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FAQ/Buyer’s Guide
  • Under the CLP and subvention scheme on an event of cancellation by the buyer, then the refund will be as per the agreement cancellation clause.
  • In addition, subvention interest paid by the developer to the financial institute as per the subvention scheme will also be retained, and the balance will be refunded after the cancellation of the deed between customer and developer; as well customer, developer and financial Institue.
  • However, the subvention interest rate differs from one financial institution to another.
  • In case of cancellation of the unit after paying stamp duty and registration fees, buyers can claim a refund of the stamp duty within six months from its payment.
  • The buyer of the property can get a refund of 98% of the stamp duty if an application is made for a refund of the stamp duty.
  • With the refund application, you are required to attach the original agreement, as well as the original cancellation deed, with both the documents being registered. However, you will not get a refund for the registration charges.
  • Stamp Duty:
Types of Instruments Covered Jurisdiction Article Stamp Duty Rates for a Period of :
01.04.2020 to 31.08.2020 01.09.2020
to
31.12.2020
01.01.2021
to
31.03.2021
“Conveyance”
or “Agreement
to Sell”
Thane, Pune, Nashik
and rest of
Maharashtra
where 1% LBT
is applicable
6%
(Stamp Duty of
5% & Local
Body Tax of
1%)
2%
(Stamp Duty Reduction of 3%)
3%
(Stamp Duty Reduction of 2%)
  • Registration
    • For properties above Rs 30 lakh – Rs 30,000.
    • For properties below Rs 30 lakh – 1% of the property value.
  • Stamp Duty:
Types of Instruments Covered Jurisdiction Article Stamp Duty Rates for a Period of :
01.04.2020 to 31.08.2020 01.09.2020
to
31.12.2020
01.01.2021
to
31.03.2021
“Conveyance”
or “Agreement
to Sell”
Mumbai and
Mumbai
Suburban
25(b) 5% 2%
(Stamp Duty Reduction of 3%)
3%
(Stamp Duty Reduction of 2%)
  • Registration
    • For properties above Rs 30 lakh – Rs 30,000.
    • For properties below Rs 30 lakh – 1% of the property value.

Stamp duty rates depend on different criteria across different states. In Mumbai, stamp duty is levied under the Maharashtra Stamp Duty Act. The stamp duty on the property varies within the state if the real estate property falls within the municipal corporation limits, municipal council, and gram panchayat.

  • A set of following documents have to be provided by the builder to the banker in the presence of the buyer:
  • A registered agreement, index 2, registration slip, demand letter as per CLP, OCR receipts, NOC from builder to buyer, and ROC, if the developer has mortgaged the project to any financial institute
    • Loan agreements
    • Disbursement requests
    • Post-dated cheques
    • Personal guarantor’s document
  • Loan Agreements: Agreement between the buyer and the bank.
  • Disbursement Requests: The customer has to personally visit the financial institutions to initiate the first disbursement after getting into a loan agreement.
  • Post-dated Cheques: Bank requires PDC cheques at the time of disbursement. However, it differs from bank to bank.
  • Personal Guarantor’s Form: A personal guarantee form for a loan is a document that enables a person, known as a guarantor, to take responsibility for a personal loan if it’s not paid back by a borrower.
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