According to a report, the payable Maharashtra stamp duty rates on property transfers have been reduced by 2% up to 31st March 2021. Moreover, the state government has declared a 1% concession on stamp duty when the registration of the sale deed is in a woman’s name.

In this regard, keeping a tab over the updates in stamp duty and registration charges in Maharashtra 2020 and 2021 will aid buyers in streamlining the payment. They can also initiate better savings on the entire process. 

What are the current Maharashtra stamp duty rates?

The Maharashtra stamp duty rates vary with locations and cities. Factors like an urban or rural setting, transaction cost, etc., play a vital role in charges levied. Moreover, these rates are revised yearly to comply with the market conditions. 

The rates applicable from 1st  April 2021 are discussed below-

  • Mumbai – The stamp duty rate is 5%, including the 1% metro cess.
  • Pune- The government is levying 6% as stamp duty charges, including transport surcharge and local body tax.
  • Thane- Stamp duty charges are 6% which includes local body tax and transport surcharge.
  • Pimpri-Chinchwad, Nagpur, and Navi Mumbai – Stamp duty for these cities is 6%, including local body tax and transport surcharge.

It is essential to have a clear idea about property ownership and relevant details. This will help in making an informed decision during property purchases. 

How to pay the stamp duty online?

Here are the steps to pay the stamp duty in Maharashtra online,

Step 1: Visit Maharashtra Stamp Duty online payment portal.

Step 2: Select the‘ Pay Without Registration’ option or log in with the details.

Step 3: Individuals selecting pay without registration will be redirected to a separate page. They need to choose the citizen option and transaction type.

Step 4: Pay the stamp duty and registration charges by choosing ‘Make Payment to Register your Document’option.

 Step 5: An individual needs to enter details like sub-registrar’s office, property value, payment details, etc.

Step 6: One can print this generated challan after completing the transaction. 

Individuals should know that keeping a print of this challan will be beneficial for credit borrowing in future. 

Paying the charges based on the Maharashtra stamp duty rates is every home buyer’s responsibility. In certain cases, an individual can manage these payments through disposable income or savings. 

However, purchasing a property requires investing substantial funds. In this regard, an individual needs a high-value financial backup like a housing loan. This credit form extends considerable funds against simple eligibility and documentation.

What are the features of a home loan?

  1. Simple eligibility 

The eligibility terms against home loans are straightforward. Borrowers need to fulfil basic criteria like-

  • The age limit for a salaried individual is 23 to 62 years and 25 to 70 years for self-employed applicants.
  • The home loan eligibility criteria for salaried individuals also include a work experience of a minimum of three years. 
  • Self-employed individuals need to show documents proving the business continuity of more than five years.   
  1. Nominal documentation

The documentation process of housing credit is quite nominal. Here is a common list of all the documents you need for a home loan-

  • Income proof like bank account statement for last six months, latest salary slips or Form 16
  • KYC papers for identification 
  • Other documents like passport-size photographs, proof of 5 years of business continuity for self-employed applicants
  1. Affordable interest rate

The interest rate levied on a home loan is quite reasonable. In addition, an individual maintaining a 750+ CIBIL score and good repayment history can further convince lenders to levy reduced interest rates. Such borrowers are also obligated to receive additional benefits and customised services. 

For instance, many HFCs extend pre-approved offers to eligible applicants, making a loan application simple and hassle-free. Typically, the offers are spread across financial products like home loans, LAP, etc. Check your pre-approved offer by entering your name and contact number.

These are some of the housing loan benefits that make it a lucrative funding option for home buyers. However, apart from checking the funding options, one must keep a tab over the updates on Maharashtra stamp duty rates. This will help in streamlining the payment option.