Diwali sale season is going on in the country at this time. A few days ago the sale was organized on the occasion of Dussehra by many ecommerce companies. Many times such offers also come in which you are paying as EMI, but you have to pay the price with MRP. These days retailers, builders and lending institutions are also throwing money at the best offers to woo customers, you must keep these five things in mind before spending your hard earned money:
1. No Cost EMI
No cost EMI is an illusion because the amount of interest is charged in the EMI. It is a different matter that many times we do not see clearly. If you read the terms and conditions of No Cost EMI carefully while shopping, you can understand it.
For example, if you buy a smartphone of Rs 60,000 in this option, then in 10 months, your monthly installment should be Rs 6000 per month. Anuj Kakar, founder of digital landing platform MoneyTap, said, This is the triple zero scheme in which you do not have to pay processing, down payment and interest. “If your monthly installment is more than this, then you understand that you have to pay more money.
2.Low Cost Loan
After no cost EMI, banks also offer you no cost loan during the festive season. In this, you do not have to pay any interest on the purchase amount for a certain period. Kakar said that you should first find out whether the bank is not charging you for this.
He said, “The amount of processing fee can be up to two per cent. This can prove to be a better option for those who do not want to lock in their money.” Kakar said that if you are borrowing an amount of Rs 50,000 for 10-12 months, then there is no problem in paying one to two per cent charge.
3.Cash Back Offer
Buy a laptop, camera, washing machine, refrigerator using your credit card and get attractive cash back offers. You can get a cash back from this store through your bank’s debit card for a minimum purchase of Rs 15,000. Such messages will often come on your phone or email ID. Banks also offer cash back on payment of phone bill and utility bill etc. These offers are available on both credit card and debit card, but these offers are not unlimited nor are they available without any condition.
To avail the cash back offer, you have to buy at least the amount that the bank or credit card issuing institution decides. State Bank of India is currently running a cash back offer. If you make a purchase of more than Rs 10,000 from Flipkart using the SBI debit / credit card in the festive sale, you get an additional 10% cashback. These cash back offers are for a fixed period only.
To avail this offer, you should pay attention to minimum purchase or maximum cashback amount. Instant cashback offer from credit card is a better option because in this you get a discount only when you purchase goods.
4. Subvention Scheme
This agreement is done between a developer, a borrower and a bank. In this, the person taking the loan gets 10-20 percent relief in the beginning. In this, your EMI does not start for a period already defined. This can give you a great relief in the price of the house. The National Housing Bank has now stopped the developer from introducing such a scheme. However, there is no such restriction on the bank. Subvention schemes can be of many types.
Initially 5-20 percent of the amount is taken and the remaining amount is financed after getting possession of the house. The house buyer gets relief in this arrangement, but here you have to pay 7-8 per cent more than the regular expenses.
5. Free gifts on house purchase
When buying a house in the festive season, the builder offers many offers like modular kitchen, AC and semi furnished apartments. If you want to get the right deal, then instead of these freebies, ask for a cash discount directly from the builder. “Many developers don’t talk about cash discounts, but you can negotiate with them,” said Anuj Puri, chairman of Enarock Property Consultant.
- First of all, negotiate on the price of the property, what is getting free, forget it.
- Now try mixing it with the stuff you are getting free. With this you will get a better idea whether free goods are good or this offer.
- Compare free offers and builder prices and discounts. A gold coin or a 32 inch TV will cost around Rs 30,000.
- The expenditure on modular kitchens can come from one to five lakh rupees. It depends on the quality of the gadget and product used in it.
- Car parking, cash discounts and foreign trips also have a value that you can count.
- Difference between property price and gift value without a gift. Decide to buy property according to all information