Can Physicians Get their Own Mortgage with a Home Loan for Doctors?
There can be nothing nobler than belonging to the medical profession. After all, doctors help individuals lead a healthy life. Thus, when a doctor plans to buy a home for himself, it has to be unique. Again, like any other individual, doctors too might find it a little challenging to buy their homes. The difficulty of planning their purchase becomes even tougher since they have little time in their hands to plan their finances, owing to their hectic schedules. This is why lenders like Bajaj Finserv have come up with a home loan for Doctor that caters specifically to their residential needs. Doctors can now get a loan up to Rs. 2 Crore to buy their dream home.
Home Loan
Moreover, Bajaj Finserv also provides pre-approved offers for their existing customers.
These offers reduce the processing time for a loan application. Therefore, borrowers get their loans sanctioned within a short time.
Such schemes are also available for personal loans, business loans, home loans, and various other financial products and services. Applicants can check their pre-approved limit by providing a few necessary details.
A doctor loan has significant advantages as compared to regular loans.
- Customised insurance schemes
A home loan for doctor comes with tailor-made insurance schemes against the payment of a premium.
These schemes provide a cover to the applicant’s family from unforeseen financial contingencies.
- Better interest rates
Lenders offer a better doctor loan interest rate on such home loans. It is because doctors have a high income.
High incomes, in turn, assure the lenders that borrowers will be able to repay their loans on time.
Moreover, a high CIBIL score also provides lenders with a guarantee of the borrowers’ creditworthiness.
- More lenient debt-to-income ratios
Doctors can enjoy the benefit of less stringent debt-to-income ratios. It also attributes to the high income of the applicants.
- Fees
Loans have two main kinds of fees associated with them. These charges levy on prepayments and foreclosures.
But, with a doctor loan, there are no charges imposed on these. Therefore, doctors can easily opt for pre-paying or foreclosing their loans, if they have extra cash that permits prepayment.
Plus, pre-payment of a loan helps doctors increase their CIBIL scores. Click here to know how doctors can improve their credit rating in many other ways too.
Note: Even if doctors opt for pre-payment or foreclosure, they must consider other factors affecting prepayment.
What other facilities/benefits does a home loan for doctor provide?
- Top-ups and balance transfer
Doctors can also avail top-ups on their existing loan amounts if they avail loan balance transfer.
Plus, they do not have to provide any extra documents for availing these top-ups.
Therefore, applicants can avail an extra amount for decorating their homes and meeting other expenses as well, without any additional hazard.
In addition to this, doctors can opt for a balance transfer facility to shift their existing loans from one lender to another. They can transfer their loans to one who provides them with a better interest rate of doctor loan.
Apart from this, borrowers also get the facility of:
- Property Dossier: This is a detailed report that helps borrowers get an idea of the financial and legal aspects of buying their homes.
- Flexi-loan Facility: With a flexi-loan facility, borrowers can withdraw and prepay the funds as required from a pre-qualified loan limit. They pay interest only on the amount they withdraw from this limit.
So, doctor loans come with several advantages for people in this profession. However, doctors must ensure to do homework before applying for the loans. If borrowers are sure of their repayment capabilities and creditworthiness, they can easily to opt for a home loan for doctors.
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Category: Mortgage
