Kotak Mahindra Bank slashes home loan lending rates

By Our Banking Bureau | 29 Aug 2003

1

Mumbai: Kotak Mahindra Bank has become the first bank to cut its lending rate, albeit only in home loans, in response to the repo rate cut announced by the Reserve Bank of India.

The new private sector bank has reduced its benchmark home finance rate by 25 basis points.

With this rate cut, a five-year home loan is now pegged at 7.75 per cent on a monthly reducing balance.


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