Help Center
Locate us
What is Mutation of Property and Why is it Important for Home Buyers?
Experience the all-new Kotak Netbanking
Simpler, smarter & more intuitive than ever before
Popular Products
Show More
Quick Help
Show More
Frequently Asked Questions
Show More
For Kotak Bank Customers
For Kotak811 Customers
Experience the all-new Kotak Netbanking Lite
Simpler, smarter & more intuitive than ever before. Now accessible on your mobile phone!
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Success
Failure
Homebuyers often think that a registered sale deed is the final document that confirms ownership of a new property. However, your name should be in the official records of the government in order to be a rightful owner of the house you purchased. For this, you need to file a mutation of property which confirms the transfer of ownership from the previous owner to you in the revenue records of the local municipal authority.
Mutation of property records your name in the land revenue department, and after this, you are liable to pay taxes to the government as a rightful owner of the property.
What Is Mutation of Property?
Once a home buyer purchases a property, the ownership needs to be transferred on his/her name. The local municipal corporation records every such transfer to decide the tax liabilities regarding that property. Mutation of Property or Dakhil Kharij is the document that ensures this transfer and helps the authorities to confirm the taxpayer and his/her responsibilities.
By Mutation of Property, your name gets registered in the records of the department of revenue and the government becomes able to transfer all tax liabilities on your name. After this process, all the property tax receipts and utility bills are generated on your name.
How to apply for property mutation?
During the process of home buying, every buyer has to file for mutation of property. For this, you need to submit an application form with a court fee stamp. You need to get this application signed by the Commissioner of the Revenue Department. Several documents also need to be submitted while submitting the application, which vary from case to case.
After the submission of required documents, the application is verified. It takes around 15 to 30 days to complete the process of mutation of property.
Importance of Mutation of Property
From taking a home loan to changing the legal ownership of the property, every step in the home buying process is important when you are willing to buy your house. The mutation of property is like one of the few final steps that confirm your ownership on the property. Lastly, it protects your property from future frauds.
You have already rated this article
OK