Physician home loans are a financial product tailor-made for healthcare practitioners who are planning to purchase a new home. This financial product can also be opted for refinancing an existing home loan account through the balance transfer method at a lower interest rate.
Home loan for doctors comes with several features and benefits that are customized according to their financial requirements and repayment portfolio.
Furthermore, these features are likely to differ based on the services provided by financial institutes.
It is thus advisable to consider comparing the benefits that are prevalent and offered by your favored financial institution.
Factors doctors should consider before opting for home loans
The features and benefits of physician home loans usually vary from lender to lender. But there are specific requirements that every financial institution should fulfill when it comes to physician home loans. The features that your preferred financial institution should offer you are discussed below –
- Loan amount – With a home loan for doctors, applicants can receive a substantial sum as the principal loan amount, usually ranging up to Rs. 2 Crore. Although, it is advisable that individuals should borrow only the amount necessary as a credit, as a smaller loan amount will lower the EMIs and help with repayment.
- Simple application process – Opt for lenders who provide financial services and products with the online application and dedicated mobile apps. It helps the loan seekers track the progress of the application process and also report to the service provider in case of ambiguity.
- Balance transfer facility – Ideally, you should opt for a financial institution that offers a balance transfer facility. It allows the borrower to shift their existing debts to a different lender at a lower interest rate. A balance transfer facility thus offers ease or repayment as it refinances all existing debts at an affordable interest rate.
- Top-up loan facility – Home loans for doctors from top lenders also come with top-up loan options to meet additional financial requirements.
- Repayment tenor – Individuals should opt for lenders who offer flexible tenor options. With an extended tenor, the borrower will have the ease of repaying the withdrawn money at a lower EMI amount. Ideally, individuals should opt for shorter tenor because a longer loan repayment term leads to higher overall interest payment.
Apart from this doctors loans can help you buy the best medical tools and equipment to fund the growth of the medical industry and also improve the service at the offer.
Documents required for home loans for doctors
After gaining substantial knowledge about the essential factors, there are specific documents that should be kept in handy to proceed with the application process.
- KYC documents, including Aadhaar Card, PAN card, Driving License, etc. has to be produced.
- The individual should provide their Medical Registration Certification to the financial service provider.
- The bank statements of the individual need to be furnished to avoid mistakes when applying for a doctor loan.
- Profit & loss details, IT returns and balance sheet of the medical professional has to be submitted while applying for credit. This will help the lender determine the financial status of the borrower and also assess his repayment capability.
- Documents stating property owners have to be produced as well.
Eligibility criteria for a home loan for doctors
To avail of a physician loan, doctors need to fulfill the eligibility criteria imposed by the financial institution, determined for this financial product. Let’s take a look a look at some of the necessary requirements for availing credit.
- For super-specialist doctors, there is no minimum requirement of experience after their post-graduation qualification.
- Graduated doctors (MBBS) are required to have a minimum of 2 years of experience after their completion of graduation.
- Dentists should hold an experience record of 5 years after completing their graduation.
- Ayurveda professionals can opt for a home loan only if they have the experience of practicing for 8 years.
- Homeopathy doctors (DHMS) would require the expertise of 15 years post their qualification.
Almost every reputed financial institute like Bajaj Finserv provides Home Loan for Doctors with lucrative repayment terms.
Doctors who are looking for financial backing to purchase a house or to refinance their current home loan debts can opt for a physician home loan from a reliable lending organization. Individuals should carefully consider their requirements and eligibility before availing a credit.