As a doctor you are an essential member of the society. Dealing with medical emergencies, saving lives, and improving others’ health are just some of the things you do every day. Your hard work pays off not only through professional achievements, but also monetary rewards. You deserve a home that reflects all the hard work you have done to become a doctor, and your status deserves a mortgage that caters to your very specific needs.
What is a medical doctor mortgage loan?
A medical doctor mortgage loan, also known as a doctor mortgage loan or a medical doctor home loan, is a mortgage product designed specifically for doctors, dentists, and other medical professionals. As a doctor, your path to home ownership might be a little different than someone in another line of work. A doctor mortgage loan recognises the unique financial profile of medical professionals, including large potential earnings and high student debt, and provides tailored benefits and requirements.
How do doctor mortgage loans work?
For starters, most medical doctor mortgage loan requires little to no down payment. This is a huge advantage for many doctors, as it can be challenging to save up for a down payment while also focusing on their careers. Additionally, doctor mortgage loans usually do not require private mortgage insurance (PMI), which can save you thousands of pounds over the life of your loan.
Doctor mortgage loans also consider deferred student loan payments when considering debt-to-income ratios, which can be a significant advantage for newly graduated doctors. Furthermore, many doctors mortgage loans pre-approve borrowers before they start their residency or fellowship, which can provide peace of mind during a time of career transition.
It is important to keep in mind that a doctor mortgage loan is still a home loan and should be approached with the same level of diligence and research as any other mortgage product. Before applying for any home loan, it is important to do your homework.
So, how do you know if a doctor mortgage loan is right for you? Ultimately, it comes down to your unique financial profile and homeownership goals. A doctor mortgage loan might be a perfect fit if you are a medical professional in the beginning stages of your career, have significant student loan debt, or do not have numerous savings for a down payment.
Physician home loans cater to specific medical degrees, including:
- Medical Doctors (M.D.)
- Doctors of Osteopathic Medicine (D.O.)
- Doctors of Dental Medicine (D.M.D.)
- Doctors of Dental Surgery (D.D.S.)
- Doctors of Podiatric Medicine (D.P.M.)
- Doctors of Veterinary Medicine (D.V.M.)
Some lenders extend these loans to physician’s assistants (P.A.), nurses (R.N., D.N.P., N.P.), physical therapists (D.P.T., P.T.), and occupational therapists (M.O.T.). Eligibility often includes doctors in fellowship, those completing residency, and practicing physicians. These loans typically finance primary residences and may have flexible options like purchasing multi-family homes or condos, subject to lender policies.
Conclusion
In summary, a medical doctor mortgage loan is a special product crafted for medical professionals aiming to buy a home. One can get loan from Bajaj Finance by clicking here and get loan offers in three options- flexi term loan, flexi hybrid loan, and term loan- with customised benefits, providing up to Rs. 80 lakh and a repayment period of up to 96 months months. The application process is easy, requiring minimal documents, and the loan gets disbursed quickly.
