
Kotak Mahindra Bank offers one of the lowest home loan interest rate in India. Here’s more information on housing loan rates for salaried and self-employed borrowers.
PRODUCT | APPLICANT | RATE OF INTEREST |
---|---|---|
Home Loan |
Salaried |
8.85% - 9.35% |
Self-employed |
8.90% - 9.40% |
|
Home Loan Balance Transfer |
Salaried |
8.85% onwards |
Self-employed |
8.90% onwards |
Connect with us to know more about the current home loan interest rates, or apply now for low interest home loans. Kotak Mahindra Bank’s interest rate is one of the lowest housing loan interest rate in India.
Home loan interest rate in India can be fixed or floating. Find out what it means and how these two types of house loan interest rates differ from one another.
This is another popular type of home loan interest rate today in India. Floating house loan interest rates follow the prevalent market rates. When the interest rate drops, your home loan EMI also drops.
Benefits
To avail of low interest home loans, you may opt for a floating type of interest as these are usually among the lowest home loan rates. They are in alignment with the market situation.
Setback
When the interest rate rises, the borrowers will lose their current home loan interest rates and have to pay a higher interest amount.
This type of housing loan interest rate remains constant for the complete tenure. Fixed type of home loan rates are set and there is no fluctuation in the interest amount. However, in certain cases, after using a fixed housing loan interest rate for a certain repayment period, it may convert into a floating housing loan interest rate depending on your loan terms.
Benefits
The most important benefit of fixed house loan interest rates is that the borrowers know exactly how much home loan rates they are liable to pay. Even if the housing loan interest rate increases, your credit stays protected from these occasional fluctuations in home loan rates. This saves you a lot of money in the long run.
Setback
The flipside of fixed house loan interest rates is that even when the home loan interest rate in India drops, your rate remains fixed.
I had a great experience. I want to appreciate the Home Loan RM & branch for the customer centricity & follow ups to keep the things moving.
Reviewed on 04/11/2022
It was good experience. I preferred Kotak bank over other banks due to lower rate of interest and my existing relationship with Kotak Bank.
Reviewed on 04/11/2022
Process of getting Kotak Home Loan was smooth. Would recommend one to choose Kotak Home Loans. Also, RM, Branch team were of great support.
Reviewed on 04/11/2022
Extremely satisfied with the services provided. I really appreciate Kotak Bank & the team for their efforts in helping me buy my first home.
Reviewed on 04/11/2022
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The home loan interest rates are affected by the following factors:
● Your credit score
● The amount of loan that you are availing of
● The type of home loan that you are availing of - fixed or floating rate
● Your occupation, i.e. whether you are salaried or self-employed
You can reduce your home loan interest rate if you have a good credit score.
You can calculate home loan interest rates using our Home Loan eligibility calculator
A fixed home loan interest rate implies that the interest rate for the loan duration will be fixed. Whereas under the floating home loan interest rate, the interest rate may vary during the loan tenure.
Kotak Mahindra Bank provides low interest home loans to our borrowers. The interest rate at Kotak is one of the lowest home loan interest rate in India.
The floating rate of interest is the interest rate, which changes because of multiple factors.
Fixed home loan rate, as the name implies, is a type of housing loan interest rate which remains constant during the entire home loan tenure.
Pre-EMI is a type of installment that you pay towards the interest component of your home loan.
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Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
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