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What is Stamp Duty?
Factors that Define the Stamp Duty on Home Loan
What are Home Loan Registration Charges?
What is the Stamp Duty Calculator
How to Pay Your Stamp Duty on Home Loan
While applying for your home loan, the focus is often on the loan amount which, after approval by your lender, would set you up to buy the property of your choice. However, are you aware that when you pay for the home, that's not all that you have to pay for? There are several other costs that are billed to you, including that of the stamp duty.
In many Indian states, stamp duty on home loans can amount from 5% to 7% of the property's actual value, while the home loan registration charges can reach 1%. Know that while your Bajaj Housing Finance home loan provides you with 75 to 80% of the property’s market worth, it doesn’t in any way cover the stamp duty on home loan and home loan registration charges.
You only complete the property purchase process when you pay all outstanding fees, stamp duty included. In this article, you’ll learn what stamp duty is, how to use the Stamp Duty Calculator, the stamp duty rates for your state, and how to pay your stamp duty on home loans.
Stamp duty is the charge you pay to transfer of the property’s title in your name. The stamp duty on a home loan is charged by the state government and its rates are different in all states. Section 3 of the Indian Stamp Act 1899 requires all who wish to register their properties to make the payment. The stamp duty on a home loan is levied on you by the government to verify your property registration paperwork.
When you pay your stamp duty on a home loan along with the home loan registration charges, a paid tag is pinned to your registration document. It serves as a legal document that declares your ownership of the property in any court of law. Know that you will be unable to lay claim to your property if you owe stamp duty on a home loan. Read on to learn the factors that define the stamp duty on home loans and home loan registration charges.
A host of factors determine whether your stamp duty on home loan charge will be high or low. Here are those factors:
Read on to learn more about the home loan registration charges that you owe alongside the stamp duty on home loan.
Home loan registration charges are the fees not covered by your home loan, like the stamp duty. It is normally 1% of the home’s value. For example, a property bought at the value of Rs.20 lakh will require home loan registration charges of Rs. 20, 000.
Now that you know what stamp duty is, how it’s determined, here’s how to pay your charges:
Now you know what stamp duty is and how to pay your stamp duty on home loan charges and home loan registration charges. Be sure to use our online stamp duty calculator to be one step closer to owning your home legally.
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