What are Franking Charges?

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WHAT ARE FRANKING CHARGES?
What are Franking Charges? February 16, 2018
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The property purchase includes various small and
big payments that have the potential to
substantially jack-up the rates. For example, if
one talks of home loan, they have to pay the
processing fees to the bank. Also, one must have
to bear the technical appraisal cost of property
that bank would carry out. To make a legal
purchase, the buyer has to pay the stamp duty
depending on the state where the transaction
takes places, charges may actually vary from 4 to
10 of value and registration charges typically
1 of complete value. What has caught the
attention so far in fact that one may also have
to pay the franking charges while stamping the
papers to property. More importantly, if one
thought that franking and stamping are same
things, you actually thought wrong. Whats the
difference? The stamp duty is the tax you
actually pay to the state to buy a property. On
the other hand, franking is the process to stamp
the property documents. Using the franking,
authorized banks stamp the document or affix the
denomination on it which actually acts as the
proof that stamp duty for the transaction has
been paid. The banks and other authorized agents
use the franking machine to affix the
documents. Also, keep in mind- The authority
franking the documents would actually ask to pay
the price for giving the services. While some may
do it for free, others may charge 0.1 of the
complete purchase value as the franking charges.
Thus, if you are purchasing a property which is
worth Rs 50 lakh, one may have to pay the
franking charges of Rs 5,000. You may, however,
set off this amount against the stamp duty that
you pay. For example, if the stamp duty is the
state is 5.2, you will have to pay 5.1 as the
stamp duty if you are paying the franking charges
of 0.1.
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All banks or agents dont authorize to offer
the franking services. In case these have
official permission, the banks at times have
limited franking quotes as well as offer the
services only for a specific hour of the working
day. This basically means that prior preparation
is required in the case you want to get the
property documents franked from agent or bank. It
is advised not to entertain these without being
specific that the agent is authorized to do
franking. All the banks dont follow similar
rules when it comes to the franking and charges
involved in the process. Charges and rules could
differ from one state to another, from one agent
to another and from one bank to another.
Importantly, it doesnt just go for franking. You
could choose to go for the e-stamping or
alternatively buy the stamp papers to do so.
Also, there are options to purchase papers that
are already stamped.
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