The limited festive period offer will be applicable on all loan amounts; And both on new loans and balance transfer matters.
“Home loan has been a focus area for us and we have seen significant growth in the book, with the festive season our focus is on increasing the market share of the bank in this segment and we are confident that our low rate offering will dramatically increase our growth. will help. Book size,” said Ambuj Chandana, President – Consumer Assets, Kotak Mahindra Bank.
25% of the lending book for Kotak Mahindra Bank is contributed by Mortgage. At the end of June quarter, the lender’s total advances rose 6.6% to Rs 2.17 lakh crore, with home loans and loans against property rising nearly 18% to Rs 55,623 crore.
The salaried class and those with a credit score above 800 will attract a minimum rate of 6.5%. home Loan Borrowers can apply for using Kotak Digi Home Loan and get an instant in-principle approval letter along with their loan amount eligibility, loan tenure, interest rate and EMI in a completely digital, paperless and contactless process . .
The interest rates for Kotak are on a downward trend from October 2020, when it was 6.9% and further reduced to 6.65% in March this year. The lender has seen significant momentum in its home loan book during this period. It has focused more on acquiring salaried customers and transferring balances from other banks and housing finance companies.
The home loan industry is primarily the salaried segment with 75% share, and the remaining 25% is self-employed.
“Our lower rates since last October have helped us attract better quality customers as they are very responsive,” said Chandna of Kotak. “With this latest rate cut, the gap between us and our competition will widen, as it remains a long-term game for us.”
Chandana also dismissed any concerns over the asset quality of the home loan book.
“It (home loan) has been the best-performing book across all segments, and we haven’t tightened or relaxed any credit underwriting standards in the meantime,” he said.