Home loans for healthcare professionals: The what, how and where to find one

A significant section of India’s competitiveness can be accredited to the large pool of healthcare practitioners in the country. These qualified professionals only increased in number in the last 5 years, serving the nation with their commitment and dedication.

So, these professionals equally deserve security and a healthy lifestyle. And, providing lifelong security to doctors and their family begins from securing a home. Lending institutions, thus, came with exclusive home loan for healthcare professionals to financially help them fulfil their dreams.

What is a home loan for doctors?

A home loan is a type of secured doctor loan offered to buy or invest in the construction or purchase of residential property. A home loan can help healthcare professionals to buy a home early in life without much stress.

Most lending organisations offer higher amounts usually up to Rs. 2 Crore at attractive doctor loan interest rates, making it a viable financing option. However, borrowers must ensure to do proper homework before purchasing a new house.

Some other features that make a home loan for healthcare professionals worthwhile are –

  • Easy repayment with a flexible tenor of up to 18 years. You can easily choose your preferable repayment schedule and pay the EMIs accordingly.
  • Quick processing of loan application and approval within 24 hours, thus, saving your time.
  • Assistance by representatives in completing your search for the perfect home.
  • Insurance schemes tailored for you, and that you can get on the payment of a one-time premium.
  • Easy balance transfer facility along with top-up loans of higher value and attractive doctor loan interest rates.

How to avail home loans for healthcare professionals?

When planning to avail a home loan, doctors must first check out if they are eligible for the same. The standard requirements are as follows:

  1. Minimum experience to qualify as a borrower 
  • For graduate and super-specialist doctors like MD, MS or DM, the minimum practice experiencebrequired is 3 years post qualification.
  • For dentists, the post-qualification experience requirement is a minimum of 5 years.
  • For BHMS or BAMS qualified doctors, the minimum post-qualification experience should be 6 years. Along with this, they also need to own a clinic or a house.
  1. Documents required
  • The registration certificate of your medical practice.
  • KYC documents like Aadhaar, PAN, Voter ID card, etc.
  • IT returns, Balance Sheet and P&L account statement for the past two years.
  • Necessary papers of the residential property you will mortgage.

Doctors should know their eligibility and get ready with these documents before applying for home loans for healthcare professionals. Availing this credit is relatively easy today, and once they meet these requirements, they can expect a hassle-free approval post applying.

Loan Against Property Tax

Where to get a home loan for doctors?

Many financial organisations in the market have introduced new products for medical practitioners. You can approach the most reliable ones like Bajaj Finserv offering home loans for healthcare professionals and apply with just a few clicks. All you need to do is fill out an online application form on their official website and submit.

You will likely receive a confirmation call in the next 24 hours. This will be followed with document submission. Lenders also accept offline applications of those who are not convenient with the online process.

So, being a doctor, gift your family their dream home with the help of customised secured loans from lending companies.

Post Author: Jennifer Slegg

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