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Kotak Mahindra Bank hikes home loan rates by 0.05 pc | The era of cheap home loans has started, Kotak Mahindra Bank hikes interest rate by 0.05 percent

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Kotak Mahindra Bank hikes home loan rates by 0.05 pc

New Delhi. With the advent of Diwali, the era of cheap home loans has also slowly started to end. Private sector bank Kotak Mahindra Bank on Monday announced a 0.05 percent increase in interest rates on home loans. The bank is adopting a very aggressive policy in this area.

According to an official statement, the interest rate on private sector bank home loans will now start at 6.55 per cent from 6.50 per cent earlier. As part of the festive season, the bank had announced a rate cut in September, followed by other banks in the industry. Right now other banks are offering loans at 6.45 per cent interest rate.

Ambuj Chandana, President, Consumer Business, Bank said, “Our 60-day special festive season offer has been highly appreciated by home buyers. We have registered very strong demand both in new cases and balance transfers. The new interest rates will be effective till December 10, the statement said.

Kotak Mahindra Bank chief executive and managing director Uday Kotak said in a tweet on Sunday that central banks around the world have a cure for all problems: currency printing. Environmental change is the problem of the future generation. We need to solve it and not postpone it. The future is here. The future is now.

SEBI allows FPIs to write off debt securities

Markets regulator SEBI on Monday allowed foreign portfolio investors (FPIs) to write off all debt securities which they are unable to sell. The Securities and Exchange Board of India (SEBI) said in a circular that this order would be applicable only to those FPIs who wish to give up their registration.

The circular said that in view of the requests received from various stakeholders, it has now been decided to allow FPIs to write off all such debt securities which they are unable to sell for any reason whatsoever. SEBI said this would be applicable only to those FPIs who wish to give up their registration. The regulator said the procedure laid down in the operational guidelines for write-off of debt securities would have to be followed.

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