Everyone dreams of having their own home. Everyone wants to avoid being hit by rent. In such a situation, the biggest weapon available to the common man to buy a house is the home loan. But it has been seen many times that you get loan only up to 80% on the house you want to buy. In such a situation, you have to arrange 20% down payment yourself. Your dream remains incomplete in the matter of this percentage. If this is the case with you too, then there is no need to worry.
To overcome this problem, banks are demanding RBEI to include stamp duty and registration fee in the home loan. If the Reserve Bank of India approves this proposal, then the loan to value will increase. If this happens, you will be able to get more home loan amount.
How much loan is available now
At present, home loan is available only for 80 to 85 percent of the total cost of the house. If you want to buy a house worth Rs 50 lakh, then you will get only Rs 40 lakh from the bank. You will have to arrange the remaining 10 lakhs yourself. And many people are not able to raise this Rs. 10 lakhs due to which they are not able to become house owners. Actually, at present, stamp duty and registration fee in home loan are not included in the loan. Now if the new proposal is passed, home buyers will now be able to take a loan for the house by combining the stamp duty and registry charges.
Stamp duty and registration charges
Actually, in buying any house, a considerable amount has to be paid in the form of stamp duty and registration fee. According to Shailendra Mishra, owner of SK Properties, 4 to 5 lakhs are easily spent on this item on a house worth 50 lakhs. Now if such a rule comes, then home buyers will definitely get relief. Besides, builders like us will also get a lot of relief. Right now we are not able to get many deals because many customers want maximum loan on the house. If the bank includes the amount of stamp duty and registration fee in the loan, then it will benefit everyone.
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