Kotak Mahindra Bank offers decade's lowest interest on home loans at THIS percent - Details inside

Kotak Mahindra Bank is going to make a cut in its home loan interest by 0.15 per cent to increase its share in the housing loan market. The announcement came on Thursday (September 9) that the bank will now provide an interest of 6.50 per cent that will also be the lowest in a decade according to Ambuj Chandna, President of Consumer Assets of the bank.

Notably, this over will only be available for two months, till November 8 and will only be provided to those customers coming from salaried classes who have high credit scores. 

As per Ambuj Chandna, the demand for housing loans has increased after the pandemic since everyone was forced to work from home. Last October, the bank's interest rate on housing loans was 6.9 per cent and it was decreased to 6.75 per cent and now its decreased by 0.15 per cent. Though the percentage is decreasing, the flow of cash is steady.

Kotak Mahindra's rivals HDFC Bank and State Bank of India have also reduced their home loan interest rates in order to gain customers. Kotak has been successful in reducing interest rates earlier but with rivals like HDFC and SBI it will be interesting to see what the customers think.