Personal Finance & Money Asked by Bhavesh Jain on August 23, 2021
I am looking to buy 2bhk in Mumbai, and have somewhat finalized one property. Now my concern is my salary is good so I can pay more EMI but don’t have enough cash in hand to pay.
When I checked with the builder he said he can include GST, parking and society as part of agreement value so that I just need to pay cash for Stamp duty, registration and 20% of agreement value.
Can GST, Parking and society charge be part of the agreement value so that it can be included as part of my home loan?
Yes GST, parking and society one time maintenance can be included in the agreement. There is no restrictions on what can be included in agreement.
What is important is the wording of the agreement. GST should be less of an issue if the value is increased and agreement says GST is payable by builder. Other items can be tricky as it can land builder into issues...
So generally the agreement value stays same and the additional costs are mentioned in annexure. Some banks don't like this and give loan on agreement value.
Also note if the builder actually increases the agreement value by Including all the items, the registration tax and sales tax payable for property registration will go up.
Best is ask the builder for a draft and consult with the bank providing you loan.
Correct answer by Dheer on August 23, 2021
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