A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan For Resale Flats

    Why pay rent month after month, when you can own your own home by paying off monthly EMIs to banks and other financial institutions? If you are looking for a home for immediate possession, a resale flat is the most feasible option. Some of the advantages of going for a resale flat is that it facilitates greater savings, while saving time which would otherwise be spent on waiting for the completion of an under construction flat.

    Impact Of GST On Resale Properties/ Flats

    The Goods and Services Tax (GST) implemented by the government recently has definitely affected the real estate industry. However, not many people have an idea on how it affects resale properties.

    Experts say that GST does not apply to resale properties. However, a seller will have to bear the charges of stamp duty and registration that differ from state to state. It must be understood that although resale of property does not attract GST, resale of a property under construction does. The rate of GST for purchase of new and under construction properties is fixed at 12%.

    In conclusion, a resale property is considered an immovable property and therefore will not attract GST.

    5 Benefits Of Purchasing A Resale Flat:

    1. You can take immediate possession of the flat once your home loan is processed, unless there is renovation and re-furnishing work to be done.
    2. The overall cost incurred from availing a home loan for a resale flat is low compared to a flat/property under construction.
    3. There is a clear idea of the final cost of the resale property.
    4. Property prices are snowballing and if new flats/under-construction flats are bought, the property prices are much higher than a resale flat. A resale flat is more affordable due to factors such as depreciation, age of property, etc. and is the most cost-efficient choice.
    5. Flats available for immediate possession also comes with tax benefits from the payment of the very first EMI itself.

    Resale Flat Loan Eligibility Criteria:

    • The applicant must be at least 18 years old at the time of loan sanction.
    • The maximum age of the home loan borrower depends on the Bank’s terms and rules. Some Banks like State Bank of India, permit applicants to repay the entire loan amount by the age of maximum 70 years.

    How To Apply Home Loan For Resale Property/ Flats

    An applicant can apply individually or jointly for a resale flat home loan. The proposed owners of the residential property can be co-applicants. However, it is not mandatory that co-applicants of a joint home loan for a resale flat have to be co-owners of the same property. Co-applicants have to be close family members like parents, spouse, siblings or children.

    Loan Tenure:

    The term of the home loan depends on details such as customer’s profile, repayment scheme, age of customer at the time of maturity of loan, how old the property will be by the time the loan matures as well as any other terms that are deemed applicable based on prevalent norms of the concerned Bank.

    Home Loan Documents For Resale Flat checklist:

    The following are some of the documents that are commonly asked for by banks, as a part of their documentation and approval process:

    • Duly filled application form.
    • Passport sized photo of applicant
    • Latest 6 months’ bank account statement
    • PAN Card, Voters ID, Passport or Driving License to be submitted as proof of identity.
    • Latest phone bill, electricity bill, property tax receipt, Passport, or Voter's ID to be submitted as address proof.
    • Business address proof should be submitted by self-employed applicants.
    • Documents related to property, like: Agreement of Sale, Sale Deed, Letter of Allotment, Land/ Building Tax paid receipt, Non encumbrance certificate, etc.
    • Copies of approved plan and local body approval

    Tax Benefits In Home Loan For Resale Flat:

    One of the greatest highlights of purchasing a resale flat on home loan is that you can tax benefit once you gain possession of the house/apartment. A borrower can avail upto Rs.1 lakh deduction on the principal amount, under section 80C of the Income Tax Act as well as a tax exemption of up to Rs 1.5 lakh on the interest on home loan, under Section 24B. This makes purchase of property on resale, by availing a home loan, more profitable.

    Major Banks That Offer Home Loan For Resale Flat:

    • HDFC offers custom-made home loan schemes for resale flats for salaried and self-employed applicants. This scheme facilitates immediate possession of a ‘Resale Home’ that meets all your requirements.
    • SBI has been voted as “The Most Preferred Home Loan Provider” by AWAAZ Consumer Awards. The bank offers customized repayment options on resale flat home loan along with unique features such as free personal accident insurance cover, option to avail the home loan as a term loan or overdraft facility, and much more.
    • AXIS Bank is another major home loan provider which caters to the specific needs of those who wish to purchase a resale flat. The home loan scheme offered by Axis Bank is called “Asha Home Loans”. It offers loan for a tenure of up to 30 years and finances 90% of the value of the resale property.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Loan for Resale Flats Reviews

