Doctors or physicians can apply for physician home loans, to purchase their dream house and fulfil their dreams easily. This is the most convenient way of financing the home purchase. The huge price of the home will not burn your pocket as you will be paying the home price with the help of EMI.
A physician home loan is just like a simple home loan with little difference. It has many liberal underwritten guidelines, minimal additional charges and avail several advantages of the loans. But, be careful you should not make any mistake in home loan for doctors.
If you apply for a physician home loan, you will enjoy many benefits from it. Those are:
Low down payment- If you apply in an NBFC, they will provide you high amount of loan,that is, loan-to-value up to 70%. So, your down payment amount will reduce.
High chance of approval- If you have some existing loans due, a normal home loan application may get declined. But lenders offering home loans to physicians get easy approval.
Student loans- Generally, if you have taken a student loan, financial institutions may create issues while offering other loans. But, you will never face a problem to apply for a physician home loan even if you have a student loan.
Read More :- Is a Physician Home Loan the Right Prescription for You?
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.