How Can Doctors Reduce their Home Loan Burden?

Being a doctor means being a ray of hope for millions of people. But, achieving this feat is not easy as one needs to put in a lot of hard work to be a doctor. So, after becoming one, they also deserve the best lives for themselves and their family. Owning a home is a must among other things they deserve.

However, it can take time for a doctor to buy a new house or even go for a worldwide trip with the regular business income or salary. Therefore, some financial institutions come with options like home loans for healthcare professionals.

Bajaj Finserv is one of the foremost financial institutions which offer Doctor Loan in different variants to ease their lives. The different loans provided for doctors are:

  • Personal Loan
  • Business Loan
  • Home Loan
  • Loan Against Property

With these loans, a doctor can meet the expenses of a foreign tour, buying a home, business expansion, or any other need that requires substantial investment. Bajaj Finserv offers various features and benefits with their Doctor Loans.

A type of professional loan, doctor loans can help a medical practitioner avail his dream house easily. However, a home loan for doctors also requires proper financial planning and management so that a cumulative of principal and interest does not come heavy while repaying.

4 ways to reduce the load of home loans for healthcare professionals:

  1. Increase the repayment amount

A modest increase in EMIs while making repayments can ease the burden to a great extent. With a rise in income, doctors can aim to increase their EMIs according to the percentage of growth in income. Part-prepayments will help in saving a lot of money as doctor loan interest rate adds up a considerable amount to the EMIs. The interest amount will be greater if the repayment time is more. Thus, one can complete the repayment early to save money in the long run.

  1. Use the part-prepayment facility

Bajaj Finserv offers this part-prepayment facility. Through this, a doctor can partly pre-pay any amount more than 3 EMIs without paying any charges. Part-prepayment can help them pay-off the professional loan easily and early. It will reduce the amount paid against the interest part eventually.

  1. Take benefit of easy balance transfer facility and top-up

One can also choose an easy balance transfer facility which can assist one in transferring the existing balance of home loans for healthcare professionals to another lender offering a low rate of interest. The benefit of this transfer is that it offers a reduced rate of interest which can make the repayment easy.

Healthcare professionals can use the high-value top-up feature for other financial requirements as well. The facility does not require any documentation, thus, making the transfer facility hassle-free.

Also, if one wants loans for other purposes, lending institutions like Bajaj Finserv come with pre-approved offers on other financial products. The pre-approved offers cover business loan, personal loan, business loan, EMI financing options, and other financial services apart from home loans. You can check your pre-approved offer by providing a few details. It makes the process stress free and time-saving.

  1. Use of flexi loan facility

This facility offered by Bajaj Finserv lets customers withdraw the required amount within a preset loan limit anytime they want. The benefit of paying interest only on the withdrawn amount makes this Flexi-Loan facility attractive. Also, a doctor can pay only interest as EMI and can choose to foreclose the loan without any extra charges. It helps in repaying early, thus, decreasing the loan burden.

So, these are the ways of reducing the load of home loans for healthcare professionals. Thus, doctors can now do the necessary homework before buying the house of their dream using home loan.

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