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Real estate is an expensive investment. Besides the actual cost of the property, investors must also make other payments, including stamp duty and registration charges. Both are unavoidable expenses every investor must bear while purchasing property. This article will help you understand both concepts.
The Indian Government levies stamp duty on some legal papers, such as sale transfers, donation deeds, transportation deeds, and mortgage deeds. It aids in transferring ownership from the vendor to the purchaser.
The ready reckoner rate is the state government's baseline rate for a property. The ready reckoner rate is influenced by many factors, such as market value facilities, locality, and the features of the property.
While stamp duty is a price that states charge for the service of recording a contract or deed in the government's records, the registration charge is a fee that users pay for the convenience of recording a contract or document in the government's archives. The government administers a document registry for a charge.
To some extent, it gives sanctity to documents that might not otherwise be legally enforceable. The Indian Registration Act of 1908 regulates how the papers should be registered.
Stamp duty rates vary from 4% to 10% in different Indian states. Registration charges, meanwhile, are uniformly 1% across states. A flat cost is also charged as a real estate registration fee in some regions. Haryana and Maharashtra are two such states which levy a flat rate.
Stamp duty serves as proof of ownership in a legal proceeding. To comprehend how stamp duty is determined, you must first know the ready reckoner rate.
You can calculate the rate you will pay as stamp duty by using the online stamp duty calculator. IDFC FIRST Bank’s stamp duty calculator is a useful tool to find out how much you will have to shell out in advance. Simply enter the required details and the amount will be visible on the screen.
Many states have implemented an online payment system to make stamp duty payments and property registration easier. Customers can pay for stamps by going to the Stock Holding Corporation of India Limited website and purchasing the requisite stamps. Stamp duty can also be paid through the purchase of physical stamp sheets or franking.
If you use a home loan to purchase a property, you must pay stamp duty. You must deposit the property paperwork with your bank, along with an acknowledgement you are submitting these documents voluntarily to get the home loan. This process, designated as the memorandum of deposition of property title, is documented and stamp duty is levied at 0.1%–0.2% of the home loan amount.
It is vital you know the stamp duty and registration charges, as you cannot purchase a property without them. While the stamp duty and registration charges are high across most states, they should not deter you from buying the property of your dreams. You can always avail of a home loan to finance a real estate investment. IDFC FIRST Bank is one of the best places to get a home loan.
IDFC FIRST Bank offers affordable home loan interest rates to help you buy a house without exposing your finances. Getting a loan from IDFC FIRST Bank is also easier than ever.
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