what is the meaning of mortgage? How much pay to Mortgage re

rangan762003 · Joined: 08 Feb 2007 Posts: 1 1.30 Dollars($)

what is the meaning of mortgage? How much pay to Mortgage registration fee & stamp duty as per Indian act.

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Mortgage is a loan secured by your primary residence. That means, you take out a loan keeping your home as the security for the debt. Such a loan helps one in buying home, doing repair work on your home, and paying off a similar loan or consolidating multiple debts into a single one.

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Usually lenders ask a borrower to create a registered mortgage deed on the property. This being a legal document, the borrower has to pay a stamp duty to the State government.

The stamp duty will depend upon the loan amount. For instance, in the state of Maharashtra, the duty is Rs 5000 for a loan below Rs 5 lacs and Rs 35000 for a loan higher than Rs 20 lacs.

You can find out the stamp duty if you know about the market value of your property. The ready reckoner on stamp duty will help you to find out its value. You may check out the stamp duty rates in various states in India from "indiahousing.com/stamp-duty-india.html" .

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Usually, in India, most states require that a borrower pay a registration fee equal to 1% of the mortgage loan amount. However, you need to check the percentage in your state.

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Do I pay the stamp duty to mortgage my flat against educational loan for my son amounting to 20 lakh rupees?

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