Obtaining a home loan for a property is quite convenient. But if you acquire the same for resale properties, it won’t come so easy. Especially if you are trying to get a home loan for resale flats for the first time, there is a lot that you should know.
In this article, we have created a mini-guide on home loans on resale flats so that you can learn whatever you think you do not know. After you read this, it will be easier for you to gather the right home loan without much difficulty.
Table of Contents
What Is A Resale Flat?
A ready-to-move-in property that an individual can purchase is a resale flat. It also means that the current owner was assigned the apartment by a specific builder of the construction project. Another seller may also have been responsible for this. During the purchase of resale flats, the buyer can be on his own. This helps them to analyse banks and to scout for the most reasonable offers. But it is highly significant for the buyers to familiarise themselves with the home loan process relating to resale flats. Let us know more about its eligibility criteria.
What Is The Eligibility Criteria For Home Loan On Resale Flats?
1. Applicant’s Age
When considering home finance, the age of the applicant is significant. As such, they must be nearly 18 years of age or more. This type of home loan is delivered to people throughout the time they continue to work. Such a thing indicates that it does not matter when you obtain the loan. But did you know that many other factors can allow for the tenure period to be longer? Mortgage insurance, repayment capacity and credit score are some of the factors that influence this.
2. Property Age
In many parts of India, purchasing a new home might not be the most affordable option. That is why this type of loan is significant to lenders. That is why many important banks deliver home loans for the purchase of old homes. But property age will always fall into consideration when banks wish to see through your application for a home loan. You must note that they will not enjoy a home loan request for a property that is dilapidated. So, if you have a well-maintained property, obtaining a good home loan for anyone is possible.
The Bottom Line
It is on the bank to decide the value of a home and provide you with a home loan accordingly. If they think it is in good enough condition, they will give the loan easily. But if not, you are bound to have a hard time. That is why a technical team is sent across to inspect the resale flat you have talked about. Nearly 90% of the property estimate is offered to you by the bank. But other factors may be highly contributing too. So, keep our eyes open for anything and make sure you adhere to the information listed above for you. It is sure to help. If you are looking for Home Finance then you can also check Standard Chartered Bank Home Loan. They offer housing loans up to Rs 35 crores.