Know about the Finance and Investments Terms

Being a doctor or a medical practitioner, you can also dream of owning your own house. But, purchasing a house can be a little expensive, so you can avail a home loan for healthcare professionals from a bank or any other financial institution at a specific rate of interest, coupled with the EMI payables every month. 

When you apply for a home loan, your new home is it commercial or residential are kept as collateral with the bank or NBFC for the entire loan tenor against the extended loan amount. And believe me, this is the easiest and simplest way of financing your home purchase. 

First, you need to find a suitable property for you that best fits your budget. The next step will be to choose the right lender for the doctor loan. You need to compare all the financial institutions in the market and then choose the best one out of it. 

However, before you apply for a doctor loan, you need to be careful about certain factors, such as:

Eligibility criteria

The loan amount and the approval of home loans for healthcare professionals will depend upon certain factors such as the property value and monthly income. Generally, lenders give up to 80% to 90% of the total property value, as loan amount. The rest of the amount needs to be financed from your own pocket. 

If you are eligible or you qualify the eligibility criteria, you can get up to Rs.2 crores at competitive and exclusive doctor loan interest rates. This amount will be enough to help healthcare professionals in buying a dream home or refinance an existing loan. However, this will also be dependent upon the type of occupation (self-employed or salaried), net income and number of dependents. 

To know the other factors, read: Home Loans for Healthcare Professionals: The what, the how and where to Find one