Impact of Reduced Stamp Duty on Home Buyers

Reduced Stamp Duty | Apply For Home Loan | Bajaj MARKETS

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.25%

Purchasing a home can be quite challenging especially for a first time home buyers. All things considered, there are endless things and requirements that you might be restless about committing a costly error. In order to finance your home purchase, you might consider getting a home loan from a reliable financial institution. However, you need to make sure you will be able to manage the loan repayments and your personal finances accordingly. The process of home purchasing comprises of extra costs such as paying for parking or maintenance, other charges like stamp duty and registration fee are included to complete your home purchase. Stamp duty and registration fee are usually barred from the approval of home loans. It is best to set aside some money for these charges and consider it as an additional expense when buying a home.


As the unfavourable situations caused due to the pandemic are still lingering, the conditions are yet to be stabilized, especially the real estate sector that is still finding its way out of the situation. The new cut in the stamp duty declared by the Government of Maharashtra has been a much-needed step for the real estate sectors and developers specifically. The cut in stamp duty has been implemented at a state level by the government in order to give a lift to its stale land market. Nonetheless, the 5% to 2% drop in stamp duty is a brief measure in particular, in power until December 2020. The move may have pushed financial specialist notions yet from the point of view of purchasers, the cut is additionally reinforced by tax incentives and developer discounts.

Home Loan Eligibility Criteria

To be eligible for a home loan, you need to make sure you fit in the basic qualification standards for the loan. The criteria are as per the following:

  • To be qualified, you should be an Indian resident.
  • Applicants that have a work experience of at least 3 years are eligible.
  • People between the age of 23 and 62 are qualified for a home loan
  • The applicant should have a CIBIL Score of 650 and above
  • Check the home loan eligibility criteria here

Requirements for Documentation

The below-listed documents are required to apply for a housing loan

  • Aadhaar Card/Passport/Driving License
  • Address Proof
  • Identity Proof
  • Form 16 is required or your most recent salary slip
  • The applicants bank statements of the previous 3 months

Home Loan EMI Calculator

When you apply for a housing loan, you can take the assistance of a home loan EMI calculator to help you take further steps in managing your repayments. The loan EMI tool is effectively open and accessible online, you can likewise discover it on the bank or lending institutions site. With a home loan EMI calculator, you can get the assessed sum till the end of the loan tenure. Thus, you will have the option to comprehend whether you can manage monthly repayments and settle on monetary choices in a like manner. All online calculators utilize a particular formula for EMI calculations to get a specific EMI sum, which is –

E = [P x R x (1+R) ^N]/[(1+R) ^N-1]

E- EMI amount

P- Principal sum

R- Rate of interest

N- Tenure of the loan

An online home loan EMI calculator can provide you with the specific sum no matter what.

For instance, let's assume that individual benefits from a home loan worth Rs. 1 Crore for a duration of 15 years at a settled loan interest of 12%. So, based on the EMI calculation formula –

E = [1, 00, 00,000 x 12 x (1+12) ^ 15] / [)1+12) ^ 20-1]

A home loan EMI calculator will assist you with processing the specific outcome, which for this situation will be Rs. 1,10,108.

How to utilize a Home Loan EMI Calculator?

To use the EMI calculator for your home loan, you simply need to fill in the certain details and get the end result:

Principal Amount: The loan amount that you wish to benefit with the home loan

Credit Tenure (In Years): The ideal tenure you find convenient to repay the loan

Interest rate (% P.A.): The rate of interest relevant to the home loan amount

Various Banks, NBFCs and other lending institutions open in the monetary market offer extraordinary government home loan plans at attractive rates. To avail financing for your home purchase, you can apply for a home loan at Finserv MARKETS. The home loan interest rate for salaried individuals starts from 8.25%. You can apply for a home loan amount starting from Rs. 5 Lakhs. The maximum loan amount for a home loan is Rs. 5 Crores with flexible loan repayment tenure of up to 360 months. At Finserv MARKETS you can avail credit for a wide range of financial necessities. With the Finserv MARKETS app, you can customize pre-approved offers and instant approval on home loans.


“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”