Mumbai: Kotak Mahindra Bank has announced a 10 basis point (bps) cut in its mortgage rates for a limited period of time and claims its offering is the lowest on the market.
After the interest rate cut, customers can take advantage of a special offer up until December 31.
The interest rates are linked to the creditworthiness of the borrower and the loan to value (LTV) ratio. Kotak Mahindra Bank called.
The interest rate of 6.65 percent applies across amounts to both home loans and balance transfer loans.
The move comes hours after the State Bank of India (SBI) reduced its offer to 6.70 percent. This is a limited time offer that ends March 31st. The lender also waives 100% processing fees.
Saloni Narayan, DMD (Retail Business), SBI said: “Our customers trust us completely because of our total transparency. The reduced rates are one of the best home loan rates one could ask for. “
Interest rates on SBI home loans are linked to the CIBIL score and start at 6.70% for loans up to ₹75 lakh and 6.75% for loans over ₹75 lakh. As the market leader in home finance, SBI takes responsibility for raising consumer sentiment. Consumer affordability increases immensely with current offerings as EMI is reduced.
Home loan interest rates have already been at a 15-year low as banks compete in a market with low credit demand.
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