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Tata Capital > Blog > Loan for Home > Things to Keep in Mind if You Are Buying a Resale/Old Property

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Things to Keep in Mind if You Are Buying a Resale/Old Property

Things to Keep in Mind if You Are Buying a Resale/Old Property

Do you know that you can land a better deal in the resale market as compared to a newly developed project? Doing this can help you save money that can go towards paying off your home loan EMI.

But buying an old or used property comes with its fair share of challenges. Given below are a couple of things that you should be mindful of while buying a resale property.


Almost all resale properties require some degree of renovation. But, if the condition of the house is such that you would have to spend a fortune on restoration and repair, then maybe you are better off buying a new apartment from a builder somewhere.

Before you buy a used house, inspect it, and anticipate the costs that you would have to incur on refurbishment, and factor these costs into your purchase decision.


If you are taking on a home loan to buy a resale or old property, you must carry out an independent valuation of the structure. And, you must do it before the lender sends out their technical expert(s) to ascertain its value.

If there is a discrepancy between the market price of the property and the lender’s valuation, it could affect the home loan interest rate or even the loan amount that the lender is offering you. This could result in you having to make a larger down payment, or paying higher EMIs.

Additional Read: How to Calculate the Resale Value of Your House


Resale properties are usually bought and sold through a property consultant or a broker. If you are also availing of a professional’s services, you would have to pay their fee, or in this case, the brokerage. But this is a cost you would have to incur, as brokers help you find the right property as per your needs, facilitate negotiation with the seller, and offer many other useful services.

While the broker is out finding the right property, you should work on finding the right lender for a housing loan. Browse through the websites of different lenders; see if you meet their home loan eligibility criteria.

You can also use an online home loan EMI calculator, and explore the repayment options that other lenders are offering.


Before buying an old house, there is a long list of documents that you must procure from the seller. Missing out on any of the documentation could cause trouble for you in the future. These documents include, but are not limited to:

  • Approval plan
  • Title clearance
  • Ownership document
  • Status of the land title
  • Encumbrance certificate
  • Approved building plans
  • Environmental clearance
  • Property tax payment receipt
  • Commencement certificate for work
  • Previous utility bills (electricity, water, etc.)
  • Development rights on the purchased property

Additional Read: Want to Own a Home? Find Out How

Whether you are buying an old property or a new one, you can find the right loan to finance your purchase at Tata Capital. We offer attractive home loan interest rates and flexible eligibility criteria. Our loan application process is hassle-free and involves minimal paperwork.

To find out more about our customised loans, and to use tools like the home loan eligibility calculator and the EMI calculator for home loans, visit our website today.

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