Before you know how to apply for home loan in India, you should have a fair idea about all the charges involved.
And one of the most crucial ones is the stamp duty in Maharashtra’s Mumbai or anywhere else where you invest in a home.
This way, you can easily evaluate the overall cost of the home loan.
Read on and know about the stamp duty in Maharashtra, along with registration charges!
What is the stamp duty charge in Maharashtra’s Mumbai?
The stamp duty in Maharashtra is basically a tax that home loan customers are required to pay while registering their properties.
The stamp duty in Maharashtra is applicable on all property types, including leasehold, agricultural and non-agricultural and commercial ones.
Stamp duty in Maharashtra is the responsibility of the State Government to collect it in Mumbai and other parts of states like Pune, Nagpur and elsewhere. But it is the Central Government of India that fixes the rate of stamp duty in Maharashtra.
Stamp duty is determined by the agreement of the property or market rate, and may differ from city to city. For example, stamp duty in Mumbai will not be the same as Pune.
Factors like property location, owner’s age and gender, including the age of the property and purpose, determine stamp duty in Maharashtra.
Read Also: You must know about stamp duty and registration charges in Pune
Stamp duty in Maharashtra’s Mumbai is 5% of the market value of the property for males and 4% for females. These charges are for within the municipal limits of urban areas in the city of Mumbai.
What are the registration charges in Maharashtra’s Mumbai?
The registration charge in Maharashtra’s Mumbai is 1% of the total cost of the property.
If you want to calculate your property’s payable stamp duty charges in Maharashtra, you can always use the online stamp duty calculator. This tool is available online on many third party sites to help you arrive at the result within a short time span.
