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Frequently Asked Questions

What are the factors that affect home loan interest rates?

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

How can I reduce my housing loan rate of interest?

You can reduce your home loan interest rate if you have a good credit score. 

Salaried borrowers might also get the chance to opt for a reduced home loan interest rate. The lowest home loan interest rate is available at Kotak Mahindra Bank.

How to calculate home loan interest rates?

You can calculate home loan interest rates using our Home Loan eligibility calculator

Enter your basic personal and employment details and on submission, you will be able to see the interest rate, applicable to you, basis your profile.

What is the difference between fixed and floating home loan interest rate?

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.

If the customer avails EMI option under the fixed home loan interest rate, the EMI amount will remain fixed. But under floating home loan interest rates, as the interest rate falls, so does the amount of EMI.

What is the current interest rate on Home Loans?

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. 

Current home loan interest rates offered by Kotak Mahindra Bank for Salaried and Self-employed borrowers can be viewed on the website. Home loan balance transfer interest rates are also listed on the website.

What is a floating rate Home Loan?

The floating rate of interest is the interest rate, which changes because of multiple factors.

If the rate of interest is increased by the lender, then the rate of interest increases for all the customers who have availed of a home loan on floating rate, and hence customer EMI also increases.

What is a fixed rate Home Loan?

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. 

One must make a note that such type of home loan interest rate does not get the benefit of any change in an interest rate. With Kotak Mahindra Bank, you enjoy the lowest home loan interest rate.

What is Pre-EMI interest?

Pre-EMI is a type of installment that you pay towards the interest component of your home loan. 

This can relieve some of the financial burdens, but you have to understand that you will still have to repay the principal amount. Kotak Mahindra Bank offers good deals on home loan interest rates. 

How can one convert fixed rate of interest to floating rate and vice versa?

There are two types of home loan rates, i.e. fixed and floating house loan interest rates. 

You can switch from one type of interest rate to another. You can achieve this by paying switch charges levied by the lender. 

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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.

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