If you are a practicing doctor and willing to build or purchase your own dream home, and thinking about a funding option, there is a customized option just for doctors.
Yes, leading banks and non-banking finance companies (NBFCs) consider doctors as respectable citizens of the society and offer them a tailor-made home loan.
A physician home loan for purchasing a home can award you unsecured loans up to Rs.35 lakhs and secured ones up to Rs.2 crore. What’s more, there is a flexible tenor along with minimal documentation and lower interest rate to complement the needs.
Let’s have a look at some of the features that make the physician home loan a smart option to go for!
Features that make physician home loans a must to apply
Lenders know that doctors may need huge money to build or purchase a home of their dreams, and that’s why they allocate big money for the purpose. They have two types of home loans to cover their needs. One is unsecured which can give them up to Rs.35 lakh without pledging anything. On the other hand, the other option is secured loans which can offer up to Rs.2 crore against a security or collateral.
Since doctors are busy professionals lenders are of the opinion that their loan requests should be approved fast and money disbursed into their accounts soon. Hence, lenders let physician home loan application to be approved within 24 hours, to save time.
A fixed loan limit with a pre-decided tenor is decided for each borrower. He/she is allowed to withdraw an amount out of the limit within the tenor as per his/her needs. The biggest benefit of this facility is that the borrower is entitled to pay only the interest on the utilized amount as the EMI and repay other heads after the end of the tenor.
If you are a doctor and already having a physician home loan and paying a higher doctor loan interest rate, you can use the home loan balance transfer facility. Yes, the home loan balance transfer facility lets you transfer the existing home loan account from a lender to a lender offering lower doctor loan interest rate. Like this, you can start paying lower home loan EMIs and make your housing loan affordable.
You can enjoy an additional loan on your existing home loan from your lender at a lower rate of interest and a longer tenor to help complement your other needs. Many online lenders can provide you a top-up loan as higher as up to Rs.50 lakh. You need not authenticate yourself again with documentation and other formalities for availing the top-up loan facility.
Lenders also offer you the property dossier, a document comprising the legal and financial details of the property that you are going to own.
If you happen to be an old customer of a lender, you can also get some pre-approved home loan offers to get more out of your deal.
Reputed online lenders also let you access all doctor loan details via their digital customer portals. It makes you access all loan details as per your wish and 24/7.
The Bottom Line
You are now well-versed with the features and benefits of the physician home loans which makes it so unique for the doctors to avail and fulfil their wish of having homes. You can also check your eligibility and exact home loan EMI with the help of tools such as home loan eligibility calculator and home loan EMI calculator. These tools are available free at a lender’s website to help you plan for your home loans in advance.