Kotak joins rate war, offers 8.49% fixed rate for home loans

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Kotak Mahindra Bank announce its special home-loan scheme, offering an 8.49 per cent fixed interest for 30-months.
The special offer can be availed for all new loans irrespective of the loan amount, but will be limited till January 31, 2010, the bank said in a press release.

The private sector lender will charge floating rates on these loans after the 30-month period, which will be decided based on the retail prime lending rate, the bank said.
While the fixed duration loan rate will remain the same irrespective of the loan amount, the floating rate will vary with the loan amount, the bank said.

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Source - economictimes.com

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Private sector lenders ICICI Bank and Kotak Mahindra today announced low rates of 8.25 per cent and 8.49 per cent respectively for home loans, intensifying the cut-throat competition sparked by SBI and HDFC.
India's second largest lender ICICI Bank said it would offer a fixed rate of 8.25 per cent for two years for new home loans. The rate would be applicable to loans sanctioned between December 1, 2009 and January 31, 2010, and the first disbursement should be before March 31 2010, the bank said.

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Source - economictimes.com

Good going. Go for ICICI bank.