Important Things to Know About Home Loan for Doctors
We all dream of owning a home but finances do not always permit the same and we delay the process of buying a house. In an effort to get a dream home, we do have financial support in the form of home loans. Home loans offered by banks and NFBC's come in handy for purchasing a home. There are numerous home loan providers and several options available. However, you have to pick the best options very carefully, keeping all conditions in mind.
Taking bigger loans early on in one’s career is always better since they can be repaid in a hassle free manner. Several NBFCs and banks offer doctor mortgage loans, which are specially tailored for those in this profession. Bajaj Finserv is the first NFBC in the country to offers unique and innovative Home loan for doctors, offering them a combination of Term Loan and Credit Line facilities with features to save on the amount paid on interest and manage the cash flow efficiently. Once you avail the Flexi loan facility, you tend to benefit by saving on the interest cost by pre-paying any additional funds that you might have in your account, without any interest levied on the part-paid amount.
Eligibility Criteria:
Loan for Doctors is available for the new as well as existing Doctor at Bajaj Finserv. The criteria for applying Home Loans for doctors are mentioned below:
1- Super Specialist (DM /MD/ MS) – No experience required post-qualification
2- Graduate Doctors (MBBS) - Minimum of 2 years of experience post-qualification
3- Dentists Doctors (MDS/ BDS) - Minimum of 5 years of experience post-qualification
4- Ayurvedic & Homeopathic Practicing Doctors: BHMS/BAMS- Minimum of 8 years of experience post-qualification
5- Homeopathic Doctors: DHMS- Minimum of 15 years of experience post-qualification
Documents Required:
• KYC papers
• Address verification records
• Signature Verification proof
• Medical Registration Certification
• PAN Card Copy
• IT Returns and Balance Sheet along with the P/L Account statements for the last 2 years
• Copy of all the property documents to be mortgaged
The benefits of doctor loan are that he or she need not worry about the money coming in and can focus entirely on serving patients. You can apply for Doctor Loan an amount of up to 2 crores and it gets approved in a span of just 24 hours.
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When considering a home loan for doctors, several key factors come into play. Firstly, doctors often have unique financial circumstances, including high earning potential but also significant student debt. Understanding specialized loan programs tailored to medical professionals can be beneficial, offering perks like lower interest rates and flexible repayment options. Additionally, it's crucial to assess your long-term financial goals and choose a loan term that aligns with them. Furthermore, being aware of any eligibility requirements, such as minimum credit scores or debt-to-income ratios, can streamline the application process. While traditional lenders may offer competitive rates, exploring specialized lenders or credit unions catering to medical professionals might yield even more favorable terms. And remember, while home ownership is a significant milestone, it's essential to manage your finances wisely and consider all options, including Instant Payday Loans Online, to navigate unexpected expenses or financial emergencies that may arise along the way.