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Subvention Scheme registration

Last updated: February 20 2019
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  • Subvention Scheme registration

    Hi,
    Can we register and pay stamp duty ot the time of possession of flat booked under subvention Scheme.My home loan has been approved.So ideally how long I can delay , cause the work has to been stated and builder is forcing to do registration saying RERA will take action.
    The project is RERA registered

    Please help

    Thanks
    Sachin
  • #2

    #2

    Re : Subvention Scheme registration

    Loan will not be disbursed by the bank unless the property is registered.

    You'll have to do it right away if going for bank subvention.

    If you're making all payments on your own, you should ideally get it registered soon after your payment has crossed 10%. But some builders are okay to wait a few months.

    Only in-case of builder subvention of the kind 5:95 or 10: 90, registration can wait till the end.



    Last edited February 19 2019, 07:10 PM.

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    • #3

      #3

      Re : Subvention Scheme registration

      Hi Sachin,

      I believe that according to your description you want to delay the registration process and take it at a time of your posession.

      I would suggest taking up the the registration process as soon as possible. The Reason are numerous factors dependable on the process.

      1) The Loan Sanctioned will be Valid for Maximum 3 months, after which you will again have to go for resanction

      2) The Market Value/Ready Recknor Value. Its the value on which you will be paying your Stampduty and Registration Charges to The Government (5+1+1* %) If that goes up by posession than subsequently you will end up paying more (approx 7000 per lac rise)

      3) Ownership. Some Investor delay the registration to avoid adding up its cost to the purchase value. But as a buyer/resident the registration means the ownership is in your name (after your banks disburse the post downpayment/balance amount).

      4) Since you have made all the payments better its to get the document registered rather than keep it waiting.

      If your Builder forces you to take the process. You have met a good builder/developer.



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