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A Guide to Loan Against Property for Doctors

5 Min 27 Jun 2022
Highlights
  • What is a Doctor Loan?
  • How to Apply for a Loan Against Property for a Doctor
  • Documents Required
  • Features and Benefits

Loan Against Property for Doctors: Overview

A Loan Against Property for doctors is a secured type of loan to satisfy the financial needs of doctors and other eligible professional applicants, looking to expand their operations or use the funds for other personal expenses.

Loan Against Property for Doctors: Features and Benefits

  • Sizeable loan amount: A Loan Against Property brings forth the possibility of receiving sizeable loan sanctions that can be used to address a variety of expenses, such as business expansion, weddings, overseas education, etc.
  • Quick and hassle-free loan processing: The online application process for a Loan Against Property requires minimal documentation. It usually takes 72 hours* for the amount to get disbursed from the time of approval and document verification. This helps save time and meets urgent expenses on priority.
  • Flexible repayment tenors: Borrowers also enjoy flexibility in their repayment plans and can take up to 18 years to repay the full loan amount at their pace.

A Loan Against Property for doctors also has other benefits, such as allowing for easy balance transfers, additional top-ups and much more.

Loan Against Property for Doctors: How to Improve Eligibility

Some essential factors that applicants should keep in mind when applying for a Loan Against Property are listed below:

  • Applicants should have a healthy credit score
  • Applicants should choose the lender wisely after assessing their unique offerings
  • Applicants should avoid multiple loan applications
  • Applicants should focus on clearing existing debts
  • Applicants should focus evaluate their repayment capacity and apply for a loan amount that fits their budget

Loan Against Property for Doctors: Documents Required

Following is the list of documents required for a Loan Against Property for doctors.

  • KYC documents (Aadhaar Card or PAN card)
  • Income tax return
  • Copy of ownership documents for the mortgaged property

Note that this is a generic list, and the documents required might differ from lender to lender.

Loan Against Property for Doctors: How to Apply

Loans Against Property are granted basis parameters such as experience, qualification, annual income, and profits incurred. Once the applicant meets these parameters, they can apply for a Loan Against Property by choosing a lender through online or offline means. The easiest way, however, is to apply online. Once the application form is submitted, the representatives from the lending institutions get in touch with the borrower and help complete the process.

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