When To Make Use of Loan Against Property For Doctors

While most would consider the medical profession as a noble one, and a lucrative one as well, it would be wrong to assume that they are not in need of funds at all. However, applying for a personal loan for doctors in this regard can solve the problem. And if the doctor has any property to his name against which he can get a loan, then the loans get approved faster. Loan against property for doctors has its own share of benefits and here is a look at how it works.

This kind of loan is granted against the value of a property which a borrower pledges to secure a loan, thus making it a secured loan. It means that the lender knows that he is getting back his money no matter what. If the borrower fails to make his repayments, the lender can foreclose the property and get his money’s value back.

In this case, the quantum of the loan also depends on the value of the property. A lender will allow 60% to 80% of the value of the pledged property as loan, which means that if a property is worth a crore, then the borrower would get Rs 60 lakhs to Rs 80 lakhs as the total value of the property.

Those who want to set up their own clinic can a host of benefits as well. In fact, if a doctor does not have a property to his name beforehand, he can also mortgage the clinic itself. Yes, there is always the risk that the clinic can be subject to foreclosure if the loan is not repaid, but if one is confident of his practice and is sure that he is going to succeed as a doctor, an income based repayment plan would work fine. The loan would be easily approved and it could be repaid just as easily, with the doctor freeing his clinic at the end of the loan tenure.

Chances of rejection of such a loan are very rare and one should make use of this loan while one has a chance. Those who already have a flourishing practice and are looking for funds to expand the clinic further – as in developing it into a specialty or multi- specialty clinic- would have the social as well as the financial security to apply for this kind of a loan. And if the loan is availed against a property, then one can also apply for doctor loan for a maximum loan amount of Rs 2 crore. If the value of the property is higher still, the loan can be higher, depending on the lender’s practice.

In other words, it can be said that loan against property for doctors is more or less a safe option for any doctor if they find themselves in a situation where they need funds. Approaching institutes like Bajaj Finserv can solve their queries as they have good schemes in place for talented and motivated doctors.

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