Quickest Way To Calculate The Latest Stamp Duty

While opting for a home loan, one should consider the expenses beyond the price of the property. Registration fees and stamp duty charges are some of the additional costs that the borrower needs to pay while registering for the ownership of a property. 

Stamp duty rates vary from state to state and usually lie between the range of 3% and 10%. Willing borrowers who are looking forward to applying for a home loan should determine the stamp duty charges using an online stamp duty calculator

How to Quickly Find the Stamp Duty With a Stamp Duty Calculator?

Financial institutions do not cover the charges for stamp duty and registration of a property when an individual opts for a home loan. Hence, borrowers should estimate these extra costs beforehand to get an idea of the extra charges and manage their finances accordingly. 

Several HFCs in India offer an online stamp duty calculator to customers. Willing borrowers can take help of these free-to-use online tools to know the exact amount they need to spend for the stamp duty charges. 

Individuals can follow these simple steps to calculate the stamp duty charges for their property: 

Step 1: Locate the option of stamp duty calculator and select the state where the property is located. 

Step 2: Now provide the current market value of the property and click on the ‘calculate’ button. 

Step 3: The calculator will generate the stamp duty charges as per the rates set by the state government. 

Further, financial institutions allow borrowers to get a high-value home loan in India with minimum documentation, fast approvals and quick loan disbursals. 

What Are the Factors That Affect the Calculation of Stamp Duty Charges?

The stamp duty rate depends on the following factors: 

  • Property location 

The stamp duty rates depend on the location where the property is situated. Stamp duty rates also vary from rural to urban areas. 

  • Owner’s gender 

Several state governments offer reductions on stamp duty rates for female property owners. For instance, the stamp duty rates for female owners in Delhi are 4% and that for male property owners is 6%. 

  • Owner’s age 

Almost every Indian state provides stamp duty at subsidised rates for senior citizens. Hence, the age of the property owner also plays a deciding factor in calculating the stamp duty charges. 

  • Property’s age 

A newly built property will attract higher stamp duty rates than old properties. Therefore, the age of a real estate also plays a crucial role in deciding its stamp duty. 

  • Amenities 

Properties with more amenities, such as elevators, security features, banquets, sports areas, club-houses, gyms, etc. will have higher stamp duty rates.

Documents Required for Paying Stamp Duty Charges

In order to pay the stamp duty charges, an individual needs to keep the following documents handy: 

  • Sale deed with the seller’s name 
  • Tax receipt for previous three months 
  • Copy of existing agreements for the resale properties 
  • Sale agreement 
  • Khata certificate 
  • Sanctioned copy of the building plan 
  • RTC
  • Latest bank account statements 
  • Occupancy certificate provided by the builder 

Stamp Duty Rates in Different States in India

The list below shows the stamp duty rates for different states in the country: 

  • Andhra Pradesh: 5%
  • Chhattisgarh: Male: 7%, Female: 6%
  • Gujarat: 4.9%
  • Haryana: Male: 7%, Female: 5%
  • Karnataka: 5% (Above Rs.35 lakhs), 3% (Between Rs.21 lakhs to Rs.35 lakhs), 2% (Less than Rs.20 lakhs)
  • Kerala: 8%
  • Madhya Pradesh: 9.5%
  • Maharashtra: 5%
  • Odisha: Male: 5%, Female: 4%
  • Punjab: Male: 7%, Female: 5%
  • Rajasthan: Male: 6%, Female: 5%
  • Tamil Nadu: 7%
  • Telangana: 5% 
  • Uttar Pradesh: 7%
  • Uttarakhand: 5%
  • West Bengal: 7% (Upto Rs.40 lakhs), 8% (Above Rs.40 lakhs)

Individuals opting for a home loan must ensure that the stamp duty charges are paid in accordance with the local laws.

To sum it up, one should use this online stamp duty calculator to estimate the stamp duty and registration charges on their property and apply for a home loan accordingly. One should also consider the home loan foreclosure charges while estimating the additional costs for this credit facility. 

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