Do banks also lend for very old properties?
Most banks would consider a 30-year old property to be old. At the same time, some might agree to lend for a 50-year property if it is well-maintained, its future life is adequate and valuations are good.
Does the home loan tenure for such properties depend on the age of the property?
Most banks or housing finance companies sanction a home loan towards purchase of a resale property with the understanding that it is repaid before the property is very old. Say, for instance, a 50-year old property is considered old by a bank and you plan to buy a property which is 40 years old. In that case, the maximum home loan tenure you will be allowed will be 10 years. This may be changed or negotiated, depending on the bank and condition of the property.
