Everything You Need to Know About Home Loans for Doctors
The real estate sector is expected to grow to a whopping 1 trillion USD by 2020 from 120 billion USD in 2017. This projected exponential growth comes down partly due to the increase in demand and also because of the rising prices.
People across the social spectrum continue to find it increasingly difficult to buy homes without financial aid from a financial institution. Even doctors and healthcare professionals, who can be considered in the upper echelons of the financial curve, need loans to build, purchase or renovate their houses.
There are many financial institutions, both government-funded and private, that provide home loans for healthcare professionals. Leading NBFCs Home Loan for Doctors tailored to meet their specific requirements.
Features of home loan for doctors
Since doctors and healthcare professionals are some of the most respected professionals in the country, banks and NBFCs extend several benefits to them on availing loans. They can avail a higher loan amount and enjoy longer repayment tenors to name a few.
- Healthcare professionals can avail an easy doctor loan application process with Bajaj Finserv for an amount of up to Rs. 2 Crore.
- The application process is fast and hassle-free. The documents required are minimal. If everything is in order, the loan amount may be disbursed within 24 hours of application.
- The repayment tenor is relaxed and flexible. It can go up to 18 years.
- Attractive doctor loan interest rates.
- Some NBFCs also offer additional services such as property search and property dossier. Doctors, in general, are busy professionals and it might get troublesome for them to search for houses and handle all the legal and financial aspects of buying a home. These services simplify the process for them.
Doctors may also avail Personal Loans from leading NBFCs on their existing home loans for healthcare professionals. This loan amount can be used at the doctor’s discretion whether it is for purchasing a new car or funding a child’s higher education. No additional documentation is required for these loans.
Leading NBFCS also offers pre-approved offers for personal loans, home loan, business loans, and various other financial products.
Eligibility criteria for doctor loans
The eligibility criteria for doctors to avail a home loan are quite straightforward. Lending institutions cover a broad spectrum of healthcare professionals who are eligible for such loans.
- Super specialists (MD/MS/DM), as well as graduate doctors (MBBS), need to have a practice experience of over 3 years.
- Dentists need post-qualification experience of over 5 years.
- Ayurvedic practitioners (BAMS) need a practice experience of over 6 years.
- Homoeopathic doctors (DHMS) must have a minimum post-qualification experience of 15 years.
- Ayurvedic and homoeopathic doctors also need to own a clinic or house to avail home loans for healthcare professionals
If you meet these easy criteria as a healthcare professional, you can avail India’s fastest Loan for Doctors from Bajaj Finserv with minimum fuss. You just need to present the following documents.
- Medical registration certificates
- KYC documents
- A copy of property documents for the mortgaged property
- ITR, PL account statements and balance sheet of the last 2 years
Once you have these documents ready, you can fill up the application form online, and a representative will come and collect your documents.
Understand the loan terms before you go ahead with a lender of your choice. Always opt for the best loan terms and benefits by considering the typically long loan repayment tenors.
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