Home loans: Kotak Mahindra Bank cuts rates by 15 bps to 6.50%

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If you are planning to buy a home, then there is good news for you. This bank has cut down on the interest rates on its home loans for the festive season. Kotak Mahindra Bank has announced that it has lowered interest rates on home loans by 15 basis points as a festive period offer. The rate announced by the bank for the festive season is applicable from September 10, 2021, to November 8, 2021. The bank aims to bring the salaried class of customers at the center of its policy. The home loan rates are linked to the repo rate and are subject to change.

At present, the bank is offering home loans at an interest rate starting at 6.65 % per annum. However, with the cut, the rate during the limited period offer will be 6.50.

To avail of the loan, you must furnish the required documents to the bank. According to the company’s website, the below documents are required if you are a salaried applicant.

– Photograph (passport size) – 1

– Pan card copy (all applicants with relationship proof) – 1 each

– Aadhaar card copy (all applicants with relationship proof) – 1 each

– Residence proof copy (all applicants with relationship proof) – 1 each

– Salary Slips (of all applicants whose income is considered) – last 3 months

– Form 16 and ITR (of all applicants whose income is considered) – last 2 years

– Bank statement in original where salary credited (of all applicants whose income is considered) – last 6 months

– Bank statement of any other bank a/c (of all applicants whose income is considered) – last 6 months Relationship proof

– Details of loan availed with a track record (if any existing loans)

– All property documents (chain) with sanction map