No
Home loan doesn’t cover stamp duty and registration charges
Purchaser should pay following stamp duty & Registration charges and these charges doesn’t cover under home loan
- Sale Agreement franking
- Stamp Duty and Registration fee for Deed Registration
- Stamp Duty and Registration fee for MODT Registration
In below, we explained in detail
- Sale Agreement Adjudication:
Sale Agreement is part of home loan documentation. we must adjudicate the sale agreement and submit it to bank to process loan application. The adjudication value is 0.5% of considerable value in Karnataka.
For example:
If your buying price is Rs. 1.28 Cr
The adjudication valie is Rs. 1.28 Cr X 0.5% = 64,000
Sale Agreement adjudication looks like below image
The adjudication value of 0.5% is offset at the time of sale deed registration
2. Deed Registration:
Deed Registration charges range from 3% – 7% of consideration value, depending on the state where the property is located. (The stamps and Registration Department comes under state government so charges are different based on the state where the property located)
Following are the deed registration charges in Bengaluru. The % is based on consideration value or guidance value, whichever is higher
- Stamp Duty & Surcharge: 5.1%
- Registration Fee: 1%
- Cess: 0.5%
- Scanning Rs.35 per page
3. MODT Registration:
The abbreviation of MODT is “Memorandum of Deposit of Title Deed”
MODT is the understanding given by borrower that borrower deposits the tile documents of property with the bank in return for a loan. Tile documents include Registered Deed.
Usually, MODT is registered immediately after the deed registration in sub-registrar office (Back to back process)
Below are the charges for MODT Registration. Below % is based on the loan sanction amount
- Stamp Duty: 0.5%
- Registration fee 0.1%
- Scanning fee: Rs. 35 per page
The registered MODT looks like below image
We assist in sale agreement + Deed Registration + MODT Registration. To opt for our service, please write to us pgnproperties@gmail.com or Whatsapp to + 9 1 – 97424 79020
Thank you for reading…