Bad news for home loan borrowers! This bank hikes interest rates

Bad news for home loan borrowers! This bank hikes interest rates

In what comes as bad news for home loan borrowers, Kotak Mahindra Bank has announced a hike in home loan interest rates as soon as the festive offer ends. The bank has increased the interest rates of home loans by 5 basis points i.e. 0.05 per cent. After this, now the home loan interest rates in Kotak Mahindra Bank will start from 6.55 per cent. Let us tell you that the new interest rates for home loans will be applicable from November 9 to December 10, 2021. The bank has issued a statement for this.

“Earlier in September, Kotak Mahindra Bank Limited started the festive season by introducing home loan interest rates starting from 6.50 per cent per annum. A limited period festive season offer that ends today, 8th November 2021. For applicants whose loans have been approved by the bank by November 8, 2021, and will be disbursed for the next seven days i.e. by November 15, 2021, the interest rates will remain 6.50 per cent,” the bank said in a statement.

Ambuj Chandana, President – ​​Consumer Asset, Kotak Mahindra Bank said, “Recently, our special 60-day festive season offer has been highly appreciated by home buyers and we have seen very strong demand, both in new cases and balance transfers. Hence, we are happy to extend the good times for borrowers with the new home loan rate of 6.55 per cent. This is a great opportunity for the customers to buy their dream home now.”

The new interest rate from Kotak Mahindra Bank is applicable on balance transfer loans as well. Notably, there is no limit on the loan amount that can be borrowed under this interest rate and it is available for both salaried and self-employed professionals. The final rate a customer gets will depend on his credit score.