Kotak Mahindra Bank has announced today, 9 September, that it is deducting home loan rates by 15 basis points. 

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The bank is offering home loan rates starting from 6.5 per cent. This new rate of 6.5 per cent will start from Ganesh Chaturthi. The earlier home loan rates started from 6.65 per cent.  

In April, the bank announced that home loan borrowers will continue to enjoy its special interest rate of 6.65 per cent p.a. This low-interest rate was applicable across all loan amounts. 

Both fresh home loan applicants and balance transfer cases were eligible for interest rates beginning at 6.65 per cent p.a. Interest rates are linked to borrowers’ credit score and the Loan to Value (LTV) ratio. 

To apply for a Kotak Home Loan online, consumers can visit the website at Kotak Home Loans. Consumers can also apply through Kotak’s bank branches across India. Existing Kotak customers can also apply through the Kotak mobile banking app or net banking. Kotak Home Loans are linked to an external benchmark i.e. RBI’s policy repo rate. 

To deliver a superior repayment experience for customers and increase efficiencies, it has also deployed a secure, Do It Yourself (DIY) Digital Repayment Platform for missed loan repayments, in a tie-up with Credit as Solutions. Powered by Artificial Intelligence (AI) and Machine Learning (ML), the ‘Neo Collections’ platform delivers a personalised and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.

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Using data analytics to target the right customer segments, the ‘Neo Collections’ platform creates hyper-personalised scenarios to connect with each customer. The platform analyses both historical as well as live customer interaction data, deploying sophisticated behavioural models to create individual customer-level personas that take into account the unique preferences of each customer, including their preferred communication mode, the best time to contact them and the language of their choice.