Paying stamp duty in Maharashtra is a part of the property registration process that the city residents need to follow. Recently, the Government has offered some concessions on the stamp duty and registration charges in Maharashtra in 2021.
Moreover, the state government allows a 1% concession on stamp duty if a property sales deed is in a woman’s name.
In order to take advantage of this rebate, individuals should understand the basics, such as paying stamp duty and steps to make the payment.
Why does an individual require to pay stamp duty in Maharashtra?
The Maharashtra Stamp Act of 1958 mandates the tax payment against any movable or immovable asset transfer. Hence, a property buyer has to pay stamp duty in Maharashtra.
Ideally, the Government revises the amount periodically based on the economic scenario. Keeping a tab over these rates will help a taxpayer arrange the necessary funds.
What are the current stamp duty charges in Maharashtra?
Typically, the stamp duty rates depend on urban or rural classifications, location, transaction cost, etc.
The stamp duty in Maharashtra applicable from 1st April 2021 are as follows –
- Mumbai – The stamp duty rate is 5%.
- Nagpur, Pimpri-Chinchwad, and Navi Mumbai – These cities stamp duty is 6%, including transport surcharge and local body tax.
- Thane- The stamp duty charge is 6%. This charge also includes transport surcharge and local body tax.
- Pune- Pune residents have to pay 6% as stamp duty charges, including transport surcharge and local body tax.
Besides knowing these charges in detail, one should also learn about the process of paying property tax online. It will help home buyers to streamline their property purchases further.
How to pay the stamp duty online?
Here are the steps to pay the stamp duty in Maharashtra online
Step 1: Visit the Maharashtra stamp duty payment portal and select pay without registration or login
Step 2: Individuals choosing to pay without registration will be redirected to a separate page. They have to select the transaction type and citizen option
Step 3: After selecting the ‘make payment to register your document’ option, an individual needs to enter details like property value, sub-registrar’s office, payment details, etc.
Step 4: One can print generated challan after completing the payment
It is imperative to know that the challan needs to be submitted during the execution of the deed. This document can work as proof of property ownership when availing of a home loan.
Additionally, submitting the right documents and clearing the eligibility parameters will help borrowers to negotiate on the current home loan interest rates and avail added borrower-friendly terms to make their experience better.
Apart from fulfilling documentation and eligibility, the downpayment is another factor that plays a part here. Making a substantial down payment also helps in getting a home loan approved quickly. Usually, lenders ask for 20% of a property’s value as a downpayment but making a bigger initial payment always helps. It lowers the loan amount, thus, reducing one’s overall borrowing cost.
Keeping these pointers in mind before learning how to apply for a home loan in India can aid a borrower in making a more knowledgeable decision. One can now easily apply for a housing credit online through a lender’s website.
However, to streamline this process further, leading HFCs to extend pre-approved offers to eligible applicants. These offers make a loan application simple and hassle-free. Typically, the offers are levied on financial products like home loan, LAP, etc. One can check his/her pre-approved offers by entering a name and contact number.
Being aware of the stamp duty in Maharashtra will help an individual make an informed decision regarding the property purchase. Since paying this fee is mandatory to get a property registered, one cannot escape it. Thus, it is ideal to plan ahead and complete it on time to avoid during home loan processing.
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