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House Loan for Doctors
The real estate sector in India is in a state of growth, and the costs of properties are also increasing exponentially along with it. Buying a home can create a significant financial burden on any individual. Doctors are reputed professionals in this society and are known to have a regular income source. House Loan for Doctors.
However, the massive expenses to buy a house can be challenging for them as well. To address this scenario, financial institutions have introduced doctor loans for houses to aid professionals in buying their dream homes. But before you decide to take this type of loan, you must compare home loan rates from different providers.
Everything you wanted to know about doctor loans is mentioned below –
Loan Application procedure
Home loan for doctors is a long term financial commitment. Hence, doctors must conduct proper research to select a lender that offers the most favorable terms. Once they have determined a lender, they must follow the steps mentioned below to apply for such advances.
- Step 1 – Fill up an application form
Doctors are required to visit the official website of a lender they choose. They are required to submit an online application form mentioning their details.
- Step 2 – Confirmation
After a loan application is approved, representatives from the lender will contact the applicants and brief the details of their credit, including the loan amount.
- Step 3 – Submit the required documents
Individuals are required to submit a few required documents to avail doctor loans for houses. After verification of the submitted documents, the sanctioned loan amount will be disbursed in the account of a borrower within a few working days.
Benefits of Home loans for doctors
Home loans for doctors come with a plethora of benefits to aid them in buying the residential properties of their choices. The following points will provide you with a clear idea of why a home loan for doctors is your best bet to buy a home.
- High loan amount
Financial institutions offer a loan amount of up to Rs. 2 Crore in case of such credits against affordable doctor loan interest rates. It will ensure that an individual can fund the expenses required to purchase a home with the help of a single credit.
- Flexi Loan facility
Financial institutions offer Flexi Loan facility with a home loan for doctors. This facility ensures that borrowers can repay the debt according to their convenience. They have the provision to opt for paying interest-only EMIs throughout the tenor and repay the principal part at the end of the tenor. It reduces the debt obligation on a borrower by decreasing the EMI amount.
Furthermore, doctors are entitled to withdraw the disbursed amount in parts according to their needs. They have to pay interest on the amount they utilize rather than the entire principal amount. This facility also ensures that a borrower can repay and re-withdraw funds as many times they require as long they do not exceed the pre-sanctioned limit.
- Prepayment facility
Individuals can pre-pay their loans before the end of tenor to reduce the total cost associated with the credits. A part prepayment facility ensures that a borrower can repay a part of the principal whenever they have surplus funds in hand. On the other hand, a foreclosure facility entitles a borrower to repay the complete loan at once. These facilities reduce the interest liabilities associated with doctor loans for houses.
Final Note
The introduction of home loan for doctors has made it easier for medical professionals to avail housing credits with ease. However, they must understand the fees and charges associated to make the most of such loans.
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