The homework doctors should do before buying a new home
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The homework doctors should do before buying a new home

  • Highlights

  • Property search services guide doctors to buy a perfect abode

  • Check the connectivity & floor plan of your potential home

  • Customized legal and valuation reportsenable a sound purchase decision

Purchasing a new home is one of the major financial goals for most of us, and this is no different for doctors. After years of education, training, and treating patients, physicians too desire to realise this major milestone in their lives by getting a home of their dreams. However, this has its own set of challenges. Because of the demanding nature of their profession, they must do a lot of homework before buying a new home. Here’s a list of points that doctors should keep in mind while buying a new abode.

-Property Search

Carefully going through listings on various property portals, shortlisting the ones that suit your requirement and getting in touch with the brokers/owners is a necessary process when getting a new home.
However, with 1000s of listings on the internet, searching the perfect property requires careful evaluation at every step. Always on their toes, doctors can’t devote this kind of time and energy.

Understanding how cumbersome the process can be for doctors, some home loan providers offer Property Search Services integrated with their housing finance offerings.They guide doctors at every step during their property search through-
• Access to structured real estate market information through newsletters and reports
• Property search through the most credible, trained resources
• Periodic updates on newly launched properties
• Option of funding your property requirements
• Property Helpline’ to answer your real estate queries
• Property valuation services at a preferential tariff

-Visit The Home

Instead of relying solely on the pictures available on portals and the words said by the developer or broker, it’s prudent to physically visit the home. Not only will it help you know the quality of their home, but also discover more about the neighbourhood and find out about the area’s safety and other amenities such as parking, access to schools, police station, local government offices, etc.

-Check the Location’s Connectivity

You should find out whether the place your potential home in is well-served by buses, trains, metros, and other modes to commute to their workplace. This is essential for doctors while purchasing a new home, especially for doctors who intend to use their residential property for practising.A location that is well-connected to the city can beis easily accessed to cater to as many patients as possible. Moreover, the locationshould be in proximity to their place of work i.e. hospitals, nursing homes, etc. so that you can attend emergency calls at a very short notice.

-Check Out the Floor Plan

A floor plan shows the layout of the home and illustrates the location of the doors, windows, stairs, elevators, walls, etc. It helps physicians assess whether the dimensions of the home are suited to their needs or not.
Since most doctors intend to set up a private practice in their own home, the floor plan must incorporate extra space for the same. The home should have enough space for comfortable resting facilities for patients looking forward to treatment from them
Since purchasing a home is a long-term investment, close inspection of the floor plan is an absolute must. It gives doctors a true sense of the space that's available.

Exclusive Home Loan for Doctors

-Inquire About the Registration Process

Find out about the registration process before making the payment to the developer. In areas like a cantonment, there can be restrictions on registration. There are various aspects of property which should be evaluated before the property purchase; however, are generally missed by the buyers to check. You could end up buying a fraudulent property or one that proves to have huge financial losses for you.
Some home loanproviders make the process hassle-free for you by providing features like property dossier services by providing customized reports (legal report, valuation report, market dynamics report) that guide you through the legal and technical aspects of owning a property in a simple and crisp manner. This gives you the general property knowledge and information on macro factors like property index of a city, important property tips, etc.
Did you know?In India, registration charges and stamp duty for residential houses qualifies for a tax deduction under section 80C of the Income Tax Act 1961.


-Arrange for Finances

Buying a property is a huge investment decision.Medical professionals due to the nature of their job, generally prefer homes in the prime locations of the city. It is well known that the cost of residential properties in tier I cities of India runs into crores today. For example, the cost of residential property in Defence Colony, a prime location in New Delhi, is as high as Rs.26,000 per sq. ft.
Most doctors start earning late and they may not save enough to fund their dream home. However, availability of Home Loans for Doctors, at competitive interest rates ensures that they are never short on capital while achieving this major financial goal.
Apart from offering funds as high as Rs.2 crore and a loan approval within 24 hours, Home Loans for Doctors come with a host of value-added features like property search services, property dossier, online loan account management.These loans are designed to take the worry of financing a dream house, off the shoulders of medical professionals, so that they can contribute their best in the service of the society.

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