If you are looking for home finance, then there are many NBFCs that offer home loans in India. If the value of the property based on the ready reckoner is higher than the value of the property stated in the agreement, then, you will have to pay the stamp duty on the basis of the value computed from the rates in the ready reckoner.
These rates are the prices of the residential property, land or commercial property for a given area, and is published and regulated by the respective state government. These rates are regularly revised on a yearly basis depending on the perception of the government for such price revisions.
The “Agreement Value” is the value that will be shown in the sale deed. The home loan is given on this amount. The Registration and Stamp Duty are paid on this amount. So, for all practical purposes, the Agreement Value is the price you paid to get this flat.
International Valuation Standards define market value as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently”.
Stamp duty in Mumbai is 5% of the total cost of the property. The final amount is calculatedon the basis of the agreement value, or the ready reckoner rates or the stamp duty calculator decided by the state government, whichever is higher. The ready reckoner rates are revised every year during the first week of January.
However, as it stands you are not liable for any stamp duty, as it is buyers who pay the tax, not vendors. If the property has only been used as your mainresidence it is also free from any capital gains tax liability. The rules are different for homes that have been let out.
Your housing loan can also help you to save taxes on your income. Every principal and interest payment made against your home loan can be claimed for deductions in your income tax. Thus, this tax saving calculator will help you in calculating the benefit that you can claim in the income tax by buying a home.
At Indiabulls Home Loans, the company aims at providing highly attractive home loan interest rates to our customers. Our interest rates are suitably fixedto keep our customers’ needs in mind. After the completion of Fixed Rate Tenure, the rate of interest applicable on loan will be the prevailing Variable Rate of Interest basis the Margin adjusted to Reference Rates at the time of loan agreement execution.
A residential plot loan is a secured loan that is provided against the security of land funded by the NBFC’s loan. Plots loans are given for residential as well as commercial purpose. Residential plot loans or home loans in one of the larger metros can be taken by the borrower from the NBFC against the land that is brought on the part by the borrower giving the NBFC conditional ownership of the land. It means, if the borrower fails to repay the loan amount, the NBFC has the right to sell the land to retrieve the loan amount.
Buying a residential plot provides enormous investment options. Most of the NRI’s from larger cities in India show much interest in buying residential plots in their domicile city. Residential plots in most of the larger cities are in demand, as various residential projects are coming up these days. Real estate prices are rising day by day. Apply home loans online at many of the registered NBFCs, where detailed information about the residential plot/home loans in larger cities of India are available.