How to Finance a Resale Home: Home Loan Tips and Benefits

Buying an old house has its charm. Maybe it is the vintage appeal, the spacious rooms, or a great location. Whatever your reason, purchasing a resale home is an exciting journey. But what about financing it? If you are considering a home loan for your home purchase, you are in the right place. This guide will explain everything you need to know, including tips to qualify and why resale homes are worth the investment.

What is a home loan for resale homes?

A home loan for resale homes, or a housing loan for old house purchases, helps buyers finance the purchase of a pre-owned property. Just like loans for new houses, these loans cover a significant portion of the property cost. The buyer pays a down payment, and the lender finances the rest.

Why choose a resale home?

• Prime location: Old homes are often in well-established neighbourhoods with access to schools, markets, and hospitals.
• Larger spaces: Older houses tend to have bigger rooms and more land compared to newer constructions.
• Quick move-in: Resale homes are usually ready to move into, saving time on waiting for construction.
• Affordability: These homes can be more budget-friendly than newly built ones in the same area.

Tips for choosing the housing loan for old houses

• Compare loan offers: Look for lenders offering competitive interest rates and low processing fees.
• Use an EMI calculator: A home loan EMI calculator helps you plan your monthly expenses and ensures that you don’t overburden yourself financially.
• Negotiate terms: Always negotiate for better terms, such as reduced interest rates or flexible repayment options.
• Check the lender’s reputation: Opt for lenders known for their customer service and transparent processes.

Why your CIBIL score matters

Your CIBIL score plays a significant role in loan approval. A score of 725 or higher increases your chances of getting a loan with better terms. Here are some tips to improve your score:

• Pay your existing debts on time.
• Avoid multiple loan applications in a short period.
• Keep your credit utilisation low.

Why Bajaj Housing Finance for your home loan?

Whether you are buying your dream home in an old neighbourhood or upgrading a resale property, Bajaj Housing Finance ensures you have the financial support you need.

Here are a few key benefits of choosing Bajaj Housing Finance Home Loan:

1. High loan amount: Secure funding up to Rs. 15 crore* to turn your dream home into reality.

2. Low interest rates: Enjoy interest rates starting 7.99%*  p.a., and EMIs as low as Rs. 722/lakh*.

3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.

4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.

5. Simple application: Take advantage of doorstep document collection for a smooth process.

6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.

How to apply for Bajaj Housing Finance Home Loan?

Here is a step-by-step guide to applying for a home loan with us:

1. Click the 'APPLY' button on this page.

2. Provide your full name, mobile number, and employment type.

3. Select the type of loan you wish to apply for.

4. Generate an OTP and submit it to verify your phone number.

5. After OTP verification, enter additional information such as your monthly income, the loan amount you need, and details about the identified property, if applicable.

6. Enter your date of birth, PAN number, and other required details based on your occupation type.

7. Click on the ‘SUBMIT’ button to finalise your application.

And that is it! Your application is successfully submitted. A representative will contact you shortly to guide you through the next steps.

Ready to take the first step? Apply for a Bajaj Housing Finance Home Loan today and turn your dream into reality.