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    Stamp Duty and Registration Charges

    More than buying a property, registering it can be taxing. If you are planning on buying a property, remember that the amount quoted to you by the seller is not the final price you have to pay. Easily, few lakhs get added to the price quoted to you when you’ll register it on your name. Did you know that you will be charged stamp duty and registration charges, cess, and surcharges when you pick a property? Yes, all the charges put together can come up to 7% to 10% of the total market value of the property or more than that. In most states in India, 5% to 7% of the total market value of the property is charged as stamp duty while 1% is charged as registration fee.

    Stamp Duty and Registration Charges in Different Cities

    City Stamp Duty Charges Registration Charges
    Bangalore 5% of the total market value of the property 1% of property value
    Delhi
    • 4% if the owner is a woman
    • 6% if the owner is a man
    1% of the total market value of sale deed plus Rs.100 pasting charge
    Mumbai
    • 4% of the total market or agreed value of the property for rural areas
    • 5% for areas that falls under Municipal zone.
    1% of the total market or agreement value of the property or Rs.30,000 whichever is lesser.
    Chennai 7% of the total market value of the property 1% of the market value of the property
    Kolkata
    • 5% of the total market value of the property if it fall in Panchayet area.
    • 6% of the total market value of the property if it falls under municipal areas.
    • Please note that 1% additional stamp duty charge will be levied if the market value of the property is more than Rs.40 lakh
    1% of the total cost of the property

     

    What do You Mean By Stamp Duty?

    While transferring the title of your property to another person, you will be charged property stamp duty. This is a fee that is levied by the state government on the documents you need to register your property. Stamp duty and Registration Charges differ from one state to another. You will have to pay Stamp duty while registering a property as it is mandatory under Section 3 of the Indian Stamp Act, 1899.

    The state government collects stamp duty to validate your registration agreement. A registration document with a stamp duty paid tag on it acts as a legal document to prove your ownership of the property in the court. Without paying stamp duty charges, one cannot claim the property to be his/her own legally. Thus, it is very important to pay the full stamp duty charge.

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    Factors that Determine Your Stamp Duty Charges

    • Age of the Property: The age of the property plays a crucial role in determining the stamp duty charges you will be required to pay. As stamp duty charges are calculated as a percentage of the total market value of the property, old buildings usually attract less stamp duty charges and new buildings attract a high charge. This is because the market value of old buildings would have depreciated.
    • Age of the Owner: Almost all state governments have subsidised stamp duty charges for senior citizens. So, the age of the owner plays an important role in determining the charge.
    • Gender of the Owner: Like senior citizens, women in our country also get a discount on stamp duty charges if the property is registered in her name. Men pay about 2% extra to get their property registration documents stamped when compared to women.
    • Purpose: Commercial buildings attract a high stamp duty fee when compared to residential buildings. This is mainly because commercial buildings would need a lot of amenities, floor space, and security features.
    • Location: If your property is located in a municipal locality or an upscale urban area, be prepared to pay a high stamp duty. If your property is located in Panchayat limits or outskirts of the town, you will land up paying less to get it stamped.
    • Amenities: Did you know that the government will charge you for every extra amenity you have on your premises while registering the property? Yes, the government has a list of over 20 amenities that you will have to pay extra for if you have them on your property. Some of the amenities are lifts, swimming pool, library, club, gym, community hall, and sports area.

    How is Stamp Duty Charges Calculated?

    As mentioned earlier, there are many factors that determine the stamp duty charge you’ll land up paying. The bottom line is that stamp duty charge is calculated:

    • considering the total market value of the property. If the market value of your property is high, you will land up paying a high charge and vice versa. In case you have both the market value and the agreement value of the property, whichever is higher will be charged.
    • Apart from the cost or the value of the property, the type of the property, location of the property, gender and age of the owner, usage of the property, and the number of floors in the property all determine the property registration fee and stamp duty charges.
    • Generally, stamp duty officials use Stamp Duty Ready Reckoner to fix the value of the property. The Stamp Duty Ready Reckoner is published by the concerned state government every year on 01 of January.

