INTERIORS AND REDECORATION
When you start a new practice, you need to make sure that your clinic looks plush. Good interiors, elegant decor, and basic amenities like a washroom, and pantry are some prerequisites. These additions can cost a few lakhs.
MODERN EQUIPMENT
Upgrading with modern equipment is the smartest way to enhance your healthcare offerings. You will also need well-trained staff who will operate these machines. All these things can cost you tens of lakhs each and every single month.
STOCKING THE PHARMACY
These days, almost all hospitals and other medical facilities have their own pharmacies for a variety of reasons. By maintaining a well-stocked pharmacy, you can save your patients time and effort, which is always appreciated.
Features and benefits of our loan against property balance transfer
Features and benefits of a Loan Against Property
Understand the features and benefits of availing the loan against property.
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Low interest rates
Doctors can get a competitive interest rate starting from 8% to 14% (Floating rate of Interest) p.a. on a balance transfer.
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Balance transfer of up to Rs. 10.50 crore*
Be eligible for a balance transfer of up to Rs. 10.50 crore* on transferring your existing loan to us.
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Multiple end-use options
Use the loan to manage your big spends on weddings, higher education, medical emergencies, home renovation, and more.
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Tenure of up to 15 years*
Manage your loan conveniently with a long repayment tenure of up to 15 years*.
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Speedy approval
Get a quick approval on your loan application soon after your document verification.
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No foreclosure charges*
If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.
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Externally benchmarked interest rates
You can opt for an interest rate, which is linked to an external benchmark, such as the Repo Rate, and benefit from favourable market conditions.
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*Terms and conditions apply
Loan against property balance transfer EMI calculator
Enter a few details and check your loan against property balance transfer EMIs.
Eligibility criteria and documents required
Any self-employed doctor can apply for our loan against property as long as they meet the criteria mentioned below.
Eligibility criteria
- Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
- Age: Minimum age: 25 years* (18 years for non-financial property owners)
Maximum age: 85 years* (including non-financial property owners)
*Age of the individual applicant/ co-applicant at the time of loan maturity.
*Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan.
- CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property balance transfer.
- Employment status: As a self-employed doctor, you must hold an MBBS or subsequent higher degree. You should also have a business continuity of over 5 years in your current practice.
Documents required
- Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- Proof of income (P&L statement and ITR)
- Proof of medical practice existence, and
- Account statements for the last 6 months
Note: This is an indicative list that may change based on your actual loan application.
Check your loan against property balance transfer eligibility
Find out how much loan amount you can get.
Applicable fees and charges
We advise you to read about our fees and charges thoroughly before applying.
Type of fee |
Applicable charges |
Rate of interest (floating rate of interest) |
8% to 14% per annum |
Processing fee |
Up to 3.54% of the loan amount (inclusive of applicable taxes) |
Documentation charges |
Up to Rs. 2,360/- (inclusive of applicable taxes) |
Flexi fee |
Term Loan – Not applicable The Flexi charges above will be deducted upfront from the loan amount Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges. |
Prepayment charges |
Full prepayment
Part-prepayment
Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges. |
Annual maintenance charges |
Term Loan: Not applicable |
Bounce charges |
Rs. 1,500/. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason |
Penal charge |
Penal Charge is applicable in the following scenarios: a. Penal Charge: b. Covenant Perfection Charge: |
Stamp duty (as per respective state) |
Payable as per state laws |
Broken period interest/ pre-EMI interest |
Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:
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Mortgage origination fees |
Up to Rs. 6,000/- per property (inclusive of applicable taxes) charged upfront. Note - In case of re-valuation of the property then MOF will be levied again and shall be deducted from loan disbursement amount. |
CERSAI charges | Up to Rs. 118/- (inclusive of applicable taxes) |
Conversion fee (floating to fixed) | For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any) For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any) Note: a) The company would charge additional interest rate risk premium of 200 bps over the applicable rate of interest on the borrower's loan account as on that date. b) Three conversions are permissible throughout the entire tenure |
Conversion fee (fixed to floating) | For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any) For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any) Note: Three conversions are permissible throughout the entire tenure. |
Switch fee for ROI change | Up to 2.36% (inclusive of applicable taxes) of principal outstanding |
Commitment fee | Maximum up to total PF amount. |
Legal Charges | Recovery of charges |
Repossession & Incidental charges | Recovery of charges |
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Frequently asked questions
It is recommended that you choose a loan against property balance transfer when your present loan against property lending terms are no longer feasible for you. Transferring your loan against property balance to a different lender may entitle you to competitive interest rates, longer repayment tenure and a top-up loan.
Anyone with an existing loan against property can apply for a balance transfer with us. Your age, employment status, and city of residence are some of the key criteria to apply for the loan.
A self-employed doctor, who is an Indian citizen residing in India, between the age group of 25 years to 85 years is eligible for the balance transfer. Additionally, you must hold an MBBS or subsequent higher degree. You should also have a business continuity of over 5 years in your current practice.
*Terms and conditions apply
If you are planning to apply for a loan against property balance transfer, you must be ready with some basic paperwork. A self-employed doctor should have their KYC documents, proof of income (P&L statement and ITR), property documents like title deeds, account statements for the past 6 months, and proof of medical practice existence, handy.
You can repay the total sum borrowed over a convenient repayment tenure of up to 15 years*.