Kotak Bank launches hybrid home loan with 65-month rate lock

Kotak Mahindra Bank is a big bank in India.

It has launched a new kind of home loan called a hybrid home loan.

When people borrow money from a bank to buy a home, they pay it back in small monthly amounts called EMIs.

Normally, those monthly payments can change when the country's interest rates change.

With this new loan, customers can choose to keep their payment exactly the same for 39, 52, or 65 months.

That is more than five years of knowing exactly what to pay.

This helps families plan for other things, like furniture, school fees, and savings.

After the chosen time ends, the loan switches to the usual type, where payments can go up or down.

The bank says this could help borrowers save up to ₹3.46 lakh if interest rates rise.

The loan is available across India to people who work for a company or run their own business.