As Buying a House in Mumbai is difficult rather after buying the property the different types of charges is also very difficult to pay.
When a person wants to buy a House, Flat or Land he/she may not know the all type of charge so I have explain briefly about all type of charge.
So in this article you will get to know about MODT charge, GST charge, Stamp & Registration and many more.
Memorandum of Deposit of
the Title Deed (MODT) charges
When the property developer or the owner of the property given all his/her property related document to the buyer who is interested in getting a House for Sale, then he/she has to pay some percent of the amount which is known as MODT charge to the bank or to the owner.
This amount range between 1% to 3% of the total amount and that much amount will deduct when you pay the total money to the owner or to the bank.
Stamp Duty & Registration
Charges
After
all the above process the buyer need to pay stamp and registration charge
regarding the House for Sale
which he/she will buy. This amount will charge to the government at the time of
registration of the deed.
For
the stamp duty you have to give 5% to 6% and for the registration 2%-3%
according to the value of the property. But the registration value also changes
according to the state, location and purpose of the property.
Good & Service Tax
Year
ago you have to give tax on each section and according to their price but now a
days you have give only one tax name as GST( Good & Service Tax) on every
property. When you buy a House
or Plot there may be different amount you have to pay but only single tax you
have to pay.
Insurance of the Property
When you are going to Buying a House or Flat the thing you have to do that is to make insurance on that House or Flat.
This insurance can cover renter insurance, flood insurance, earthquake insurance etc. according to the amount you pay to the insurance company.
Maintenance Cost & Parking Space
Most of the Buyer those who want to live in a society culture they prefer to get duplex or flat for Sale because most of the flat and duplex maintain the society culture.
So as it flat and duplex are in a society you have to pay some amount to the society regarding yearly maintenance cost to the society.
Those who particularly search Flat for Sale near me it mean they want to live near their locality and only in the flat you have to pay for the parking space.
Where you will get all this types of
charge mentioned?
From a classified site you can Buy a House, Flat or Land but as there are many site you can found but among them Cifiyah is also a classified site which is newly launched to market where you can get all this property where every charge will clearly mentioned before you buy that property.
