Introduction
Congratulations on becoming an MBBS doctor, you have worked for years, and it is time you invest in your dream house. It is not easy to know the right home loan project to embark on, but there are home loans known to cater to medical personals such as yourself based on our financial capacity.
Why do MBBS Doctors have Different Home Loan Requirements
Students pursuing MBBS have many study loans and few are financially secured due to the length and cost involved in getting an MBBS degree. However, through its factors of credit, lenders understand that income shall not be an issue since doctors’ earnings are promising, and their job security is almost guaranteed.
Home Loan Schemes for Specific Doctors
- Physician Loans: No Private Mortgage Insurance (PMI): As mentioned earlier, PMI is not mandatory in most of the physician loans even in case of lower down payment.
- Debt-to-Income Ratios: Creditors are more forgiving on the TDI for the same reason as the DTI because many doctors have lots of student loan debts2.
- High Loan Limits: There is usually freedom to borrow more money from the lender and, therefore, seek a more expensive home than you would get with a regular loan3.
- Employment Verification: Banks may take a residency contract or an offer letter as proof of income thus making it easier for newly graduated doctors to qualify2.
- Classical Loans: Although conventional loans were not developed especially for doctors, they remain a popular choice if the candidate has a high credit and good amount of down payment.
Options for Loans / Banks / NBFCs
Banks /Nbfc | R.O.I | Processing Fees | Loan
Amount |
Cibil Score | Apply Now |
HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annumn) | 0.5% – 1% | 5.00 Lacs and above | 650 or above | https://referloan.in/loans/hdfc-bank-home-loan |
Kotak Bank Home Loan | 8.5% – 10.75% (Reducing Per Annumn) | 0.5% – Rs.10000 | 20.00 Lacs and above | 675 or above | https://referloan.in/loans/bank-of-india-home-loan |
Bank of India Home Loan | 8.5% – 10.75% (Reducing Per Annumn) | 0% – 0.25% | 10.00 Lacs and above | 675 or above | https://referloan.in/loans/bank-of-india-home-loan |
Canara Bank Home Loan | 9.25% – 13.8% (Reducing Per Annumn) | 0% – 0% | 10.00 Lacs and above | 675 or above | https://referloan.in/loans/canara-bank-home-loan |
Aavas Housing Home Loan | 9.9% – 18% (Reducing Per Annumn) | 1% – 1.5% | 25.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/aavas-bank-home-loan |
Bajaj Housing Finance Home Loan | 8.45% – 10% (Reducing Per Annumn) | 0.2% – 0.5% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
PNB Housing Home Loan | 8.75% – 14% (Reducing Per Annumn) | 0.25% – 0.5% | 5.00 Lacs – 20.00 cr | 625 or above | https://referloan.in/loans/pnb-hfl-loan-home-loan |
Shri Ram Housing Finance Home Loan | 11.5% – 13% (Reducing Per Annumn) | 1% – 1.25% | 10.00 Lacs – 1.00 cr | 650 or above | https://referloan.in/loans/shri-ram-housing-finance-home-loan |
We Rize Home Loan | 10% – 18% (Reducing Per Annumn) | 0.5% – 1% | 5.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/we-rize-home-loan |
Mahindra Finance Home Loan | 9% – 15% (Reducing Per Annumn) | 1% – 3% | 3.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/mahindra-finance-home-loan |
Capri Global Bank Home Loan | 9.5% – 15% (Reducing Per Annumn) | 1.25% – 1.5% | 10.00 Lacs – 1.50 cr | 650 or above | https://referloan.in/loans/capri-global-home-loan |
Tata Capital Home Loan | 8.6% – 11% (Reducing Per Annumn) | 0.2% – 0.5% | 30.00 Lacs – 7.00 cr | 750 or above | https://referloan.in/loans/tata-capital-home-loan |
Aditya Birla Home Loan | 8.9% – 11% (Reducing Per Annumn) | 0.5% – 1% | 25.00 Lacs – 25.00 cr | 675 or above | https://referloan.in/loans/aditya-birla-home-loan |
Piramal Finance Home Loan | 10.5% – 14% (Reducing Per Annumn) | 1% – 1.5% | 30.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/piramal-finance-home-loan |
Satin Housing Home Loan | 11% – 18% (Reducing Per Annumn) | 2.5% – 3% | 5.00 Lacs – 1.00 cr | 700 or above | https://referloan.in/loans/satin-housing-home-loan |
Indiabulls Finance Home loan | 9.4% – 10% (Reducing Per Annumn) | 1% – 1.5% | 5 Years – 25 Years | 675 or above | https://referloan.in/loans/indiabulls-finance-home-loan |
Axis Finance Home Loan | 9.5% – 11% (Reducing Per Annumn) | 0.5% – 1% | 30.00 Lacs – 10.00 cr | 650 or above | https://referloan.in/loans/axis-finance-home-loan |
ICICI Home Finance Home Loan | 9.5% – 11% (Reducing Per Annumn) | 0.5% – 1% | 10.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/icici-home-finance-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
- MBBS, MD DO etc medical degree holders
- Employment letter or Contractual evidence
- A good credit score 700 or over.
- Verification of income and list of liabilities
Documents Required:
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Bank Statement, Income Tax Return and Profit Loss A/c
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.
This is how ReferLoan can help!
- Loan Solutions: New controllers integrated and personalized loan offers for ReferLoan depending upon one’s needs, whether it is for the purchase of an office space or a home. They assist you in identifying the right loan products from the lending companies with the most favorable conditions.
- Competitive Interest Rates: Through direct comparison of various lenders, ReferLoan can achieve low interest rates while at the same time seeing to it that monthly payment plans remain sustainable.
- Easy Application Process: ReferLoan makes loan application much easier and faster since it assists applicants in completing forms and providing other requirements as required by the lender.
- Flexible Repayment Options: Whether you need a small loan for several weeks or a large long-term loan, ReferLoan assists you in selecting a repayment term that you are comfortable with in terms of monetary ability
Frequently Questions
- What are the requirements for the MBBS doctors are applying for a home loan?
For availing home loan, an MBBS doctor also needs to have valid medical degree, regular source of income and evidence of practice or job.
- For how much maximum amount of loan an MBBS doctor is eligible?
It is important to note that loan amount varies with income and credit score and the procedure of the lender. However, the MBBS doctors might be able to get a higher amount of loan due to their secured profession.
- Can I avail any special privileges and cheaper home loans especially for doctors?
Indeed, there are numerous banks that provide concessional interest rate, lesser processing fee, and convenient repayment terms exclusive for doctors including MBBS professional.
- What papers are needed for an MBBS doctor to apply for home loan?
Facilities documents include Identity proof, Address proof, qualification degree income proof, bank statements and property documents etc.
- Can MBBS doctors having their own clinic seek a home loan?
Yes, MBBS doctors that own private practices can apply for home loans but they must show proof or eat they practice. He or she may be required to attach banking statements such as Income Tax Returns, practice certificates among others.