Kotak Mahindra Bank increases mortgage rates by 0.05%

Kotak Mahindra Bank, one of the first to launch an aggressive game on mortgage rates, announced a 0.05% increase in mortgage interest on Monday.

The private sector lender will now offer home loans from 6.55%, down from 6.50% previously, according to an official statement.

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As part of a festive season move, the lender announced a rate cut in September, which was also followed by other industry players. Right now, other lenders are offering loans starting at 6.45 percent.

“Our 60-day holiday season special was deeply appreciated by homebuyers and we saw very strong demand dynamics, both in new cases and balance transfers,” said Ambuj Chandna, president of mainstream activities.

The new rates will be applicable until December 10, according to the press release.

It can be noted that industry players have pointed out that rates – which are currently at their ten-year low – are currently at their lowest. The central bank should largely start to withdraw its ultra-accommodative measures

began as a result of the pandemic, which resulted in increased liquidity and lower lending rates.

“Central banks and sovereign states around the world have 1 medicine for all problems: printing money. Distorts value and values. Like climate change, it is the problem of the next generation.

it is now, “the bank’s managing director and managing director, Uday Kotak, tweeted on Sunday.