The age of the property or age of construction, is a key factor in deciding the depreciation of a property. You may need to factor it in, especially if you are a seller and are trying to estimate the right price for the property. As already mentioned, the value of land on which the property is built upon does not depreciate. Over time, it only appreciates.

A question that often arises, is why are resale apartment properties usually sold at a higher price? This is because, when you buy an apartment property, you are also buying the Floor Space Index (FSI) of the land upon which the property is built and the cost of land is appreciating. Land is valued at market prices even in the case of an independent house and it is the structure that decreases in value.

An old construction is not as attractive as a new one and therefore, its value dips.

Old homes offer charm, new homes offer higher value…or at least that is what many buyers think. The truth is that value may be in the eye of the beholder. However, here are a few things to think about when discerning value in a new home versus and old one.

Most people would consider a new home more valuable because there should be no major expenses in the first several years of ownership. Unfortunately, almost all the major components of a house have a life expectancy. So, a house that is 30 years old may be equally renovated and just as updated as a new home. The usual big ticket expenses are windows, roof, siding, and HVAC. An older home may be just as valuable as a new home if these features are up to date and concern for maintenance costs is minimal.

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To get a home loan sanctioned, you first need to get a pre-approval of your home loan from the bank or financing institution. But pre-approval does not guarantee loan disbursal which hinges on a number of other requirements.
Usually it takes three-four weeks for the loan to get sanctioned. But delay in loan disbursal are often caused due to borrowers’ inability to provide documents related to the property or those relating to his income.
Therefore, it is advisable that before you finalise the deal identify someone who has already availed a loan in the same building from the institution that you plan to borrow from. Also check for pending dues to the society.
Your loan application could be rejected in the absence of any document that proves clear title to the property. It can also be rejected if the necessary approvals for constructing the property are not in place.
Also, if you are self employed, IT returns showing adequate income is crucial and the absence of tax document is often a cause rejection or delay in home loan sanction.