Still stuck between a home loan and a home loan for doctors? Here are 3 factors which prove a Home loan for doctors is a better alternative in comparison to a regular home loan scheme.
1. Save more with the highly competitive interest rate.
In contrast to regular housing loans, home loan for doctors are offered at a feasible and competitive interest rate. Moreover, the higher limit of Home loan for Doctors is usually higher than the regular schemes, allowing the applicant to expand their horizons and borrow a larger capital to buy a bigger house, in a better area.
2. Leverage from the top-up loan facility
Besides buying a house, there are a few more things to be done in order to make the property conducive for the living: renovation, electricity work, water supply, furniture, and decoration work. These prerequisites are imperative and expensive at the same time. Furthermore, the cost may compel the individual to make a fresh credit application. But, using the top-up loan facility, a significant amount can be borrowed to pay for these expenses without any extra documentation and verification.
3. Make repayment process smoother with flexi payment plans
Home loan for doctors is available with flexi payment plan facility. The flexi payment avails the borrower with an option to repay the interest component as monthly EMI and settle the principal component differently. This significantly reduces the EMI value and makes the entire repayment process easier.
Also Read : Home loans for doctors offer you a customised mortgage
Bottom line: Home loan for a doctor have easy-to-meet eligibility provisions, and the loan is sanctioned within 48 hours post-approval.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.