Two payments that you must make while acquiring a property are the stamp duty and registration charges. Both are separate costs that you cover so the
Two payments that you must make while acquiring a property are the stamp duty and registration charges. Both are separate costs that you cover so the state government can stamp your property documents. The value of stamp duty and registration charges vary among states. Those in Pune are charged differently from those in Navi Mumbai.
You make payment at the point of your property’s registration. The 1908 Registration Act provides for the payment for stamp duty and registration charges so the government can input your property’s details inside its records. Now that you know how important it is to comply with the stamp duty payment, do you have an idea of the current charges?
These charges are subject to change, so you must be aware of the current charges. This article illustrates the latest charges and offers information about a few other related matters. Read on to find out more.
Current Stamp Duty and Registration Charges in Pune
The stamp duty refers to a percentage of the property value that the state government charges for your property’s registration. The state government often reviews the value of the stamp duty and the registration charges are constantly reviewed because of current market trends. Let’s say Pune had an unhealthy market. In this case, the government would announce a rate cut to encourage people to consider buying homes.
Below are the current stamp duty and registration charges in Pune:
- Men are charged 5% as stamp duty. The registration charges for properties valued above Rs. 30 lakhs are set at Rs.30,000. Properties valued below Rs.30/lakhs are charged 1% of the deal value as registration charges.
- Women are charged 5% as stamp duty. The registration charges for properties valued above Rs.30 lakhs are Rs.30,000. Properties valued below Rs.30 lakhs are charged 1% of the deal value as registration charges.
- For joint buyers, the stamp duty is 5%. For properties valued above Rs. 30 lakhs, registration charges are Rs.30,000. For properties valued below Rs.30 lakhs, registration charges are 1% of the deal value.
How Can You Calculate the Stamp Duty in Pune?
As a new homeowner, you are required to cover the charges levied on your property’s overall value. To determine the amount, you must know the circle rate in Pune. After knowing the circle rate, multiply it with the property’s carpet area. After doing that, you can calculate the property’s value and ultimately learn the stamp duty due. Click here to see the circle rate in Pune.
Meaning of Ready Reckoner Rate or Circle Rate
As we mentioned in the previous section, the circle rate or the ready reckoner rate (RR) is a rate that the state government sets. No property in an area can be sold for a value below the circle rate in the same area.
Even if you acquired a property at a price below the circle rate, you will make payments towards the stamp duty and registration charges computed with the circle rate in mind.
Online Payment of Stamp Duty and Registration Charges in Pune
You can make payments to the state government regarding the stamp duty and registration charges by logging into the official portal.
Click here to initiate the payment process.
Housing Loan Eligibility Criteria
Sure, you want to be a homeowner but do you have the financial ability to make that happen? Rising property costs make it difficult for you to acquire a property. However, taking a home loan allows you to easily purchase a property while repaying the borrowed amount within a tenor designed for your budget.
To take the best home loan from any Indian lender of your choice, you must qualify by meeting the requirements below:
- You must be an Indian citizen living in India.
- You need a credit of up to 725. Anything less needs to be improved.
- You must be one of the following: a salary earner, a self-employed individual, or a professional. You also need to earn a monthly salary or make a profit whose value is within the recommended monthly net income. This is set based on your city.
- You must be within an age range determined by your lender.
A quick tip: The current interest rate for home loans ranges from 6.45% to 20.00%. Ensure that you have a healthy credit record, including a great credit score, to be offered a low-interest rate.