Home loan for doctors is an ideal credit instrument helping medical practitioners derive a substantial loan amount at a competitive interest rate and materialise their dreams of owning a home into a reality. Apart from getting lower interest rates, borrowers enjoy a host of customised benefits as per their financial needs.
Features and benefits of availing home loan for doctors
Medical professionals availing a home loan will be able to reap the following benefits:
- High-value loan: As a home loan is a secured credit option, lenders are likely to provide a considerable loan amount at a nominal home loan interest rate and help borrowers realise their wish of buying a property. The loan amount is determined based on the valuation of the property.
- Flexible loan tenor: Most lending institutions offer an extended loan tenor. Opting for a longer repayment tenor reduces the EMI burden; however, the overall interest outgo increases. On the other hand, a shorter loan tenor reduces the interest amount. Hence, borrowers must choose a loan tenor per their repayment capabilities.
- Quick processing: Lenders will disburse the loan amount in no time once they evaluate the borrowers’ profile and scrutinise the property.
- Home loan balance transfer facility: Existing borrowers can transfer their outstanding loan amount to a new lender offering lower interest rate and sizeable top-op loan principal if they are paying higher interest rate to their current lenders. Home loan balance transfer reduces the loan expense.
- Digital account management: With the emergence of the digital India initiative, most lenders have come up with online customer portals where applicants can track their home loan application status, download account statements, NOC, etc., and avail of Flexi loan facilities.
Furthermore, medical professionals can check the pre-approved offers extended by leading financial companies on products like home loans, loans against property, etc. These offers expedite the loan application process and minimise the cost of borrowing. Customers can check their pre-approved offers by entering their name and contact details.
Eligibility criteria for availing a home loan for doctors
To enjoy the benefits of a home loan, medical professionals must adhere to the set of eligibility criteria:
- Applicants must be from India and should fall in the age bracket of 25 to 70 years.
- Super specialist doctors (MS/ MD/ DM) must have at least three years of post-qualification experience.
- Dentists (BDS/ MDS) should have a minimum of five years of experience post completion of their degree.
- Ayurvedic and homoeopathic doctors (BHMS/ BAMS) also should have five years of experience in their practice.
- MBBS must have three years of experience in their fields of practice.
- Applicants must have a decent CIBIL score. The ideal CIBIL score for home loan is 750 and above.
In this regard, borrowers can also use the home loan eligibility calculator to know whether they are eligible for making a loan application and dodge cancellation.
Documentation required for doctors availing home loans
Apart from meeting eligibility criteria, there are specific documents that medical practitioners must keep handy to continue with the application process, which includes-
- KYC papers
- Proof of address
- Qualification or registration proof
- Income tax returns, profit and loss statements of last two years
- Balance sheet
- Property related documents
However, it is equally essential to note that the list of documents provided here is indicative. Borrowers may have to submit additional documents per the lender’s requirements.To sum up, a home loan for doctors provides great financial assistance enabling medical staff to purchase their dream shelter without exhausting their savings. However, borrowers must be well versed with the lending process and plan out the repayments to make the most out of it.