As a resident, it is common for prospective homebuyers to want to know more about the stamp duty in Mumbai. Not only is stamp duty important as a crucial step in purchasing property, it also serves as legal proof of property ownership. Thus, homebuyers must know the prevailing stamp duty and registration charges in Mumbai before they go ahead. These charges impact the property’s cost and are not necessarily covered by a housing loan. It is important to understand the applicable stamp duty and charges before beginning a purchase..
Stamp duty in Maharashtra is simply a transactional tax that homebuyers pay at the time of property registration. It applies on all types of properties, including agricultural and non-agricultural land, leasehold, and commercial properties. The state government collects the stamp duty in Mumbai, and the Central Government of India fixes its rate.
Usually, stamp duty charge depends on the property’s agreement or market value. Further, it varies from city to city; for instance the stamp duty in Mumbai is not the same as stamp duty in Pune. Several factors other than the location affect stamp duty, including the owner’s age and gender and the property’s age, purpose, and location.
Stamp duty and registration charges in Maharashtra are not the same for every city and locality. They vary on the basis of ownership and property rate.
Take a look at the table below to know more about the stamp duty charges in Mumbai.
The stamp duty on property in Mumbai is based on the reckoner rate and property value.
For example, if a property in Mumbai is valued at Rs.85 lakh per agreement, and its reckoner rate is Rs.89 lakh, the latter is taken into consideration to determine the stamp duty. Also, as the property in question is priced above Rs.30 lakh, a homebuyer will have to pay Rs.30,000 as registration.
One can use a stamp duty calculator available online to determine stamp duty on property in Mumbai in just a few steps. An online calculator is one of the most hassle-free ways to compute stamp duty charges quickly and correctly.
Homebuyers should also determine the steps to pay stamp duty in Mumbai online to streamline and simplify the process better. One can easily initiate the payment process on Maharashtra’s official website.
Stamp Duty Calculator
Home Loan Interest Rate
Home Loan EMI Calculator
Home Loan Balance Transfer
Pradhan Mantri Awas Yojana
What is Top-up Loan?
Government Housing Schemes
Home Loan in Bangalore
Home Loan in Pune
Stamp Duty in Pune
Stamp Duty in Delhi
Last update on 11-Mar-2021
Now know your Home Loan Eligibility
Get a top up loan without additional documentation
Now calculate your monthly EMI, instalments and rate of interest on the loan amount