Kotak Manhindra Bank announced a new home loans offer including a loan product at a fixed rate of 8.49% p.a. for 30 months (from the date of disbursement of the loan), and subsequently, the applicable floating rate for the balance term.
The applicable rate after 30 months will be the retail prime lending rate (RPLR) less the spread of 5.5%. Assuming the current RPLR continues, after 30 months, it will be at 9% p.a. floating rate. This is a limited period offer till Jan. 31, 2010. The rate of 8.49% p.a. is applicable for all new loans irrespective of the loan amount.
For salaried customers, the bank is also offering very attractive floating rates starting from 7.99% p.a. depending on loan amount.
While the fixed duration loan rate will remain the same irrespective of the loan amount, the floating rate will vary with the loan amount. Presently Kotak Mahindra Bank Home Loans are available in Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Surat, Pune and Chennai.
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