Applicants can use a stamp duty calculator to assess the overall cost of stamp duty that needs to be paid while purchasing a property. But before that, borrowers need to know how to use this effective calculator.
How to use a stamp duty calculator?
To obtain the stamp duty value, borrowers need to input the following factors in a stamp duty calculator available online -
Property’s location
Value of property
After feeding this information, borrowers can determine the stamp duty value and have a fair idea of their borrowing amount for a housing loan in India.
While paying stamp duty charges, borrowers need to furnish the following documents:
Sale deed
Khata certificate
Provide a photocopy of the society share certificate, NOC and society registration certificate in case of a housing project
Current financial statement
Tax payment of last 3 months
Encumbrance certificate
In case of land purchase with a home loan, applicants need to provide title documents of a landowner, records of right and tenancy corps or a 7/12 extract and conversion order.
Borrowers are required to submit some essential documents if asked. Thus, this stamp duty calculator makes it convenient for the applicants to assess the additional charges associated with a home loan.
Individuals must know that these stamp duty charges vary across the country, and in India, it ranges from 3%-10%. Apart from stamp duty charges, borrowers also need to pay registration charges imposed by the Central government and do not differ across the country. Usually, 1% of property’s total market value is imposed as registration charges.
No comments:
Post a Comment