Mumbai : Kotak Mahindra Bank (Kotak) on Thursday announced that it has reduced its rate on home loans by a further 10 basis points (bps) to 6.9 per cent per annum.The new rate will be effective from from October 21. Consumers can avail Kotak’s festive season bonanza, the 2020 edition of ‘Khushi Ka Season’ with home loans and balance transfer loans starting at 6.9 per cent per annum, the bank said in a statement. They can make savings of up to Rs 20 lakh on balance transfer cases, the statement added. Kotak home loans are linked to an external benchmark i.e. RBI’s policy repo rate.