According to researchers, the number of medical professionals in India increased from 8,27,006 in 2010 to 8,41,104 in 2017. This exponential rise in the number of doctors hints at the growing availability of quality healthcare facilities. The nobility of their profession and the commitment that they show make them deserving to lead a secure and comfortable life. The best security that doctors can avail is purchasing a dream residential property of their choice.
However, one needs to do substantial planning before getting involved in such a high-end expense. This is all the more true in the case of doctors since they need to cover other costs for the smooth running of their practice – infrastructure, purchasing equipment, hiring skilled staff, setting up clinics, etc. Here, a home loan for healthcare professionals can be the solution.
Home loans are secured credits availed by borrowers to purchase a residential property, sometimes merely for investment purpose as well. This loan amount can be used only to cover expenses related to buying a house. Borrowers can avail home loans from various reputed financial institutions.
Here are the two most necessary aspects of home loans:
Loan to Value and down payment
When a client approaches a lender for a home loan, they start the process by checking the eligibility of that borrower. In case, he/she is found eligible for the credit; the next step involves evaluating the property to purchase. After a detailed evaluation of its market value, the lender provides home loan up to a certain percentage of the market price. This amount paid by the lender is called Loan to Value.
Borrower pays the rest of the amount for the property. This is called the down payment, and financial institutions make this amount a mandate because it has a positive impact on the borrower’s intention to repay the loan.
Generally, the loan to value amount stays between 70% – 80% of the market value of the property. However, doctors have a special provision in this respect. With reputed NBFCs like Bajaj Finserv, healthcare professionals can avail a much higher loan amount of up to Rs. 2 Crore. Hence, they have to pay comparatively less as an upfront down payment.
Considering that this loan is a secured one, doctors have to provide legal documents of the mortgaged residential property. However, in case of default, lenders can confiscate the mortgaged property. They can then auction it to leverage the amount.
To avoid such situations, medical professionals can avail customised Home Loan with low doctor Loan interest rate from Bajaj Finserv. Medical practitioners can repay these loans through easy EMIs over an extended tenor. They also offer other beneficial features with their Home Loan for Doctors.
Features of home loan for healthcare professionals
Bajaj Finserv, one of the most reliable lenders in the country, offers hassle-free Home Loan especially for doctors to purchase a new residential property. You must know everything about a doctor loan along with the features it comes with. Below are some of those:
1. Quick loan approval
Online application process along with minimal documentation ensures the quick approval of the loan within 24 hours. This helps borrowers save their time.
2. Top up loan
In case one opts for a home loan balance transfer, one can always avail a high-value top-up loan. This fund can be used to meet other financial requirements (buy a new car, fund for your child’s higher studies abroad, etc.).
3. Flexible tenors
Borrowers can repay the loan amount through flexible tenors ranging up to 18 years as per their convenience.
Additionally, Bajaj Finserv offers such secured and unsecured loans, which come with an additional feature of pre-approved offers. These offers are provided on home loans, business loans, personal loans, and many such financial products and services. These offers not only make the application process easy but also save time. All that you need to do is share a few essential details to check your pre-approved offers.
Moreover, the benefits of availing a Home Loan for Doctors from Bajaj Finserv are numerous.
Advantages of availing home loans
A home loan for healthcare professionals comes with the following advantages-
• Since lenders pay an amount that covers the lion’s share of the involved expenses, doctors can afford to purchase a residential property without much stress on their monthly budget. Moreover, mitigated down payment also adds on to this. Therefore, medical practitioners can enjoy have the ownership of a residential property post full repayment without straining their expenses much.
• One of the best advantages provided by this professional loan is that the principal part of the EMIs is allowed deduction under Section 80C of the Income Tax Act.
• In case medical practitioners have not availed a loan before, opting for this secured credit can have a positive impact on their credit scores. Timely repayment of the home loan will only increase the CIBIL score of a doctor. With a good CIBIL score, the doctor becomes more creditworthy to avail another loan in future.
So, do thorough homework before buying a home and avail a home loan to buy your dream residence at the earliest.