Kotak Mahindra Bank chops off Interest Rate for Home Loans

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The RBIs stimulus of reducing the Repo Rates comes bearing significant fruits for the millions of borrowers across India. 

Good News comes the way of Kotak Mahindra Bank customers or people looking to get home loans to finance their grand dream of owning a house, as the bank has reduced its Interest Rate for Home Loans just ahead of the Diwali season, where it is predicted that demand would reach a gratifying peak.Kotak Mahindra Bank

This announcement came last Thursday, with the bank reducing the interest rates by another 10 basis points (bps) and reducing the Interest Rate to 6.9%.

“Consumers can avail Kotak’s festive season bonanza, the 2020 edition of Khushi Ka Season with home loans and balance transfer loans starting at 6.9 percent p.a,” the bank said in a statement.

A barrage of offers has been sent in order to re-invigorate existing customers and woo in new ones as the banks try to recover from stand still of the lockdown and an otherwise looming financial crisis. The RBI in tandem with the Finance Ministry has provided with a number of aids and options for the generating demand in the economy as a solution to the crisis.

The Banks have been targeting the festival season in order to launch a concentrated effort to jump start the economy. Kotak Mahindra Bank too has launched a series of attractive schemes, like easy digital sanctions of loans, lucrative interest rates, waiving of the processing fees and saving up to 20 Lakhs On Bank transfer cases as a part of the latest edition of its flagship scheme “Khushi ka Season.”