Union Bank of India launches product to facilitate stamp duty and registration on property purchases

MUMBAI: Mumbai-based Union Bank of India launched e-SBTR ( Electronic Secured Bank Treasury Receipt), a facility for a single window payment facility of both stamp duty and registration fee for home purchase in Maharashtra. The e-SBTR allows payment without any ceiling and is available on 24x7x365 through internet banking.

The facility, makes it possible to do the necessary paper work and formalities on line and get the endorsement of the final document at the branch level at one go.

It initially starts in Maharashtra across 508 bank branches of the Bank and will be soon expanded to other states, according to V K Kathuria, executive director, Union Bank. The facility is also being offered by other banks such as Punjab National Bank, State Bank of India and Bank of India, among others.

The e-SBTR system adds to convenience of home buyers as the systems does away with the requirement of standing in queues to pay stamp duty and registration of property purchase.