Members of the medical fraternity spend hours to treat patients and research solutions for various ailments. However, finding and investing in property might sometimes be a bitter pill to swallow.
If you are a physician, you can avail a home loan for the construction or purchase of your home, from several non-banking financial companies (NBFCs).
One such NBFC is Bajaj Finserv. Its Home Loan For Doctors is just what the doctor ordered for supporting your dream of owning a home. They also help doctors with property search services.
Benefits Of Bajaj Finserv Home Loan For Doctors
- High Loan Amount
Bajaj Finserv offers home loan products specially designed for doctors. Given the high rates of capital values per sq. ft. across the various cities, you can avail a loan amount up to Rs. 2 crore.
| City | Capital Values Rate/Sq. ft. (INR)* (min – max) |
| Chandigarh | 2100-5200 |
| Ahmedabad North/West | 2500-3300 |
| Ahmedabad South | 1500-1700 |
| Ahmedabad Central & SG Highway | 2900-4800 |
| Chennai | 2900-9500 |
| Bangalore | 2400-5800 |
| Hyderabad | 2800-5500 |
| Kolkata | 1900-4000 |
| South Delhi | 19000-38000 |
| West/North Delhi | 11000–16000 |
| Noida | 3300-5400 |
| Gurugram | 2900-9000 |
| Faridabad | 3400-9100 |
| East Delhi | 8800-23000 |
| Mumbai Beyond Thane | 2900-5500 |
| South Mumbai | 24500-45000 |
| Navi Mumbai | 4500-13000 |
| Mumbai-Andheri Dahisar | 9600-20000 |
| Mumbai Central Line | 11000-18000 |
*As on September 2017 at http://www.moneycontrol.com/property/
- Line Of Credit
You get a flexible line of credit, and you can withdraw a loan amount as per your requirements for home purchase or construction. This allows you to pay interest only on the amount of the loan borrowed, and not the whole line of credit.
You can re-avail the funds, within the drop-line facility during the loan tenor, till the loan credit limit is exhausted.
- EMIs Include Only The Interest Component Of The Loan
The equated monthly instalments (EMIs) of home loans for doctors include only the interest component of the loan. The principal amount is paid at the end of the loan tenor.
For example, say you take a loan of Rs. 30 lakh for 36 months at the interest rate 12%. You would have to pay only the interest which amounts to monthly pay-outs of Rs. 30000.
- Home Loans Put Your Profit And Loss Statement Under The Knife
If you take home loans, you can cut your taxes. The home loan principal, interest, stamp duty, and registration charges help you get deductions under various sections of the Income Tax Act, 1961.
| Deductions | Under Section | Maximum Deduction | Conditions |
| Principal + Stamp Duty + Registration Charges | 80C | Rs. 1.5 Lakh | House property should not be sold within 5 years of possession. Deduction of stamp duty, and registration charges only in the year in which these expenses are paid |
| Loan Interest | 24 | Rs. 2 Lakh | Loan must be taken for purchase/construction of the new house, and the construction must be completed within 5 years from the end of financial year in which loan was taken |
| Additional Deduction For First Time Home Buyers | 80EE | Rs. 50,000 | Amount of loan taken should be Rs. 35 lakhs or less, and the value of property should not exceed Rs. 50 lakhs |
If you and another person are co-owners of the property, and jointly take a home loan, then each of you can claim deduction on the loan principal (u/s80C), and interest (u/s24).
- Home Loan Balance Transfer
The USP of a Bajaj Finserv Home Loan is the feature – ‘home loan balance transfer’. It helps to refinance the remainder of your current home loan balance if the home loan rates start dropping. You do not have to stick to the higher old rates if the home loan rates are falling.
- Other Benefits
- Tenor of 240 months
- Quick processing and approval in 24 hours
- Property search service for enhanced customer satisfaction
- Property dossier that explains legal and technical aspects of owning a property in a simple and crisp manner
- Existing customers can avail pre-approved offers such as a top-up loan or even reduction of rates
- Insurance cover on the loan
- Part prepayment
- Digitalised EMI card through Bajaj Finserv-Mobiwik E-Wallet
Also Read: What Are The Best Loan Options Available For Doctors?
While you treat your patients, Bajaj Finserv takes care of your home investment needs with Home Loans For Doctors. Being a doctor and always on the move, you can apply, manage, and track your home loan amount, borrowings, repayments on the digital customer portal, Experia.