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How Much are the Stamp Duty and Registration Charges Levied on a Home Loan?

  • Highlights

  • Paying stamp duty and registration charges is essential

  • Charges vary across states and depend on several factors

  • The owner’s age and gender play a part too

  • Pay with physical stamp papers, e-stamping or franking

Purchasing a home requires a substantial amount of money for which a Bajaj Finserv Home Loan can be taken. However, do you know the price quoted to you is not the final one you pay to own a home? The purchasing exercise is complete only when you register the property in your name by paying the applicable stamp duty and registration charges.

While a home loan gives you an amount equivalent to 75-80% of the home’s worth, it doesn’t cover stamp duty and registration charges. You need to bear them from your own pocket. Read on to know how much stamp duty and registration fees you need to pay to own your home.

Stamp duty – Meaning and factors affecting it

Stamp duty is the duty you need to pay while transferring the home’s title in your name. This duty is charged by the state government and differs across states. Paying stamp duty is mandatory for registration under section 3 of the Indian Stamp Act 1899. The stamp duty and registration charges vary across states and are dependent on certain key factors such as:

  • Property’s location - Properties located under a municipal area attract higher duties compared to those falling under the ambit of a panchayat. For example, a property worth less than Rs.25 lakh located in a municipal area in Kolkata attracts a stamp duty of 6%. On the other hand, if the property falls under a panchayat area, the stamp duty to be paid is 5%.

  • Age – The age of the property also determines the amount stamp duty to be paid. For instance, if you are buying a resale home that has been used for a few years, it would attract a lower stamp duty as compared to a new home.

  • Owner’s age and gender - Senior citizens and women get a discount of stamp duty and registration charges.

  • Amenities – The amenities offered on your home’s premises also play a crucial role in determining stamp duty. For instance, you need to pay a higher duty if there are swimming pools, lifts, gym or community halls.

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Registration charges

Registration charges refer to the charges you need to pay over and above the stamp duty and is generally 1% of the home’s value. So, for instance, if you have purchased a home worth Rs.50 lakh, you need to pay registration charges of Rs. 50,000.

Today, you can pay for stamp duty and registration charges either with physical stamp papers, e-stamping or franking. So, once you purchase a home make sure you pay the requisite stamp duty and registration fees.

With pre-approved offers from Bajaj Finserv on home loans and other financial offerings, availing finance is quick and easy. All you need to do is to share some basic details to know about your pre-approved offer.

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