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When potential home buyers are on a house hunting spree, they have two options. They either buy a new constructed home or have the option of buying an old house on resale.  Some people like the home offered for resale. They don’t want to wait till the possession of an under-construction house. If you like a house for resale, then there is nothing to worry about. You can apply for a home loan for an old house.


Home loans are conveniently available for resold houses like it is for new houses. The resale market has its own benefits like this option offers ready possession flats where you can move in immediately. These houses can be taken as per the flexible payment scheme.

Eligibility Criteria for Home Loan for Old House

If you are thinking about whether you are eligible to take the home loan for the old house or not, then here are the eligibility criteria details for home loan for old house.


There are certain important factors that can impact your ability to get a home loan on an old house. These factors include the age of the house, the physical condition of the home, and the age of the buyer as well. 

The term of the loan is also determined as per the age of the buyer. So, while deciding the tenure of the home loan, the lenders keep these eligibility factors in mind:

  • How old is the home or the age of the home

  • The status or physical condition of the home

  • The age of the borrower


Also, while deciding the terms of the home loan, the bank or other lending agencies ensure to conduct an audit of the home. This is done to confirm the age of the home as well as the physical condition of the house. It is meticulously determined that the condition and age of the home are as communicated and match their standards. All this is a must so that the house is capable of lasting till the end of the home loan tenure.


So, the structural engineer visits the property or the house for which you have applied to obtain a loan. Only after the approval is granted will the loan application move ahead. Also, if you are considering buying a property that is going for redevelopment and wants to seek a home loan for that, the builder ensures that it matches the interest of the lender.


The status or the condition of the old home is highly important for deciding on a home loan on an old property. Unless the property you want to buy and seek a loan for is not good enough, none of the banks and other lending institutions will provide you the loan. 

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Pros of Buying Resale House

Since a house is one of the costliest assets we have, buying a house is one of the most vital decisions of our life. The real estate market is loaded with innumerable options for homes, including the resale or secondary market. 


Here are the benefits of buying a resale house:

  • Affordable Price: One of the best things that a second-hand or resale home offers is that it comes at a more affordable price compared to new houses. If the house is old, you can also negotiate to get a lower cost citing the reason that the building is old and the interiors and fittings in the house are not made as per the latest fashion standards.

  • Better locality: Older houses or buildings are made in the main city area. The new houses are usually built in the suburbs due to the lack of space and high cost of the main city area. If you are looking for a resale property, then there are bright chances that you will find the same located in an already developed locality.

  • Better Ambience: Older houses usually offer a lot of space which offers a better ambience. These houses have a less cluttered atmosphere as well. Also, the resale house is built in a larger residential locality.

  • Ready to move: When you purchase an old house, you can shift in as soon as you want. This saves your rent as well as the additional interest on the EMI, which is paid for the homes under construction.

  • Pre-installed facilities: When you buy a second-hand home, most of the time, the basic amenities and fixtures are already present. The previous owner would have installed gas, electricity, security, water facilities, and more. Due to the pre-arranged amenities, you can just shift and enjoy!

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Things to Remember When Buying Resale House

Here are the things to take care of when buying a resale house:

  • Check all the property documents.

  • Get the same vetted by the lawyer.

  • Ask for the account statement that mentions there are no unpaid dues or penalties from the previous buyer.

  • Look for flaws or defects in the house.

How to Apply for a Home Loan for an Old House

The application procedure for home loan on an old property is mentioned below:

  • Fill out the loan application form.

  • Submit all the asked documents and passport-sized photographs.

  • Submit ID proof, Income Proof, and Address Proof.

  • Wait for the loan application to be processed.

FAQs on Home Loan for Old House

Can I get a home loan for an old house?

If you think that you can only take home loans for the new homes that are under construction or ready for possession, then be informed that home loans can be taken even for the older homes. You can easily apply to take a home loan and buy a property that was owned by someone else previously.

Can I get the loan on a 20-year-old property?

The age of the property matters. If the physical condition of the property is good enough, then the banks may grant you a home loan.

Is it good to buy an old property?

The resale home also offers many benefits such as getting a ready-to-move-in home, flexible payments, discounts and offers, tax benefits, pre-installed amenities, etc.

What is the process of buying an old house?

Once you decide on the home and check all the property documents, you can apply for the home loan. You need to submit essential documents and an application form.

Should I buy a 70-year-old house?

The age and condition of the home need to be primary determinants when considering buying an old home. A 70-year-old house may not last long and may need several repairs, hence is not a very favourable proposition.

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