Buying a home doesn’t always mean waiting for a construction project to finish. Sometimes, the right choice is a property that’s already built. It could be a well-kept apartment in an established neighbourhood or a home that matches your location preference and lifestyle perfectly.
In such situations, a Home Loan for a resale property can help you secure it quickly. Whether your goal is a loan for a ready-to-move home or you’re weighing different property options, knowing how these loans work will make the journey smoother and more straightforward.
Home Loan for a Resale Property – How It Works
When you apply for a Home Loan to purchase a resale property, the lender will assess both your eligibility and the property’s legal standing before approving the loan.
Because of this, property verification becomes a key step. The lender will want to ensure:
- The title is clear and free of disputes
- There are no pending dues on the property
- The property complies with local building and zoning regulations
Benefits of Taking a Loan for a Ready-to-Move Home
When you take a loan for a ready-to-move home, the advantages can be:
- Immediate possession – You can move in after purchase
- Clearer cost picture – You know the exact price, including stamp duty, registration, and any renovation you plan
Eligibility Criteria – What You Need to Qualify for a Home Loan for a Resale Property
The eligibility requirements for a Home Loan to purchase a resale property are:
Salaried Applicants – Indian citizens (including NRIs) aged between 23 and 67 years**, with at least 3 years of work experience in a public or private company or an MNC
Self-Employed Applicants – Indian residents aged between 23 and 70 years**, with a minimum of 3 years of continuous operation in their current business
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Documents Required for a Home Loan for a Resale Property
While requirements may vary slightly, most lenders will ask for:
- Identity and address proof (KYC documents)
- PAN Card or Form 60 (mandatory)
- Income proof: Form 16 and/or salary slips for salaried individuals, ITR and financial statements for self-employed
- Bank statements (usually for the past six months)
- Property documents: Title deed, sale agreement, previous ownership records, and proof of property tax payments
Note that this list is indicative.
Also Read: List of Documents Required for Home Loan
Tips to Make Your Home Loan Application Stronger
If you want your loan application to purchase a resale property to be approved, consider these:
- Maintain a healthy credit score by paying all existing EMIs and credit card bills on time
- Keep your debt-to-income ratio low by clearing smaller loans before applying
- Choose a co-applicant with a stable income to potentially increase the approved amount
When buying a resale home, your due diligence matters as much as the lender’s. Spend time checking the property’s legal history, physical condition, and any maintenance obligations.
When applying for a Home Loan for a resale property, ensure that the home you’re buying is worth the investment, both now and in the years to come.
Home Loan for Resale Property: FAQs
You’ll typically need KYC documents (identity and address proof), PAN Card or Form 60 (mandatory), income proof (Form 16 and/or salary slips for salaried applicants, ITR and financial statements for self-employed), bank statements for the past six months, and complete property documents, such as the title deed, sale agreement, prior ownership records, and proof of property tax payments. However, this list is indicative. Your lender may ask for additional documents.
To apply for a Home Loan for a resale property, a salaried applicant must be an Indian citizen (NRIs included), aged between 23 and 67 years**, with at least 3 years of work experience.
Self-employed applicant must be an Indian resident, aged between 23 and 70 years**, with a minimum of 3 years of continuous business operation.
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Yes, you can avail of a Home Loan for a ready-to-move home. A resale property allows you to take possession immediately after purchase, with the added benefit of knowing the exact costs involved, including stamp duty, registration, and any planned renovations.
You can claim tax deductions on both the principal repayment and the interest paid, much like you can with new properties. Under Section 80C of the old tax regime, borrowers can claim deductions of up to Rs.1.5 Lakh on principal repayment. One can claim a maximum deduction of up to Rs.2 Lakh on the interest payment under Section 24(b).
Yes, self-employed Indian residents can apply for Home Loans to purchase resale properties, provided they meet the eligibility criteria.
The maximum loan amount you can avail of depends on factors such as your income, credit profile, repayment capacity, property valuation, and the lender’s loan-to-value (LTV) guidelines.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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