India’s leading financial institutions offer home loans for doctors at an affordable interest rate due to the lowering of policy rates. Apart from that, lenient eligibilities and simplified document requirements ease the loan availing process for doctors significantly.
Before availing of a home loan for doctor, an individual must remember that these prerequisites differ with lenders. Hence, they must check the official website or contact any lender representative for lender-specific eligibility.
Eligibility criteria for a home loan for doctors
The eligibility criteria for a home loan for doctors are –
- Super specialist doctors, such as MS, MD or DM must have 3 years of experience after qualification.
- Graduate doctors, such as MBBS, should have 3 years of post-qualification experience.
- Dentists (BDS/MDS) must have 5 years of experience after qualification.
- Lastly, Homoeopathic and Ayurvedic doctors must have 5 years of post-qualification experience.
Documents required for a home loan for doctors
- KYC documents
- Registration or qualification proof
- Income proof
- ITR document
- Balance sheet
- P/L account statement of last 2 years.
- Property documents
Before applying, applicants must know their CIBIL score for home loan. This is particularly important as a CIBIL score of 750 and above is reliable and prove an applicant’s disciplined credit repayment history. Apart from it, credit scores above 750 portray an applicant’s trustworthiness and creditworthiness. Also, a high CIBIL score helps lower a borrowers’ home loan interest rate.
Steps to check a credit score
The steps to check the credit score of a prospective borrower are –
Step 1: Visit the official website of your preferred lender.
Step 2: Navigate to the check CIBIL score page.
Step 3: Enter required details.
Step 4: Verify your identity using OTP received on Email ID or contact number to get the CIBIL score.
Besides checking the credit score, most lenders advise checking the home loan eligibility to give a financial understanding of the borrower. For this purpose, they can use the home loan eligibility calculator.
Steps to calculate home loan eligibility
Although a home loan eligibility calculator is a simple and easy tool, here are the guidelines to use it. Users must know that it has 4 variables: location, date of birth, monthly income, and monthly obligation/EMI.
Step 1: Visit the lender’s official website and navigate the home loan eligibility calculator section.
Step 2: Select the city of residence.
Step 2: Provide the date of birth of the candidate.
Step 3: Enter the monthly income or move the given bar to select the earning.
Step 4: Provide all financial obligations or current EMIs an applicant is liable to pay.
Benefits of using home loan eligibility calculator –
- This eligibility calculator provides a perfect loan amount an applicant can borrow.
- Secondly, this tool can be used anywhere, anytime, without any cost.
- Opting for an eligibility calculator can save time significantly, providing results within seconds.
- Borrowers can alter the parameters of the calculator to know the maximum loan amount.
Selected financers extend pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products like loans against property, home loans, etc. You can enter your name and contact number to check your pre-approved loan offer.
Thus, doctors must thoroughly discuss eligibility before applying for a home loan with the lender. This is because the prerequisites for a home loan for doctors differ from lender to lender, and knowing lender-specific requirements can ease the application process.
