Stamp Duty & Property Registration Charges In Mumbai

 A home loan is an amount of money that the buyer of a residential property borrows from a financial institution like a bank or a housing finance company. They will assist you in availing a home loanin Mumbai. A significant part of buying a home is paying stamp duty, a tax levied on documents when the property transfer happens. The state government typically requires this fee, and therefore, the charges of stamp duty also vary from state to state. Apart from the stamp duty charges, registration charges are also applied by the government. If you are a home purchaser in Mumbai, you should know about the stamp duty and registration charges. 

Registration & Stamp Duty Charges In Mumbai

The stamp duty is demanded under the Maharashtra Stamp Duty Act in Mumbai. An additional 1 percent duty is applicable in Mumbai compared to the rest of the state.e. This extra charge was demanded on Mumbai to support different infrastructural ventures. Stamp duty charges in Mumbai are 6 percent, while registration charges are 1 percent. 

Factors That Affect Registration and Stamp Duty Charges

The state governments collect stamp duty and registration charges from the purchaser of the home. These apply to both leasehold and freehold lands ( agricultural and non-agricultural) just as other kinds of properties, for example, commercial properties, flats, or houses. There are a few factors that decide how much stamp duty in Mumbai and registration would be payable:

Property Type

Stamp duty charges are determined based on the property type of yours. For example, stamp duty is slightly higher on commercial property than on residential property.

Market Value

Market Value of the property and location of the property is considered for calculating stamp duty charges.

Jurisdiction 

Properties in the urban area and municipal localities are charged a higher stamp duty, while rural properties in panchayat territories are charged a lower stamp duty pace.

Users would require to provide their Permanent Account Number (PAN) and the second party's PAN number also and all the details of the property on the GRAS portal. E-payment and payment across the bank counter (cash/cheque) can be made using the website. You have to follow online instructions to make the payment online. The individual can use the Government Receipt Accounting System (GRAS) of the Government of Maharashtra to make the payment of the stamp duty and registration fee in Mumbai.

Mumbai is the financial capital of India. Individuals from all over India come here to build their careers. With AGRIM Housing Finance, you can undoubtedly choose from a wide variety of cheapest real projects in Mumbai's various locations. They will help you to purchase your own home by offering the best home loan rate.

Conclusion

When you avail a home loan, you should check the factors in the charges for both stamp duty and registration as these would make up an essential component of your total cost of the home. The payment of these charges has been simplified, and Also you can make payment online. It has given a boost to transparency as well as ease of purchasing the property.

AGRIM Housing Finance is offering the best home loan rates to turn the lower-middle-class families dream into reality. They will assist you in purchasing the cheapesthome in Palghar in Mumbai.