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Guide For Calculating your Stamp Duty Charges Using Kotak Bank's Stamp Duty Calculator!
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Buying a house is probably one of the biggest purchases you will ever make and hence a lot of financial planning goes into it. What’s important to remember is that the cost of the property is not the only cost you have to bear. When you take a home loan, you need to consider the cost of borrowing or the total interest outgo. Another cost you need to account for is stamp duty and registration charges. Every state government in India levies this charge during the transfer of the property. This is what legitimises the transfer of ownership and is hence crucial.
But stamp duty and registration charges are considered overhead charges when buying a house. Hence, they are not included in the home loan value. This means you have to arrange funds for stamp duty and registration charges yourself. To do this, it’s necessary to know how much stamp duty and registration charges you are liable to pay. While registration charges are straightforward – tend to be 1% of the total property value in most states – stamp duty calculation takes into account several factors. Calculating stamp duty charges manually on your own can hence get tricky. Instead, you should use Kotak’s stamp duty calculator to get instant results in a hassle-free manner.
Steps to calculate stamp duty charges using Kotak’s stamp duty calculator
1. Enter the cost of the property
The first value you need to enter in the stamp duty calculator is the agreement cost of the property. This is because stamp duty is charged as a percentage of the property value. Hence, the higher the value of the property, the higher the stamp duty charges
2. Select the gender of the buyer
The stamp duty rate in India can differ based on the sex of the buyer. When it’s a female, there may be a concession on stamp duty. Hence, you need to input this detail in the stamp duty calculator as well. There are different stamp duty rates for female, male, female and male, and male and male ownership so you can choose which applies to you.
3. Choose the state
Different states in India charge different stamp duty rates. Hence, inputting this detail accurately is crucial. States like Uttarakhand, Jharkhand, and Karnataka have lower stamp duty rates while states like Kerala, Assam, and Uttar Pradesh have higher stamp duty rates.
Final words
By entering three simple details, you can instantly get an estimation of your stamp duty charges online using Kotak’s stamp duty calculator. It’s only once you pay the stamp duty that the transaction is considered valid. Hence, you should not delay this and give it priority during your homebuying process. The ideal time to pay the stamp duty is while validating the transaction. However, if you miss that, then you should ensure to pay it before the deadline for stamp duty authentication.
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