interest rate also applies to balance transfer loans. Notably, there is no limit on the loan amount that can be borrowed under this interest rate and it is available for salaried and self-employed professionals. The final rate a customer obtains will depend on their credit rating.