Offers given on credit cards are genuine

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: Amitoj Sethi

Director www.deal4loans.com

I require a home loan of Rs 20 lakh. My monthly take home is Rs 40,000. Punjab National Bank is offering the loan at a 1% lower rate. Should I opt for this bank’s loan offering and how? If I go for a plot then how much loan of the registered value can I get? If I avail tax benefit then how soon do I begin construction?

Prima facie you seem eligible for a home loan of Rs 20 lakh, but not too many banks give loans to purchase land. You should approach consolidation portals like www.deal4loans.com for your loan requirement.

How can we find out if special packages on home loans, personal loans and credit cards, offered by banks during festive season, are genuine? If not, then where is the catch?

The ideal way to compare the various packages on home and personal loans is to look at the EMI being paid and the upfront payment for the same amount over the same tenure. Usually banks offer lower rates of interest, but make up the amount lost due to the lowered interest rate through fees and advance EMIs. Usually the offers given on credit cards are genuine as the banks partner with the retail outlets to compete for your spend. For example, if you were to purchase a new plasma TV, you will need to spend about Rs 50,000. Retailer X will be keen you purchase it from him and will be willing to offer a 5 % discount for the same. Bank Y will be keen that you make this purchase using their credit card and will be willing to offer a 5% discount on the same. In a case like this, they will partner to bring you a plasma TV at a 10% discount, but only if you purchase it from Retailer X on Bank Y's credit card. The down side to offers like this may be that Retailer X may not be able to offer you as much of a range to choose from as Retailer Y or you may not have Bank Y's credit card.