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Having your own home may well be at the top of your agenda when you get married and have a family. Before the marriage, the exuberance of youth must have prompted you to travel around and hang out with your friends at picturesque locations. But post the marriage, scenarios can be different and the weight of responsibility could grow up substantially for you to handle. And if you are living in a rented accommodation with your family, you have a serious rethink to do. As there is no guarantee that your landlord will let you stay in his house forever, the constant shifting of homes is inevitable, causing a lot of anguish within you and your family members. You would have to keep changing the schools of your kids. Plus, you could very well burn out in case the shifted residence is very far from your office.
All this and more call for the ownership of a home wherein you can relax and have a deep sense of mental security. As home prices fall in the range of lakhs to crores, it may not be easy for you to pay off the whole amount at one go and own a home, right! Hence, an attractive home loan offer would just be the solution a 'doctor could order for'. If you have failed to find a new home, you still have a chance to buy a resale flat which could be available in large numbers to choose from. And if you are pondering, is home loan available on resale flat? The answer is a big 'Yes'. So, the path is clear for a sound acquisition of a resale flat. And, it will get even more clear as we move along in the article.
Table of Contents
Benefits Galore on Resale Flat Acquisition
A resale flat has a bundle of benefits to look forward to. Wanna glance? Look at the points below.
(A) You can take the possession of the flat as soon as the processing of a home loan takes place. The possession can delay only if there is some renovation work left.
(B) Loan availed to buy a resale flat come with tax benefits to enjoy. As soon as the possession is done, you can claim the tax deduction on both principal and interest repayments as per the Income Tax Act.
(C) You can buy a resale flat at a lower cost compared to a new home.
(D) The tenure of a home loan for resale flat can be in the range of 20-30 years, giving you ample time to repay.
Interest Rate on a Home Loan For Resale Flat
Now when the interest rate is on a falling spree, you are in for a pocket-friendly EMIs. The trend, as it seems, is likely to continue for a fair length of time from now. Interest rates are based on floating and fixed rates.
With floating, you can take advantage of the favourable market cues by getting your lending rates lowered by a bank or a non-banking financial company (NBFC). With fixed rate, the lending rate will remain same throughout the tenure of the loan.
Floating interest rates have now fallen to the level of 9.10%-9.35% p.a. across premier home loan lenders across India. And if trends have anything to go by, the interest rates could very well fall to 8.40-8.50% p.a. in the next two years. So, a resale flat is well within your reach to get your feet into as far as the affordability is concerned.
Stay in Line with Eligibility Criteria
The benefits and alluring interest rates must have induced a fair amount of excitement in you to buy a resale flat on a loan. But before you get lost in your home dream, here are a few points to keep in mind.
You should be atleast18 years old at the time of applying for a home loan.
When the loan is about to complete its tenure, your age must not be over 70 years.
The income criteria could differ from one lender to another. However, the income must be sufficient enough to bear the pressure of EMIs.
Application Form Duly Filled and Signed
Identity Proof- PAN Card/Passport/Voter ID/Aadhaar Card
Residence Proof- Latest Electricity & Telephone Bill/Passport/Aadhaar Card/Voter ID/Property Tax Receipt
Business Establishment Proof- Service Tax/VAT/Sales Tax Registration/Electricity & Telephone Bill of Shop (For Self-employed Applicants Only)
Income Proof- Salary Slips of Last 3 Months, Form 16 for Salaried Applicants
– ITR, Profit & Loss A/C Statement & Audited Balance Sheet for Last 3 Years for Self-employed Applicants
Property Documents- Sale Deed, Agreement of Sale
Bank Statement- Last 6-month Statement
How to Apply?
You can apply for a home loan individually or jointly to buy a resale flat. The joint application means the entry of co-applicants, who can either be your dad, mom, bro, sis, better-half, kids earning sufficiently to meet the income eligibility criteria set by a lender. You can choose to go online or stay offline to apply for a loan. The convenient of the two options, I guess, will be the online mode as you can apply from anywhere, anytime with an Internet facility either through mobile or computer. However, if you want to apply offline, visit the nearest branch of the lender and do the same. Subsequently, there will be visits from the representatives of the lender at your office and residence. Upon satisfactory response, your home loan for a resale flat will get approved by the lender.
Now comes the second phase of investigation wherein a certified chartered engineer will visit the resale property you are looking to buy. The concerned official will make a legal & technical report of the property and send it to the lender for evaluation. The lender, after screening through the report, will arrive at a valuation amount. You can then hope to receive a loan amount equivalent to 70%-90% of the valuation amount.
Now when you have know the answer of a question, is home loan available on resale flat, ensure you stay strong at a resale property with easy-to-pay EMIs.