Home loans have gained quite a demand since people are stabilising from the blows of the pandemic. Considering, the need for the home loans, the Kotak Mahindra bank has set its home loan interest rates starting from 7%. These rates are equivalent to its competitor SBI home loans.
Kotak Mahindra has offered lower rates on home loans.
The private sector lenders have termed the festive season as ‘Khushi ka Season’ unleashing various offers that include fee reduction and vouchers too. Under the above-coined initiative, they have waived off processing fees.
To encourage new customers to open their preferred accounts, they have assured to give a voucher worth 250 Rupees on shopping from Flipkart. Usually, this particular segment is relatively steady and does not face any hard or severe blows no matter what the situation is in externals.
However, the pandemic broke down the structure of the banking sector too, but according to the analysts in this segment, it is said that the industry is slowly gaining ground again. In the next year, there might be a better market, as the economy shall contract around 10% at the end of this year itself.
Shanti Ekambaram, the president of Kotak Mahindra, consumer department observes that the economy is steadily improving and that has a good impact on the overall development of the sector.
Other than the typical festive offers, Kotak Mahindra Bank has also relinquished processing fees on a two-wheeler, car loans, agri-businesses, and commercial vehicles. The bank also aims at helping women borrowers by introducing lesser interest rates for them. They are thus in a cut-throat competition with their rivals (SBI).
They aim to increase new customers and encouraging people to use more savings accounts. Along with the home loan interests starting at 7% per annum, they have said that there can be saving up to the accumulation of Rs. 20 lakh is applicable over bank transfers.