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India’s real estate sector has typically been driven by demographics – a fast-growing population and urbanization have resulted in an ever-increasing demand for new homes, especially in the economic and commercial centers that have good job-creation prospects. Nevertheless, when it comes to demand for homes, new properties may find greater preference over resale homes, according to experts. With new buildings increased rapidly everywhere, there is a huge demand for new apartments and properties. And yet, most people opt for a resale property. However, investing in a new flat vs new property is a difficult decision.


Typically, new homes are the ones that are acquired directly from developers, and a resale or secondary home is a property that has had a previous owner. However, whether you should get a new or a resale home depends on your lifestyle and preferences, financial requirements and the priorities you put on features like high energy efficiency, functional arrangements of interior living spaces, facilities and your desired budget and aptitude when it comes to repairs and capital improvements.


Based on the present market conditions, let’s have a look at the differences between getting a new home and getting a resale home.

New home vs Resale home

New Home

Resale Home

Getting a first-hand home that is constructed in upcoming locations or suburbs will cost you lesser

Buying a resale property is a good option if there’s a non-availability of new projects in the area where you want to settle.

New homes are built with new materials and appliances, so less maintenance typically is required compared to resale homes.

You can use the existing home as a base for building a unique property through renovation, modernization or expansion.

New homes are more likely to be wired with new technologies and facilities in mind, such as multiple phone lines, high-speed Internet connections and extra cable outlets.

Resale home tends to be much affordable than new properties and are more likely to come complete with items that may cost extra with a new home, such as blinds, landscaping, built-ins, etc.

Many homebuilders offer warranties for new properties in case certain problems develop over time.

Home buyers can most likely purchase a larger home for the same amount of money with a resale than with new construction.

At present, the main concern for homebuyers is the timely completion of projects. A project at an advanced stage of construction brings down the risk and interest cost to an extent.


Typically, units in completed or near-completion housing projects will come at a premium compared to what’s still under construction. But given the current market condition, it makes sense to buy a resale unit as it will be available right away for you to live in. However, buying a completed property may not be a good idea for an investor as the price appreciation is more if a property is bought at the time of its launch. But for an end-user who is not looking for price appreciation, it is preferable to buy a readily available or near-completion property.

Financing options for resale and new properties

If the property is new, then you can apply for a home loan for a tenure of 20 years. However, if we take an example of an old property (say, 40 years old) and the housing finance company (HFC) does not consider such property eligible for a home loan. For properties that are more than 50 years old, the tenure gradually gets limited to a maximum of 10 years. This will have an adverse effect on the equated monthly installments (EMIs), which will rise due to a drop in the tenure.

Availability and property prices

Resale home has its own set of restrictions. Due to the limited availability in the market, homebuyers will rarely get a flat as per their expectations and Vastu compliance. This is a major hurdle, as people buy their dream home with a long-term perspective. Moreover, many resale properties available in the market may have been purchased at a time when the home loan interest rates were more than 10 percent and property rates were on an upward trend. So, the property would have been quite expensive, as compared to the current rates.


As you can see, the difference between a new home vs resale properties both offer significant, but very different advantages. Keep in mind that the real concern shouldn’t be about whether to buy a new or a resale home. It’s more about figuring out which individual property will best you and your family’s needs.


With a home loan at Bajaj Markets, you can purchase the house of your dreams with ease. You can apply for a loan amount of up to Rs 3.5 Crore. If you have a working partner, you also have the option of getting a joint home loan to avail of a higher loan amount. You can avail home loan interest rate of 8.80% onwards with foreclosure charges of 4% plus applicable charges. Bajaj Markets is an online platform and thus, no matter where you wish to buy a new home you can avail quick approval for a home loan in the top metropolitan cities of India and meet the financial requirements to fulfill your dream without any worry. With flexible repayment tenure, the home loan applicants are free to choose their repayment tenure up to 300 months.


Through the Pradhan Mantri Awas Yojna scheme, first-time home loan applicants also get the added benefit of reduced EMI’s and loan interest rates up to 6.93%. What’s more? You also get an insurance cover, in case of an unfortunate incident, you can protect your loved ones from the burden of paying off your home loan with customized insurance plans.


The online home loan application process is quite simple and requires minimal paperwork. The loan amount will get disbursed in your account post verification. Home loans at Bajaj Markets provide complete transparency with no hidden charges, no dubious policies. Their custom made loans make it easier to finance your dream home and meet your specific requirements.

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