Yugs Narwat 22 July 2020

stamp duty payable on agreement to mortgage for home loan

I have applied for home loan from SBI, allahabad for construction on my plot of land in Faridabad, haryana. Currently I m living in allahabad. Loan officer tells me that stamp duty payable on Agreement to Mortgage will be 0.5% of loan value (32lakhs) subject to ceiling of 10000Rs. My friend in faridabad too has availed home loan for construction on plot in Faridabad but he did not have to pay this stamp duty of 0.5%of loan value(35lakhs). My bank officer in allahabad talked to RACPC Faridabad and he got response that stamp duty in haryana is only 100Rs. Because my loan is sanctioned already in allahabad, I can't switch to SBI Faridabad now. I only want to know stamp duty for 'agreement to mortgage' in UP vs Haryana. I have already given my title documents and taken receiving only for submission of documents.
kindly help urgently.

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4 Replies

Dr J C Vashista (Advocate) 22 July 2020

Stamp Act is a State subject which differs from State to State and there is lot of difference in Haryana Stamp act vis-a-vis UP Stamp Act.

Consult your / concerned banker or a local lawyer.

G.L.N. Prasad (Retired employee.) 22 July 2020

The geographical jurisdiction of the place where loan is availed and where the house is situated determines the stamp duty. Previously, in many states, there were no fees for memorandum of deposit of title deeds in a Bank. Due to many frauds in absence of mortgage records at the Registration office, states introduced these fee structures at the request of Banks.