When you find a property listed at ₹80 lakhs, the actual cost of ownership can easily reach ₹95-100 lakhs. Understanding these additional costs upfront is crucial for financial planning and avoiding unpleasant surprises. Here's a comprehensive breakdown of every cost you need to consider.
Stamp duty varies by state — it's 5-7% in most states, with some offering concessions for women buyers (1-2% less in states like Delhi and Haryana). Registration charges add another 1% of property value. For under-construction properties, GST at 5% (without ITC) applies on the agreement value minus land component.
If you're taking a home loan, factor in processing fees (0.5-1% of loan amount), legal verification charges, and insurance premiums. The bank may also require you to maintain a certain relationship value. Don't forget the monthly maintenance charges (₹2-5 per sqft in gated societies), property tax (varies by municipal area), and home insurance.
Moving-in costs include interior work (₹500-2000 per sqft depending on scope), modular kitchen (₹1.5-5 lakhs), electrical fittings, and furniture. Budget at least 10-15% of the property value for interior setup. Use our EMI calculator tool to plan your finances accurately.