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What Is a Loan Against Property for Doctors?
Annual/Additional Maintenance Charges
Guide to Gain Tax Benefits on Loan Against Property (LAP)
How to Apply for Doctors’ Loan?
A loan against property (LAP) is sanctioned by a bank or housing company against
residential properties or commercial
properties with lower interest rates for doctors. Any individual can attain a loan
against pre-owned property. This
scheme has been designed at special rates for doctors to avoid spending savings by
safeguarding financial interests as
well as injecting expansion into business.
However, it is important to note that there is no limitation to the usage of the
sanctioned doctors’ loan amount. It can
be utilized to meet any personal or professional requirement, like setting up clinics in
India or purchasing medical
Bajaj Housing Finance provides smooth and hassle-free loans with lowered rates of
interest of 8.35%* p.a. for doctors
with a processing fee of only 2% of the loan amount and applicable taxes. One can
download e-statements/ certificates/
letters at no extra cost using the online customer portal. A physical copy can be
retrieved from any branch at a charge
of Rs.50/- (tax included). The bounce charges are up to Rs.3000 per bounce. Any document
processing charge is levied at
Rs.2000+taxes applicable and the stamp cost is as per state.
There are mainly 3 variants of doctor's loan to the annual/additional maintenance
charges involved, namely:
The part-prepayment and foreclosure charges are not applicable if the individual
borrower has availed of the floating
interest rate. However, if it is a fixed interest rate, then a certain charge is levied
in the advent of a foreclosure
There are no tax exemptions involved in case of marriage, travel, medical expenses, etc.
Although a loan against
property is a common practice for both salaried and businessmen as they park funds for
investment benefits, often loan
against property is interchangeably used with home loans. One may claim benefits on the
principal repayments under 80C
for home loans.
A loan against property is considered secure as the collateral property of the defaulter
can be sold. Thus, the doctor's
interest rate is also lower than that of personal loans. Further, the terms of
repayments are more flexible and broken
to more EMIs.
For further understanding, it is to be noted that only the interest paid can be
concluded as a benefit, and not the
principal repayments. The claim for interest payments for loan against property tax benefits can be made either under
section 37 (1) for business purposes, or section 24 (b) for financing any other
For further information on exemptions please refer to Section 37(1), Section 24(b)
Doctors’ loan from Bajaj Housing Finance involves a minimum, smooth documentation
with concessional interest
rates. Varied ranges of EMIs and duration-specific features have been designed for
customer-friendly usage. The final
application form is to be submitted online with valid credentials, including employment
details, selected plans, etc.,
and the pre-approved loan is debited successfully within 24 hours*.
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