{"id":7600,"date":"2023-08-28T22:18:32","date_gmt":"2023-08-28T22:18:32","guid":{"rendered":"\/blog\/?p=7600"},"modified":"2024-07-19T15:06:41","modified_gmt":"2024-07-19T09:36:41","slug":"hidden-and-additional-costs-involved-while-buying-a-new-house","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/hidden-and-additional-costs-involved-while-buying-a-new-house\/","title":{"rendered":"Hidden and Additional Costs Involved While Buying a New House"},"content":{"rendered":"\n

When you are buying a house, the upfront cost of the property is often not the only amount you have to pay – you are almost guaranteed to be hit with hidden additional costs. Considering that buying a house is already an extremely expensive investment and housing finance isn’t an easy thing to calculate, so it does not hurt to know exactly how much you will have to pay. <\/p>\n\n\n\n

Know More<\/a><\/div>\n\n\n\n

These are some of the hidden costs you can avoid being blindsided by.<\/p>\n\n\n\n

1. Maintenance Deposit<\/strong><\/p>\n\n\n\n

The builder will usually charge you a\nmaintenance deposit of up to 10 years in advance. With houses that have been\nbuilt already, this amount would be used to pay for any future damages that\nmight occur. The amount of this deposit will change depending on the society\nyou are buying a house in.<\/p>\n\n\n\n

2. Parking Space Cost<\/strong><\/p>\n\n\n\n

You may assume that parking space would be\ncomplementary when buying a house, but you actually have to pay to claim a\nparking space in your building. This is absolutely necessary if you own a\nprivate car or other vehicle.<\/p>\n\n\n\n

3. Brokerage Fee<\/strong><\/p>\n\n\n\n

Brokerage fee is the amount that the broker or\nthe middleman charges you for helping you find a house. Although it is usually\n2-3% of the total amount, some brokers can be more expensive than others, so it\nis a good idea to hash out the details of this fees with the broker before you\nbegin looking for a house.<\/p>\n\n\n\n

4. Stamp Duty and Registration Fee<\/strong><\/p>\n\n\n\n

This is a fee you need to pay to the state\ngovernment itself, without which your house will not be officially registered.\nGenerally, this tends to 5-7% of the total cost of the house. In addition to\nthat, the court charges a registration fee for the final legal agreement that\nis formed between you and the builder, which again comes to 1-2% of the stamp\nduty. <\/p>\n\n\n\n

5. Goods and Services Tax (GST)<\/strong><\/p>\n\n\n\n

The Goods and Services Tax is to be paid to the\ngovernment if you are buying an under-construction property. The GST rate is 5%\nfor regular houses, while houses under the affordable housing scheme are only\ntaxed 1%. Houses that have already been completed or been given a completion\ncertificate are not taxed.<\/p>\n\n\n\n

6. Interiors<\/strong><\/p>\n\n\n\n

If you are buying a brand new house, basic\nnecessities like plumbing, laying tiles, painting walls, etc. will cost you\nquite a bit of money at first. If the house is unfurnished, you will have to\nthink about the cost of new furniture as well, which will increase\nexponentially with quality and gracefulness.<\/p>\n\n\n\n

With Tata Capital home loan<\/a>, you will always have enough to be able to afford every hidden cost. Tata Capital’s housing loan has the most flexible home loan eligibility<\/a> criteria. Your pockets will never be empty – the home loan interest rates<\/a> start at 9.25% with an upper limit of Rs. 5 crores. Apply for a housing loan with Tata Capital today to enjoy convenient payment methods, long loan tenures, and easy loan approval.<\/p>\n\n\n\n

Apply for Affordable Housing Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

When you are buying a house, the upfront cost of the property is often not the only amount you have to pay – you are almost guaranteed to be hit with hidden additional costs. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":7601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-7600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"\nHidden and Additional Costs Involved While Buying a New House - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hidden and Additional Costs Involved While Buying a New House - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"When you are buying a house, the upfront cost of the property is often not the only amount you have to pay - you are almost guaranteed to be hit with hidden additional costs. 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