Kotak Mahindra Bank (KMB) launches mortgage finance in Kolkata

Kolkata, Aug 17 (Calcutta Tube/IBNS) Kotak Mahindra Bank (KMB), one of India’s leading private banks, on Friday launched  its Mortgage Finance products – Home Loans and Loan Against Property (LAP) in Kolkata.

The Bank is currently offering special and low interest rates for both these products. The growing Kolkata market is seen as an ideal destination by the Bank to enhance its mortgage business.

Speaking on the occasion,  Kamlesh Rao, Executive Vice President – Retail Assets, Kotak Mahindra Bank said, “We have introduced tailor-made products to suit different customer categories – salaried and self employed. The introduction of our product suite in Kolkata reflects the great potential and strong fundamentals of the Kolkata property market.

“The home loan products are ideal for customers looking at purchasing their dream homes and with LAP customers get a dual advantage – great value for the property and a loan at a very low interest rate.”

The Bank has introduced a special dual interest rate offer for salaried customers. Offering a rate of 8.25% p.a. till March 31, 2011 and floating rate thereafter. This is a limited period offer open till September 31, 2010. Home loan offers that specifically cater to the self employed community are also available.

LAP is an ideal financial tool for the business community of Kolkata, where customers can avail loans upto Rs. 10 crores. Kotak Mahindra Bank is offering rates as low as 11.50% p.a. currently.

With the launch of LAP, customers now  avail higher quantum of a secured loan that is based on the property value.

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