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.

These are some of the hidden costs you can avoid being blindsided by.

1. Maintenance Deposit

The builder will usually charge you a maintenance deposit of up to 10 years in advance. With houses that have been built already, this amount would be used to pay for any future damages that might occur. The amount of this deposit will change depending on the society you are buying a house in.

2. Parking Space Cost

You may assume that parking space would be complementary when buying a house, but you actually have to pay to claim a parking space in your building. This is absolutely necessary if you own a private car or other vehicle.

3. Brokerage Fee

Brokerage fee is the amount that the broker or the middleman charges you for helping you find a house. Although it is usually 2-3% of the total amount, some brokers can be more expensive than others, so it is a good idea to hash out the details of this fees with the broker before you begin looking for a house.

4. Stamp Duty and Registration Fee

This is a fee you need to pay to the state government itself, without which your house will not be officially registered. Generally, this tends to 5-7% of the total cost of the house. In addition to that, the court charges a registration fee for the final legal agreement that is formed between you and the builder, which again comes to 1-2% of the stamp duty.

5. Goods and Services Tax (GST)

The Goods and Services Tax is to be paid to the government if you are buying an under-construction property. The GST rate is 5% for regular houses, while houses under the affordable housing scheme are only taxed 1%. Houses that have already been completed or been given a completion certificate are not taxed.

6. Interiors

If you are buying a brand new house, basic necessities like plumbing, laying tiles, painting walls, etc. will cost you quite a bit of money at first. If the house is unfurnished, you will have to think about the cost of new furniture as well, which will increase exponentially with quality and gracefulness.

With Tata Capital home loans, 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 criteria. Your pockets will never be empty – the home loan interest rates 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.