How Physician Loans Help Doctors In Purchasing Home

With having a hectic schedule, addressing patients, constant running around for surgeries can get you stressed on a day to day basis. In such a situation, you would definitely like to go back to a house which is comforting as well as clears your mind and freshens you up. You surely can’t achieve this sort of comfort in a rental house. Having your own house makes a quite significant difference.

Usually, people plan to invest in a housing property after getting a little settled in their respective careers. Now, if you are a new physician, you might feel the whole house buying situation a bit intimidating. However, this is quite a normal state to be in. Owning a house is not just about taking care of finance, but instead, it is also about the responsibility which comes in with it. Suppose you have just relieved with an educational or a business loan, then at this time you might not feel prepared to take a home loan.

However, this problem can be solved. Being a doctor can be beneficial for you here. You can get Physician Home Loans in order to purchase a house. Many Non-Banking Financial Companies (NBFCs) offer this loan option for doctors with many interesting schemes. The schemes offered can differ from each lender.

Here is How a Physician Loan Can Help You Buy a House:

  • Quick home loan: NBFCs offer a loan option which is tailor-made especially for the doctors. This tailor-made mortgage option offers exclusive home loans to medical professionals. All you need to do here is, visit the website of the lender and apply for the loan online. There is a special doctor loan section available on their sites.
  • Mortgage amount and repayment schedule: Suppose you want to buy a two-bedroom house, in addition, you also want it to be near the center of the city, as your clinic or hospital is nearby. Similarly, you don’t want to travel far distances on a day to day basis. Now, the house of your choice is going to be expensive, especially if you are planning one in a metro city. To cater this need, the loan amount offered in a doctor loan is high, which is around INR 3 Crores. Besides, you are free to choose any flexible repayment scheme and repay the loan accordingly.
  • Documents: Loans usually have a long and tedious documentation process. Thankfully, this is not the case with physician loans. All you have to do here is, fill the form with correct details online. A representative from the lender will collect and verify your documents. The document includes your photograph, income and employment details, ID proof and bank statement.
  • Fast approval: If you are a doctor, you really know the importance of time and so does the lender. That’s why it is possible to get an approval within 24hrs. However, this saves you a lot of time as you can directly dive into the proceedings.
  • Hassle –free process: The entire loan process is simple and hassle-free. You don’t have to wait in long lines and indulge yourself in complicated documents. However, you can apply for doctor loan and carry on your daily duties at the same time.

Now, financing your housing property is easy as you can apply for a physician loan if you are a doctor. It does not only benefits you with easy accessibility but in fact, the doctor loan interest rate are also affordable.

Categories: Health