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Buying a Resale Flat? Here's How to Get a Home Loan for It

Summary

Resale flats are often more affordable, ready-to-move-in, and located in well-established neighborhoods. But getting a home loan for a resale flat involves different checks compared to buying a new one. In this blog, we’ll explain the process, documentation, eligibility, and tips to make your loan approval smooth and stress-free.

Key Takeaways

Table of Contents

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What Is a Resale Flat?

A resale flat refers to a property that is being sold by its current owner instead of a builder or developer. The previous owner could be an individual or a company. These flats are often already constructed, occupied, or semi-furnished, making them an attractive option for buyers looking for immediate possession.

Advantages of resale flats include:

However, buying a resale property requires careful due diligence, especially if you plan to finance it through a home loan.

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Can You Get a Home Loan for a Resale Flat?

Yes. At Piramal Finance, we offer home loans not only for new properties but also for resale flats. In fact, many of our customers choose resale flats because they are ready-to-move-in, located in established neighborhoods, and often come at more affordable prices.

While the process is very similar to applying for a new flat loan, take a closer look at resale properties. That means factors such as clear legal ownership, absence of pending dues, property age, valuation, and proper documentation become crucial for loan approval.

When you apply with Piramal Finance, our team helps you through these checks, ensuring transparency and smooth processing. With competitive interest rates starting from 9.50% onwards, flexible tenures of up to 30 years, and loan amounts ranging from Rs. 5 lakhs to Rs. 2 crores, we make it easier for you to finance your resale flat with confidence.

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Factors Consider Before Approving a Loan for Resale Property

Before sanctioning a home loan for a resale flat, will evaluate:

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Loan Eligibility for Buying a Resale Flat

Your eligibility for a resale flat loan will depend on:

Some banks may also request an additional co-applicant if the resale flat is older or if the borrower’s income is slightly below the ideal bracket.

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Documents Required for a Resale Flat Home Loan

Be prepared with the following documents for both the applicant and the property:

Applicant Documents

Property Documents

We will also conduct a legal check through their panel lawyer to verify the title and documentation.

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Step-by-Step Process to Apply for a Home Loan for Resale Flat

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Tips for Buyers Applying for a Resale Flat Loan

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FAQs

What is the maximum loan I can get for a resale flat with Piramal Finance?
At Piramal Finance, your loan eligibility is based on your income, credit profile, and the property’s current market value. We typically finance up to 75%–90% of the property value, subject to meeting our eligibility norms.
Can I buy a resale flat that is older than 25 years with a loan?
Yes, you can provided the property is in good condition, has a clear legal title, and meets our technical evaluation standards. Very old or structurally weak buildings may not qualify for financing, as safety and long-term value are key considerations.
Do resale flat loans from Piramal Finance have higher interest rates?
No, resale flats do not automatically attract higher rates. Your interest rate depends on your credit score, repayment capacity, and our prevailing base rates, not on whether the property is new or resale. Our home loan interest rates start from 9.50% onwards, keeping your financing affordable.
Can I apply for a home loan if the seller has an ongoing loan on the flat?
Yes, but you’ll need the seller to provide a foreclosure letter and loan closure proof before registration. Some banks may also coordinate directly with the seller’s bank.
Are the tax benefits same for resale flat loans?
Yes. You are eligible for home loan tax deductions under Sections 80C and 24(b) for principal and interest, just like with new properties.