Know the Eligibility Criteria to Apply for a Home Loan for Doctor

India’s leading financial institutions offer home loans for doctors at an affordable interest rate due to the lowering of policy rates. Apart from that, lenient eligibilities and simplified document requirements ease the loan availing process for doctors significantly. 

Before availing of a home loan for doctor, an individual must remember that these prerequisites differ with lenders. Hence, they must check the official website or contact any lender representative for lender-specific eligibility. In our guide below, we have covered some of the essential facts related to a home loan for doctors. Take a look:

Eligibility Criteria for a Home Loan for Doctors

The eligibility criteria for a home loan for doctors are as follows:

• Super specialist doctors, such as those with an MS, DM, or MD degree must have at least three years of work experience post their qualifications

• Graduate doctors, such as those having an MBBS, should have three years of post-qualification experience

• Dentists (those with an BDS/MDS degree) must have five years of work experience after qualification

• Lastly, Ayurvedic and Homeopathic doctors must have five years of post-qualification experience.   

Key Documents Required for a Home Loan for Doctors

• KYC documents

• Registration or qualification proofs

• Income proofs

• ITR documents

• Balance sheets

• P/L account statements of last two years

• Property documents 

Before filing an application, doctors must know their credit score. This is essential as a CIBIL score of 750 and above is considered highly reliable and proves an applicant’s disciplined repayment history. Besides, credit scores that are 750 portray a borrower’s trustworthiness and creditworthiness. Also, a high CIBIL score helps lower a borrowers’ home loan interest rate. 

Steps to Check Credit Score

The steps to check the credit score of a prospective borrower are as follows: 

Step 1: Visit the official website of a preferred lending institution 

Step 2: Navigate and the check the CIBIL score page.

Step 3: Enter the necessary details. 

Step 4: Verify identity using OTP you get on your Email ID or contact number to receive the CIBIL score. 

Besides checking the credit score, most lending institutions also advise checking home loan eligibility to give a financial understanding of the borrower. For this purpose, they can use the home loan eligibility calculator.

How to Check Home Loan Eligibility 

Although a home loan eligibility calculator is a simple and easy-to-use tool, here are some of the important guidelines to access it. Users must know that it has top four variables: location, DOB, monthly income, and monthly obligations/EMIs. 

Step 1: Visit the lender’s official website and navigate the home loan eligibility calculator section. 

Step 2: Choose the current city of residence.

Step 3: Share the DOB of the aspiring borrower. 

Step 4: Enter monthly income or move the slider and select the earning.

Step 5: Provide financial obligations or all current EMIs an applicant is liable to pay. 

Concluding Thoughts

Selected financers extend pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products like loans against property, home loans, etc. You can enter your name and contact number to check your pre-approved loan offer.  Thus, doctors must thoroughly discuss eligibility before applying for a home loan with the lender. This is because the prerequisites for a home loan for doctors differ from lender to lender, and knowing lender-specific requirements can ease the application process. To know more about types of home loan available for doctors or tax benefit on home loan, you can get in touch with us.