Kotak Mahindra Bank (Kotak), which is offering home loans at an unbelievably low interest rate of 6.75%* p.a., today announced that it has introduced instant in-principle sanction of home loans on its digital platform - Kotak Digi Home Loans. Home loan applicants can now check their loan amount eligibility and applicable interest rate immediately online, and also receive an in-principle sanction letter instantly. This considerably eases the home buying journey for aspiring home owners.
The instant sanction of home loans is available to both existing and new Kotak customers, and for salaried and self-employed customer segments. Applicants can use the facility to apply for a fresh home loan, balance transfer or a top-up loan.
In an end-to-end fully digital and paperless process, Kotak Digi Home Loans conducts an instant digital credit assessment and the applicant is shown her/his home loan eligibility amount, the tenure of the loan, interest rate and EMI. The applicant can choose the loan amount & tenure and add a co-applicant as well to increase the eligible loan amount. Applicants will then receive an in-principle sanction letter and thereafter proceed for online submission of documents.
Ambuj Chandna, President - Consumer Assets, Kotak Mahindra Bank said, "Making banking easier, quicker and more affordable - that is our promise to our customers. Using a digital-first approach, home buyers will now receive an instant home loan sanction together with all the details of their loan eligibility in a completely paperless and contactless manner. On top of that, we continue to offer a special home loan interest rate of 6.75%, making it a win-win proposition for our customers. The search for one's dream home has now become so much easier."
Applicants can easily apply online for Kotak Digi Home Loans through the Kotak website at www.kotak.com. Existing Kotak customers can also apply for Kotak Digi Home Loans through Kotak net banking or the mobile banking app.
Kotak offers home loans and balance transfer loans starting at 6.75%* p.a., which is one of the lowest rates in the home loan market.
Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1858.65 as compared to the previous close of Rs. 1883.95. The total number of shares traded during the day was 162036 in over 10014 trades.
The stock hit an intraday high of Rs. 1905 and intraday low of 1846. The net turnover during the day was Rs. 305509653.
*Terms & Conditions apply