The linear stability of a viscoelastic fluid saturated densely packed horizontal porous layer heated from below and cooled from above is investigated by considering the Oldroyd-B type fluid. A generalized Darcy model, which takes into account the viscoelastic properties, is employed as momentum equation and a two-field model is used for energy equation each representing solid and fluid phases separately. Linear stability analysis suggests that, there is a competition between the processes of viscous relaxation and thermal diffusion that causes the first convective instability to be oscillatory rather than stationary. Analytical expression for the occurrence of oscillatory onset is obtained, and it is found that the necessary condition for the existence of the same is Lambda < 1. Besides, the effect of viscoelastic parameters and the thermal non-equilibrium on the stability of the system is analyzed.