    Stamp Duty Calculator

    If you want to calculate the stamp duty charge you will be asked to pay, consider using one of the many online stamp duty calculators available. In few seconds, you will be able to get an idea of the amount you will need to get your property registered. All you have to do is:

    • Enter basic information about your property like the state the property is locating in and the total value of the property and hit on the “Calculate” button to get your answer.
    • You can also use a property registration fee calculator online if you wish to know the registration charges.
    • Add cess and surcharges to get the total amount you will need to register your property.
    • If you are unable to use an online calculator, walk into the nearby property registrar office to find it out.

    Documentation Required for Payment of Stamp Duty and Registration Charges

    • Sale deed in the name of the seller
    • Khata certificate
    • BBMP extract certificate
    • Tax paid receipts of the last 3 months
    • Registered development agreement (If in case of Joint Development Property)
    • Power of attorney/s if any
    • Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder
    • A Copy of all registered previous agreements (in case of re-sale property)
    • RTC (Records of Rights and Tenancy Corps) or 7/12 extract
    • Conversion Order issued by the concerned Authority
    • Latest bank statements in case of any outstanding loan amount
    • Certificate of encumbrance up to current date
    • Sale agreement
    • Electricity bill
    • NOC from Apartment Association
    • Sanctioned building plan
    • Occupancy / Possession certificate from builder
    • Title documents of land owner
    • Photocopy of Society share certificate & Society registration certificate

    Procedure For Payment Of Stamp Duty And Registration Charges

    There are 3 ways in which you can pay stamp duty. They are:

    • Physical stamp paper
    • Franking
    • E-stamping

    You must remember that all states will not have all 3 methods. In case all 3 ways are available, you could choose the method that suits you.

    Purchase Of Physical Stamp Papers:

    This is the most traditional way of paying stamp duty and registration charges. Here, you purchase non-judicial stamp paper from an authorised vendor. Non- judicial stamp paper are papers that have impressed stamps. Once you purchase the stamp paper, the transaction details can be written/typed on them. Finding a vendor selling this type of stamp papers is no easy job. Also, many a time there is a shortage of such paper. If the stamp duty that has to be paid is a high amount, then you might require many stamp papers. So, this method is not preferred by many.

    E-Stamping

    To avoid counterfeit stamp papers and to make stamping easy, the Government introduced e-stamping. In some states, e-stamping is compulsory. E-stamping is essentially stamping done online. Stock Holding Corporation of India Limited (SHCIL), has been appointed as the official vendor for e-stamping and is also the Central Record Keeping Agency for all the e-stamps that are used in the country.

    In order to do e-stamping, you have to visit the SHCIL website. Choose your state to see if e-stamping is allowed. You will get information on the transactions that you must e-stamp and the list of collection centres that will issue certificates to those who e-stamp. Fill up the application form and give it to the collection centre along with the money for the stamp duty.

    There are several ways you can pay such as through Debit Cards, Credit Cards, cheque, demand drafts and online banking. Once you pay the stamp duty, you will get the e-stamp certificate. This certificate will come with a unique certificate number (UIN) that will have the issue date.

    The benefit of e-stamping is that it is convenient. Another benefit is that the authenticity of your e-stamp can be verified online using the UID number. However, the issue with e-stamping is that a duplicate of your e-Stamp will not be issued.

    Franking:

    This is a process where an authorised franking agent will put a stamp on your document indicating that the stamp duty has been paid. Before you execute the transaction for which stamp duty has to be paid (typically this will be before signing on the document), you should approach an authorised bank who will act as a franking agent, or a franking agent to deposit the stamp duty. Once you pay the stamp duty, a franking machine will be used to frank the document with a special adhesive stamp.

    Every state will have a minimum amount prescribed for franking. For instance, minimum franking charges in Bengaluru are pegged at 0.1% of the agreement value. So, if you are buying a house for Rs. 50 lakhs, you need to pay 0.1% or Rs. 5,000 as charges for franking.

    This fee will, however, be adjusted against the stamp duty at the time you execute the sale deed. Say, if the stamp duty for the sale deed is 5.5%, then, you need to pay only 5.4% because you already paid a franking charge of 0.1%.

