KA home buying process involves many direct and indirect costs. The direct cost includes the total value of the property that you are going to buy.
If you are availing a home loan to fund your home, then it will cover up to 90% cost of the property. The 10% needs to be offered as the down payment.
However, a home loan won’t cover an indirect cost which is nothing but the stamp duty. A stamp duty cost needs to be paid by a homebuyer, and it does make for a large portion of the total cost of the property.
Paying the stamp duty is necessary to make you the legal owner of the purchased property.
What is stamp duty?
The stamp duty is a fee that is charged by State Governments in India to validate the registration of property in your name.
Example – if you buy a property in Mumbai, then the Maharashtra State Government will collect the stamp duty to register you as the owner of the purchased home.
As a result, it is a must to pay the stamp duty on your purchased home so that the Government considers you as the legal owner of the property.
What you pay in Maharashtra may not be the same for buying a property in Lucknow as the stamp duty varies from state to state. Hence, it forms a large part of your overall property/home buying costs.
How to know how much stamp duty you need to pay?
As discussed earlier, your home loan does not qualify to cover the cost of the stamp duty. Hence, it becomes vital to know how much stamp duty that a prospective homebuyer needs to pay.
The innovation in modern technology can help you do that super easy. There are many online stamp duty calculators available on a lender’s website to use. Similarly, the Bajaj Finserv Stamp Duty Calculator can help you do that super easy.
Calculate stamp duty with the Bajaj Finserv Stamp Duty Calculator
Calculating the stamp duty on your purchased property is super easy if you use the Bajaj Finserv Stamp Duty Calculator. All that you need to do is enter only two details such as:
- The Indian state in which your property is located. If your property is located in Bangalore, then your state will be Karnataka
- The total value of your home/property
Once you enter these details, you can quickly see the stamp duty that you are most likely to pay.
It is vital to know the cost of the stamp duty before buying your dream home in India. This way, you would be able to arrange for such expenses beforehand.
Bajaj Finserv also offers pre-approved deals on home loans, personal loans, business loans, loan against property, doctor loans and other financial products. The purpose of such deals is to simplify the overall loan procedures and make it faster.
You can submit a few of your basic credentials such as your name and contact number to unlock your pre-approved loan offers right away.