Kotak Mahindra Bank cuts home loan rate, waives foreclosure charges

kotakKotak Mahindra Bank said it is now offering a lower home loan rate of 9.35% as part of a festive season discount and will also provide business loans and overdraft at up to 1% lower interest rate with 25% waiver on processing fees till 10th September.

SBI already offers home loan rates of around 9.3%, while ICICI Bank charges 9.4% and HDFC Bank charges 9.35%.

Processing fees have been waived off by 50% for home loans and foreclosure charges have been fully waived for business loans, added the company.

Company added that new customers will also receive gift vouchers from Club Mahindra, Pizza Hut, BookMyShow and Yatra on opening new accounts with the bank.

Sumit Bali, Head Personal Assets said that, in addition to offering 6% p.a. interest rate on savings account on balance of above Rs. 1 lakh, they have designed several loan offers for new and existing customers, for a limited period.

“Good monsoons always translate into positive news for the country’s economy. We want customers to prosper more, through our special deals on home, business and car loans, in addition to the higher interest rate on savings account,” added Bali.