    Registration Of Documents After Paying Stamp Duty

    Once you pay the stamp duty, the document has to be registered under the Indian Registration Act with a sub-registrar. This registrar should be of the jurisdiction where the property is situated if the transaction involves property purchase.

    The basic purpose of registration is to record the execution of the document. Only when you register the document, it becomes legal and the ownership, if any, is transferred to the right owner.

    Registration Fee

    The registration fee is a fee that is over and above the stamp duty. This fee varies from state to state. For example, the registration fee in Karnataka is pegged at 1% of the value of the transaction.

    What Happens, If You Pay Inadequate Stamp Duty?

    It is not lawfully right to pay less stamp duty for your property. It is required by law, that you pay the right stamp duty when getting your property registered. Many people undervalue their property and quote a low market value to escape paying high registration fees and stamp duty charges. However, it is not advisable to do so. If caught, you will be asked to pay a huge penalty and can even be imprisoned. Also, if you are a commercial builder, your reputation will be at stake.

    For more details on stamp duty charges, walk into the nearby property registrar office or talk to a registered property consultant today.

    Property Registration Fees & Stamp Duty Charges Reviews

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      "Fraud HDFC - Please go at Your Risk"
      0.5 0.5/5 "Unacceptable"
      Marathon Innova, Lower Parel, Mumbai - 400013 I found property which is already approved with HDFC Bank. I asked Home Loan executive can I do Registration with this Property? They told me to go ahead with registration and stamp duty process. My file handle Mr. Prasad Parasnis. He is rude Person. He taken full one month period for home loan process & very cheap & disgusting treatment. Prasad suddenly told me your home loan is rejected. Mr. Prasad don't you have clear idea about which document required for funding any property? How can HDFC appoint such an uneducated person on a position to play with customer's financial condition...?
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    • DHFL Home Loan
      "Simply great"
      0.5 5.0/5 "Blown Away!"
      DHFL housing loan is simply great , they are doing really good. I had got this loan for a period of 5 months. They had sent a mail about the documentation I had kept all the documents ready and everything was collected from me on time. Infact, I had received all the legal documents from them. There was a charge for stamp duty and registration fee, it was very much reasonable which is 0.5% it was as per the market standard. Lastly, mine is not a joint loan.
      Was this review helpful? 3
      , chennai
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    • Punjab National Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      With PNB Housing Finance LTD I had availed a housing loan of 30 lakhs. They had charged the following charges for the said loan. Documentation charges were amounting to 1500. They had charged rs 1000 for insurance. They had charged around 8500 for stamp duty. Lastly they had charged around 4k for processing fees and charges. The rate of interest levied by them was 8.9% for a period of 25 years.
      Was this review helpful? 2
      , nasik
      Reviewed on Oct 08, 2017
    • SBI Home Loan
      "AVERAGE"
      0.5 2.5/5 "Just OK"
      SBI offered me the best home loan, with an interest rate of 8.65% for my home loan application along with zero processing fee but there is stamp duty charge 13k and EMI is around 21600 for 20 years documentation papers bank guys came and collected but even though I had to got to bank often because they where saying still they need some more documents that was really hectic and loan amount got processed after 40 days.
      Was this review helpful? 3
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    • Indiabulls Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Good to choose India bulls for home loan purpose. Basically it is easy to reach the customers on time. But what i regret from them is that they have contacted me late like after 8 to 10 days. The loan amount AI have opted for is 22 laks processing fee was nil stamp duty was around 1500 and emi is 22k yet to pay it and balance 5 to 6 laks is on hold actually its partial amount.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Sep 30, 2017
    • Punjab National Bank Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      With PNB Housing Finance LTD I had availed a housing loan of 30 lakhs. They had charged the following charges for the said loan. Documentation charges were amounting to 1500. They had charged rs 1000 for insurance. They had charged around 8500 for stamp duty. Lastly they had charged around 4k for processing fees and charges. The rate of interest levied by them was 8.9% for a period of 25 years.
      Was this review helpful? 0
      , nasik
      Reviewed on Apr 18, 2017
    • SBI Home Loan
      "AVERAGE"
      0.5 2.5/5 "Just OK"
