Every individual, at least once in their lifetime, comes across a situation when they require additional financial support in bulk. However, due to poor credit score, or their unconvincing credit history, they are denied a loan. Even people taking a loan for the first time may find difficulties in obtaining a regular loan due to zero credit score. But, this doesn’t mean they can’t benefit from the existence of financial loans. Applicants who aren’t eligible for unsecured doctor loan can get doctor loan against property.
What is Doctor loan against property?
Loan against a property for doctors works just like any other secured loan. The applicant has to submit a property of value more than what he/she is planning to borrow. Let's say you're planning to borrow Rs 20 lakh by applying for a doctor loan, you'll have to submit a property whose value is at least 24-25 lakh. The property can be used for loan recover if in any case, you fail to repay the loan after a due process.
What are the advantages of loan against the property for doctors?
Bottom line: If you know you can repay what you’re borrowing without any hassle, you can avail loan against a property for a doctor to set-up your clinic or your hospital without worrying. This can save a significant part of your income from being wasted to repay the loan with a higher interest rate.
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.