Kotak Mahindra Bank has announced a new fixed cum floating loan scheme wherein the bank will offer a rate of 8.49 per cent for the first 30 months from the date of disbursement and for the rest of the loan duration, the rate will be the applicable floating rate. The fixed rate of 8.49 per cent is applicable for all new loans irrespective of the loan amount.
The applicable rate after the fixed rate period of 30 months will be the Retail Prime Lending Rate (RPLR) less the spread of 5.5 per cent. According to a release from the bank, the offer is valid till January 31, 2010.
Prior to this premier housing finance company HDFC had offered a fixed cum floating rate loan with an interest rate of 8.25 per cent rate up to March 31, 2012. This move by HDFC was in response to market leader SBI’s offer of 8 per cent rate in the first year. Currently ICICI bank is also offering a similar housing loan with a fixed rate of 8.25% for the first two years.
Get the best deals on bank loan offers