Update Date : 31-Dec-2022

Created Date : 31-Dec-2022

Category : Home Loan E-Book (Promotional_New)

Find out how much your new house will cost you

Analyzing the total cost of transaction while buying a house property is very critical.
 
It includes charges and taxes in various forms, something that buyers from a non-technical background may find difficult to comprehend.
 
Moreover, some of these charges differ across properties which make them more confusing for home buyers.
 
For example, GST is applicable only on properties that are under construction whereas the fully constructed resale property may have some other charges like society transfer fees and so on.
 
Further, some CIDCO approved properties may have CIDCO transfer charges, NOC charges and so on.
 
This gravely confuses home buyers, especially those who are engaging in such transactions for the first time.
 
Sometimes they literally feel trapped when they are confronted with a series of charges one after the other, something that they had not accounted for at the very preliminary stage of the planning exercise.
 
Hence, anyone buying a real estate property needs to be very vigilant about the processes and the cost involved.
 
As a piece of advice, before you leap further, you must first prepare an exhaustive list of all possible charges and costs that you can think of.
 
Something that is directly or indirectly associated with the transaction.
 
It will only help you avoid any conflicts later.
 
The list should include the direct cost of buying the property as well as the cost of availing of a home loan.
 
If you can consult or hire a professional, that’s even better.
 
To ensure, you don’t get misguided at any of the stages, here’s the list of some of the most common charges that you should know while buying a real estate property.
 
 
Cost of the house:
 
• Agreement Value.
• GST (Applicable only for under-construction properties).
• Stamp duty.
• Registration fees.
• Scanning charges.
• Society transfer charges (Only if the society is formed).
• Agent Charges
          o Property broker’s fees.
          o Registration agent’s fees.
• Other Charges
         o Advance maintenance.
         o Preferred location charge.
         o Club membership.
         o Society development charges.
         o Other charges as specified by the builder.
 
 
 
Cost of Borrowing: (It remains the same for all transactions)
 
• Bank’s processing charges.
• Franking charges.
• Notice of Intimation.
• Other Charges
         o Cersai fees.
         o Agent’s fees (Franking and NOI are generally done by 3rd party agents).
         o Stamp papers, notary etc.
• Insurance
         o Property Insurance.
         o Life Insurance.

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