. The special interest rate on home loans starts at 6.65 percent and is the cheapest rate offered by any bank.
Minimum interest rate of 6.65 percent.
Kotak Mahindra Bank has decided to continue the special interest rate on home loans. Earlier this deadline was ending on 31 March 2021. The special interest rate on home loans starts at 6.65 percent and is the cheapest rate offered by any bank. On Monday, in a statement issued by the company, it said that amid the increasing demand for home loans, the bank has decided to issue a minimum interest rate of 6.65 per cent. This interest rate will be applicable on all loan amounts.
If a customer takes a fresh home loan from the bank or if he transfers the loan to another bank, then he will also get the benefit of this special rate. The interest rate depends on the credit score and loan to value ratio of the customer. The country’s largest public sector bank SBI had also announced a rebate on home loans, whose deadline expired on March 31. From April 1, SBI’s minimum home loan interest has been reduced to 6.95 percent.
Expect growth in loan business
Ambuj Chandan, President, Consumer Assets, Kotak Mahindra Bank, said that the home loan business has gained a lot in the last few months. There has been a large contribution of low interest rate in this. In such a situation, we hope that if the interest rate is maintained then the business will accelerate.
Who has the cheapest home loan?
According to the data available on the website of Paisabazaar, at this time, Kotak Mahindra Bank is providing home loan at the rate of 6.65 percent, which is the cheapest. In this, the EMI per lakh loan will be 641 rupees. After that HDFC is providing home loans at 6.70 per cent (EMI Rs 646), ICICI Bank 6.70 per cent (EMI Rs 646) and Bank of Baroda at 6.75 per cent (EMI Rs 648).
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