If you are a doctor, you surely know how relieving it is to go back home and relax after a hectic day. Constant running around for surgeries and addressing the patients can really be tiring. However, the comfort provided by an owned home is much better and relieving than that of a rental one. The experience of owning a house is totally different which cannot be achieved in a rented apartment.
Despite the comfort an owned home gives, it can really get expensive when it comes to buying one. Especially when looking at the fluctuation in policies and the rates, purchasing a property can really seem out of the budget, specifically if you are looking for one in metropolitan cities. In case, if you are a new physician, there are chances that you can feel the house buying situation a bit intimidating. Since, you have to do both manage your clinic and look for a housing property plus understand all the formalities or legal matter.
Apparently, in such a situation, you can look upon financial institutions as they offer professional loans. Many Non-Banking Financial Companies (NBFCs) like Bajaj Finserv offer professional loans for doctors, wherein the loan option is tailor-made understanding the needs and requirements of a physician. However, this loan option is much more than it seems. The loan makes sure that you are able to fulfil your needs and requirements without any alteration.
Suppose, you are looking for a two bedroom apartment in a metro city, which is priced at INR 1.5 Crore. Now, since the apartment is priced high, there are chances you might face problem for the loan approval. However, the case is different when applying for a Home Loan For Doctors. A professional loan for doctors offers a loan amount worth INR 3 Crore. This means you can easily finance your dream house. Apart from this, there is no hassle when it comes to documentation, as there are only a few documents that an NBFC will ask. The NBFC may ask you Know Your Customer (KYC), Address proof, Signature proof, Medical Registration Certification, PAN card, IT Returns & Balance Sheet & P/L Account statement for the last two years and a copy of property paper to be mortgaged. Besides, the loan is also approved faster if you fit in the eligibility criteria set by the lender.
How to know if you are eligible for the loans for doctors or not?
Doctor loan can be only beneficial if you fit in the eligibility criteria. Though the loan option is for doctors, not every doctor is considered eligible for the mortgage. However, you need to be one of the following when applying for the doctor loan.
- Super Specialist Doctors (MD/DM/DS) – No minimum years of experience post-qualification.
- Graduate Doctors (MBBS) – Minimum 2 years of post-qualification experience
- Dentists Doctors (BDS/MDS) – Minimum 5 years of post-qualification experience
- Ayurvedic & Homeopathic Doctors: BHMS/BAMS- Minimum 8 years of post-qualification experience
- Homeopathic Doctors: DHMS- Minimum 15 years of post-qualification experience
Above mentioned is the list of doctors who are considered eligible for the loan for doctors. In case, if you are planning to apply for Doctor Loan, you can visit Bajaj Finserv as they offer good schemes that can benefit the doctors. However, you can also visit their website and apply for the loan, as the process won’t be a time-consuming one.