      SBI offered me the best home loan, with an interest rate of 8.65% for my home loan application along with zero processing fee but there is stamp duty charge 13k and EMI is around 21600 for 20 years documentation papers bank guys came and collected but even though I had to got to bank often because they where saying still they need some more documents that was really hectic and loan amount got processed after 40 days.
      Was this review helpful? 1
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    • Axis Bank Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I approached AXIS for the balance transfer, they immediately responded well and offered me the attractive offer on my home loan. AXIS committed the interest rate of 8.5% it is low and there is no other charges except stamp duty charges of 0.5% fee, I am very much happy with their process. But I wish them to stop unnecessary calls for other products.
      Was this review helpful? 1
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      Reviewed on Mar 15, 2017
    • HDFC Limited Home Loan
      "They should give some best offer"
      0.5 3.0/5 "Satisfactory"
      I was looking for the bank does not take some charges for the balance transfer, but HDFC Ltd taking stamp duty and mortgage charges, Since I am an existing customer of it they not ready to give any waiver on it and I already paid some fee to Corporation bank for previous home loan, So I am not willing to pay once again to HDFC Ltd, Then I spoke with IDFC bank for the balance transfer they not charging any mortgage or processing fee.
      Was this review helpful? 0
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    • Oriental Bank of Commerce Home Loan
      "Its Fine"
      0.5 5.0/5 "Blown Away!"
      Oriental Bank Of Commerce responded well on my home loan application, but I am not fine with their charges. For the balance transfer OBC taking stamp duty and mortgage charges of Rs.10,000. I am not sure why they are collecting such charges to do balance transfer because I approached LIC housing also to do balance transfer they did not charge anything on it.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 04, 2017
    • Punjab National Bank Home Loan
      "Better Communication Required"
      0.5 3.0/5 "Satisfactory"
      PNB service is good, But process got delay. I applied home loan on 20th December, So I expected loan around 31st of December, But I got home loan on 21 January, It got delay pretty much. They kept on asking for the documents till end of December. Government has revised the interest for the month of dec, But PNB approved my loan on Jan, So I got little reduction on interest they offered around 8.85% and with the processing fee of Rs. 5000+ service.tax and stamp duty.
      Was this review helpful? 0
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    • SBI Home Loan
      "Mere enquiry"
      0.5 3.0/5 "Satisfactory"
      Honestly speaking I was not very keen in taking a housing loan it was mere inquiry what I had done with SBI when it comes to home loan. There are concerns like they charge 0.5% for the registration charge, however the processing fee has been waived off. I am have no clue on the interest rate charged by them.
      Was this review helpful? 3
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    • HDFC Limited Home Loan
      "HDFC LTD is absolutely fine"
      0.5 4.0/5 "Great!"
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    • SBI Home Loan
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      0.5 3.0/5 "Satisfactory"
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    • SBI Home Loan
      "Watches out your finance"
      0.5 4.0/5 "Great!"
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      , hyderabad
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    • Punjab National Bank Home Loan
      "high processing charges"
      0.5 3.0/5 "Satisfactory"
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    • SBI Home Loan
      "Not satisfactory"
      0.5 3.0/5 "Satisfactory"
      SBI Bank has good rates on their home loan products. I applied for a loan from them. They made me come to the bank so many times to submit various documents. The process went on for 25 days and finally my loan was not approved by the bank. They do not have much of a processing fee, but they have the stamp duty fees. It has not been a satisfactory experience with the bank.
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    • HDFC Limited Home Loan
      "Happy loan quotes!"
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 1
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    • Punjab National Bank Home Loan
      "Nice banking service and quite good offers"
      0.5 5.0/5 "Blown Away!"
      I took the home loan from PNB housing finance ltd . They took hardly one month to disburse the amount with the interest rate of 9.65% and the processing fee is fixed of rs.5000 they have the stamp duty charge of 0.2% on the loan amount . Each and every thing was transparent with them.
      Was this review helpful? 1
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    • SBI Home Loan
      "Very good.."
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 5
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