In most states, reassignment for loan repayment is exempt from stamp duty. For other cases, nominal stamp duty of ₹10-₹100 may apply. Check your state’s Stamp Act.
The bank (Assignee) usually provides Form 3857. In some cases, the policyholder can download the standard form, but it must be executed (signed and stamped) by the Assignee (Bank).
Unlike modern digital forms, LIC Form 3857 has a specific old-school ritual. Here is the cheat sheet:
In most states, reassignment for loan repayment is exempt from stamp duty. For other cases, nominal stamp duty of ₹10-₹100 may apply. Check your state’s Stamp Act.
The bank (Assignee) usually provides Form 3857. In some cases, the policyholder can download the standard form, but it must be executed (signed and stamped) by the Assignee (Bank).
Unlike modern digital forms, LIC Form 3857 has a specific old-school ritual. Here is the cheat sheet: