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April 18, 2024
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Real estate is a symbol of status and wealth especially in a country like India. It’s easy to understand why - the amount of money you need to buy a house is usually exorbitant. 

This means that you’d have to save a lot of money over a long period of time to buy a house. Not to forget the home loan and interest that you’d have to pay over the course of time.  

The Real Cost Of Buying A House

Buying a house is not as straightforward as you might think and it’s definitely not as simple as paying the face value of a property and owning it. There are plenty of other charges that you might incur. 

It would help to breakdown the real cost of buying a house as follows:

  • Principal: The property value that varies from city to city; can range from a few lakhs to tens of crores.
  • Down payment: 15 to 25% of property value
  • Memorandum of Deposit of the Title Deed (MODT): Paid to the bank and ranges from 0.1% to 0.5% of the home loan
  • Stamp duty: 5 to 6% of the minimum property value
  • Surcharge: 2 to 3% of stamp duty
  • Cess: 10% of stamp duty
  • Registration fee: Up to 1% of the minimum property value
  • Interest: Float

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