Kotak Mahindra Bank raises mortgage rates after festival offerings end

NEW DELHI: Kotak Mahindra Bank announced new mortgage rates on Monday as the festive offer period ends today. The private bank raised mortgage rates by around 5 basis points (bps). A bps is one hundredth of a percent.

The revised mortgage rates will start at 6.55% per annum and will be valid from November 9 to December 10.

Earlier in September, KMBL (Kotak Mahindra Bank Ltd) 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, ”the bank said in a statement.

Applicants whose mortgage application was sanctioned by the bank before November 8 will be able to block the festive rate of 6.5% per annum if the loan is disbursed before November 15, the bank said.

“More recently, our 60-day holiday special has been very popular with homebuyers and we’ve seen very strong demand dynamics, both in new cases and in transfers. of balance. We are therefore delighted to extend the good times of borrowers with a new mortgage rate of 6.55%. This is a great opportunity for consumers to buy their dream home now, ”said Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank.

The revised rate of 6.55% is applicable to new mortgage loans as well as to balance transfer loans. There is no cap on the amount of the loan that can be borrowed at this rate and is available for both salaried professionals and the self-employed.

The final rate that a borrower will get will depend on their credit rating.

Kotak Mahindra Bank’s lowest rate, at 6.50%, was for borrowers with a credit score of 800 and above. The interest rates for the 750-799, 700-749, and 650-699 credit score bands were 6.60%, 6.80% and 7.10%, respectively.

To subscribe to Mint newsletters

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now !!