    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a home loan with CANARA BANK and to get my application processed it has not took a long time. There was no delay. The interest rates moderate because they keep on changing the rates . Customer service is very good they are very professional .
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 22, 2019
    • HDFC Limited Home Loan
      "Good home loan service"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from HDFC ltd. Bought my loan 10 years back. I had a salary account with them, hence i have selected this bank. I have bought the loan amount of Rs. 5.50 lakhs. I am paying the EMI amount of Rs. 6800. I have selected the tenure period of 20 years. I have paid the processing fee of Rs. 6000.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 22, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through HDFC LTD which i have directly applied with bank The .rate of interest and the processing fee was nominal .I have applied for the loan amount of 25lakhs for the tenure of 12years ,still loan is active ,The agent gave all the information about the loan process .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 21, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC LTD. The process was done on smooth and received a loan amount 12 lakhs for the duration of 10years. The rate of interest and processing fee is nominal in this bank.The good which I would like to share is documentation process was done on easy.
      Was this review helpful? 1
      , chennai
      Reviewed on May 21, 2019
    • review Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken my Home loan from GIC HOUSING FINANCE LTD and the process in getting the loan was pretty much simple where it just took two weeks for the disbursement of the loan amount. The interest rate with them is also pretty good but after getting loan the response from their end has not been that good. They don't have a mobile application or a website to do things online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The customer service is good and support on time. The rate of interest is good and low when compare to other bank. The fee also applicable and nominal.
      Was this review helpful? 0
      , indore
      Reviewed on May 21, 2019
    • review Home Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I am using the home loan with GIC HOUSING FINANCE LTD since from last last year, as per my expectation I received a loan amount for the duration of 24 years. The rate of interest is high when compare to other.The fee is nominal. On time I received a loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • ASPIRE HOME FINANCE CORPORATION LIMITED Home Loan
      "Best Service"
      0.5 2.0/5 "Expected more"
      I have taken Home loan through Aspire Home Finance corportation Limited .I have applied for the loan amount of 4 lakh for the tenure of 10years ,The rate of interest and processing fee was high ,loan amount got sanctioned on time it was sufficient,The agent gave all the relevant details and also submitted documents on time .
      Was this review helpful? 0
      , thane
      Reviewed on May 20, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through HDFC Ltd through Online .The service is good so far i have taken the loan amount of 50lakhs for the tenure is 30yearrs ,still the loan is active ,The rate of interest and processing fee was nominal ,I have submitted documents and the agent gave all information about the loan process .The agent was good ,loan amount got on time,it was sufficient as welll.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2019
    • LIC Housing Home Loan
      "Percentage should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have housing loan from LIC, as per my experience the interest rate is huge as compared to others. In 2014 I took the loan amount around Rs 30 lakhs, the agent came to my place and completed the documentation process, it would be if they reduce the interest.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 20, 2019
    • DHFL Home Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      Taken my housing loan from DHFL. So far i never had a chance to speak with their call centre people. When i had sanctioned my loan the interest was 10.35% which is a floating interest rate. They have charged me some processing fee. Total tenure period of the loan is 20 years. Within a month, they have sanctioned the loan. Initially, sanctioned the loan was a quick enough but disbursing the amount is took some time. The loan is easy to get sanctioned.
      Was this review helpful? 0
      , thane
      Reviewed on May 20, 2019
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my housing loan with HDFC LIMITED a while ago, the loan amount which they have given to me was sufficient, the rate of interest they have charged me was sufficient, the processing fee they have charged me up to 8000 which was minimal, still this loan is running, so far i did not face any issue.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The rate of interest was nominal. Only the drawback which I felt was need to visit often to office for further process.
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a home loan STATE BANK OF INDIA for more than one year. As per expectation I received a loan amount as per my expectation for the tenure of twenty years. The rate of interest and processing fee is nominal when compare to other banks.
      Was this review helpful? 1
      , noida
      Reviewed on May 20, 2019
    • Indiabulls Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My housing loan was taken with INDIA BULLS , the services was good and process was smooth , i receive the loan on time . The tenure period is sufficent and they charge fine rate of interest which is nominal in the market . They gave option of preclosere and processing fee is nominal
      Was this review helpful? 1
      , kolkata
      Reviewed on May 20, 2019
    • Punjab National Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Punjab National Bank directly applied ,rate of interest and the processing fee was nominal ,loan amt was 8 lakhs for the tenure of 12years ,the loan amount on time ,loan amount was sufficient ,documents submitted no issues ,still the loan is on process.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • LIC Housing Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The experience of applying the home loan with the LIC HOUSING FINANCE is very good and i had a good experience with this bank. i got the loan amount very good also the rate of interest was satisfactory with this loan. I am using from last 2 years the duration for repaying the loan is for 12 years with this loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 19, 2019
    • LIC Housing Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the home loan with the LIC HOUSING FINANCE since from last 2 years the loan amount given was satisfactory also the documentation process was simple and easy to get the loan with this bank. the rate of interest was nominal which is satisfactory in this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 19, 2019
    • LIC Housing Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan with the LIC HOUSING FINANCE where using it since fro last 10 years and the duration for repaying the loan is for 15 years. The loan amount was nominal also the rate of interest was nominal as per the market value.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 19, 2019
    • United Bank Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and easy to get the home loan with the UNITED BANK OF INDIA. The loan amount was good and the rate of interest was 10% which was fixed and now changed into flexible rate of interest was applicable which is higher.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 19, 2019
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