House Buying Tips: These charges are collected from your eyes while buying a house, how to protect yourself?

It is everyone's dream to buy their favorite house. For this, people are ready to take loans. They spend years of savings to buy their favorite house. If you are also planning to buy a house, then this article is going to be very useful for you.

Through this article, we will know what those hidden charges are, which are collected from you while buying a house.

What are the hidden charges?

GST
If a person buys a house which is yet to be repaired (Under Construction House), then 12 percent GST, i.e., tax has to be paid on it. Suppose the cost of such a house is Rs 60 lakh, then, according to 12 percent, he will have to pay Rs 7,20,000 as tax.

Step Duty
Step duty is a kind of tax, which is collected by the state government. The state government collects tax in the form of a stamp duty at the time of property registration. Now, suppose the price of the house is Rs 60 lakh, while the step duty is being levied at 7%, then Rs 4,20,000 will be given as step duty.

Registration charge
At the time of property registration, a registration charge is also charged to the person. This charge is usually levied on the property cost at the rate of 1%. If the property cost is Rs 60 lakh, then the registration charge of Rs 60,000 will have to be paid.

Maintenance charge
If you buy a flat in a society, then you have to pay the maintenance charge at a fixed time limit.

How to avoid it, what did the expert say?
Atul Monga, CEO and co-founder of Basic Home Loan, said that most customers pay attention only to the interest rate while applying for a home loan, although there are many other charges due to which the price of the property can increase significantly and your budget can be shaken, such as processing fee, legal fee, technical charge, stamp duty and registration fee. Therefore, it is important that if you are planning to take a home loan, then you should pay attention to all these aspects along with the loan EMI. Our advice to home loan borrowers is to pay attention to all these hidden charges, so that your problems do not increase later.

Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.