Home loan rates cut by Kotak Mahindra bank just ahead of the festive season to a decade low of 6.5%. The bank has reduced rates by 15 bps and the new rate is effective from September 10.
Kotak was already offering the lowest home loan rates amongst peers where the range for loans upto Rs 50 lakh ranged from 6.66%-7.05%. Private bank peers HDFC Bank and ICICI bank currently offer home loan rates at 6.75% in the same bracket.
Banks are facing stiff competition from housing finance companies that are offering rates as low as PSU leader SBI at 6.66%.