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Frequently Asked Questions

What is the Home Loan Interest rate?

A Home Loan interest rate is the amount of money (calculated as a percentage) borrowers pay back on top of the principal amount they take through a loan.  These rates, also called housing loan interest rates, are charged by financial institutions and determine the actual cost of a home loan. Interest rates on home loans are usually linked to repo rate and can vary from one institution to another.

What are the factors that affect home loan interest rates?

The home loan interest rates are affected by the following factors:

●       Your credit score

●       The amount of loan that you are availing of

●       The type of home loan that you are availing of - fixed or floating rate

●       Your occupation, i.e. whether you are salaried or self-employed

What is the current Home Loan interest rate in India?

Kotak Mahindra Bank provides some of the competitive interest rates in India on home loans at just 8.75%* p.a. to borrowers. Current home loan interest rates for Salaried and Self-employed borrowers can be viewed on the website.

How can i get the lowest housing loan interest rate?

If you have a good credit score and no history of missing previous repayments, you can try and reach out directly to your lender and ask if they can offer you a low interest home loan. You can put up collateral and reduce the rate as well. If you are an existing customer, some lenders may have special low rates available as well. However, very few institutions will be willing to negotiate different housing loan rates.

How to calculate home loan interest rates?

You can calculate home loan interest rates using our Home Loan eligibility calculator

Enter your basic personal and employment details and on submission, you will be able to see the interest rate, applicable to you, basis your profile.

What is Pre-EMI interest?

Pre-EMI is a type of instalment that you pay towards the interest component of your home loan.

This can relieve some of the financial burdens, but you have to understand that you will still have to repay the principal amount. Kotak Mahindra Bank offers good deals on home loan interest rates.

Ready to take the next step?

Have specific doubts? Talk to our Home Loan Advisor

Disclaimer (Things you should know):

For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

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