Lifestyle | Your Money

November 05, 2012

Competition Forces, Ready Housing: Banks Flesh Out Their Offerings

Gone are the days of conventional housing loan. Nowadays, banks related to their loan a series of offers, including discounts in shops specializing in construction or interior decoration. A way for them to attract customers, since they perform more or less the same rate of interest.

The housing loan banks that offer is increasingly accompanied many advantages. For example, Bramer Bank, which has just launched its new 'home loan', offers those who contract their loans, discounts on a range of products for the home: 10% on furniture, 5% on appliances or 2.5% on the computer and multimedia.

At the State Bank of Mauritius (SBM), the new supply of housing loan - SBM homeloan - is also accompanied by remittances from its 16 partners (Batimex, Short Dulmar Furniture Ltd, Galleries Fokeerbux, Gamma Materials, among others). These businesses offer potential borrowers to purchase building materials, tiles, paint, sheet metal roofing, appliances or furniture at competitive prices.

 

The side of the Mauritius Commercial Bank (MCB), the "personal loan" that can be used for the renovation of the house is also combined with several discounts (15% in Chateau d'Ax, 15% in Cuisinella, 12% 361, 6% from Mobalpa on certain products, ...).

More aggressive

There is no doubt that the concept of 'bundling', which is to sell a loan with other 'incentives', is growing. And competition becomes more fierce among banks to attract those who need money to finance the purchase of land or the construction of a house. "The banks are indeed more aggressive on housing loan especially as this is a segment less risk because they are mortgages," says Danny Balluck 'Chief Financial Officer' at Bank One.

Loans with offers also show that banks must play cards other than the interest rate. "They can no longer compete at the level of interest rates, since they all work almost the same rate," says a framework for the banking sector. A simple comparison confirms. For 'home loan' of Bramer Bank as well as for that of the SBM, customers receive a fixed interest rate of 4.5% for the first year. "This is one reason why banks should provide added value to their products to attract customers," says our interlocutor.

On the other hand, customers are now more aware. A person who borrows is no longer satisfied that offers its own bank. She toured all banks for the best rate possible. "The interest rate is the first thing that looks the client. Even a difference of about 0.2% or 0.25% account for the borrower, since it must pay its debt for 20 or 25 years, "says one in the banking .

But these loans "bundling" are they really for the benefit of customers? While customers will save on some of their purchases with discounts to several shops, we also know that some of these loans are not for everyone. Especially those who are going to borrow larger amounts or over a million rupees, the banks have in their sights. In addition, for his part stressed, Suttyhudeo Tengur, president of the Association for the Protection of the Environment and Consumers (APEC), this type of loan allows banks to sell other products (credit cards, insurance and other ).

"Customers do not have much choice. They require these products. The banks and businesses that are winning with such a formula. As the client, it is peeled on all lines, "he says.

 

 

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