Mumbai, Sep 9 (IANS): Kotak Mahindra Bank Ltd. on Thursday announced the reduction of its home loan interest rates by 15 basis points (bps) to 6.50 per cent.

This special rate of 6.50 per cent per annum is a limited period festive season offer for the period of September 10 to November 8, 2021.

The reduced rate would be available across all loan amounts and is linked to a borrower's credit profile.

The revised rate would be applicable on both fresh home loans and balance transfer loans.

Ambuj Chandna, President, Consumer Assets, Kotak Mahindra Bank said: "People are looking for comfortable residences where the entire family can work, entertain and spend quality time together. Kotak's incredible 6.50 per cent home loan interest rate now makes owning one's dream home even more affordable."

The bank said that with Kotak Digi Home Loans, home loan applicants can now apply for and receive an instant in-principle sanction letter along with their loan amount eligibility, the tenure of the loan, interest rate and EMI in an end-to-end fully digital, paperless and contactless process.