VAT, REGISTRATION , STAMP DUTY AND OTHER CHARGES TO BE NOT ELIGIBLE FOR BANK LOAN - as per new RBI directive

View previous topic View next topic Go down

VAT, REGISTRATION , STAMP DUTY AND OTHER CHARGES TO BE NOT ELIGIBLE FOR BANK LOAN - as per new RBI directive

Post  nishabhishek on Fri Feb 17, 2012 11:33 am

Dear All,

Am a banker hence thought of posting this bit of news which is very imp to all those planning to take a bank loan. As per the RBI directive on Feb 3 2012 RBI has issued a directive to all banks to not include the stmap duty, registration and other doc charges in the cost of the house property they finance.

This effectively means that as of now we have to pay a margin money of 20% and banks fund 80% including Reg and Stamp duty. With the new rule in place that excludes the Regis+ Stamp duty and other charges borrowers would have to shell out more form their pockets making the margin % to go upto 25 to 30 %

So please plan your finances in ahead to finance the additional 10 lakh odd amount at time of possession. ( this new rule will come into effect in a few weeks time
and all banks will start to adhere to this being RBI directive , as of now your sales person with whom you are dealing may not be aware of this) .

RBI circular attached below:

http://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=6984

http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/HLB03022012.pdf


Regards

Nisha

nishabhishek

Posts : 16
Join date : 2012-02-08

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum