BUSINESS
4 Common Home Loan Myths that Doctors Should Ignore
Buying a home involves a lot of planning and research to ensure that the one you choose matches your and your family’s preferences and your budget too. But, as a doctor with a busy schedule, you may want to hasten the process of buying a home. The only risk here is that you may fall prey to marketing gimmicks and end up with a high-interest home loan. In order to avoid falling for the trap, you must be mindful of looking past common home loan myths, such as the ones listed below.
Myth 1: You should choose the shortest tenor for your loan
The home loan is a long-term commitment. So, if you choose a short tenor, your EMIs will be significantly higher. Instead, check your loan to income ratio and then decide on the EMIs you can afford every month. Based on this information, calculate the tenor for your home loan for doctors. This approach will ensure that you don’t have to compromise on your monthly budget and necessary expenses because of home loan repayment.
Myth 2: You cannot negotiate interest rates on your loan
You can absolutely negotiate the interest rate put forth by the lender on the home loan. Here, the only thing that you should check before starting a negotiation is your eligibility. If you have a high credit score and healthy income, and also satisfy all of the lender’s terms, conditions and criteria, then you can surely negotiate with your lender for a lower interest rate. Also, if you approach a lender from whom you have taken a loan in the past, you can use your existing relationship to your advantage and negotiate a better rate of interest.
Myth 3: You must choose a lender solely on the basis of the interest rate
The interest rate is one of the key factors that determines the affordability of your home loan. However, while comparing lenders and their loan offers, do look into other benefits and features that the home loan offers. It is often best to choose a customised Home Loan for Doctors from lenders like Bajaj Finserv in this regard, to enjoy maximum benefits. You can borrow up to Rs.2 crore within 24 hours with this loan.
Recommended Reading : Pay Point India
Also, as far as value-added services go, you can opt for the Flexi Loan facility. Here, you can borrow as per your needs from your total sanction and pay interest only on the used amount. What’s more, you can choose to pay interest-only EMIs and reduce your EMIs by 45%! Additionally, you can get a top-up loan on your doctor loan with ease to finance other professional and personal expenses.
Myth 4: You cannot make prepayments on your home loan for healthcare professionals
Since it is a professional loan, a home loan for doctors comes with easy repayment terms including a flexible tenor. Bajaj Finserv, for example, not only allows you a sanction at competitive doctor loan interest rates, but it also offers you a tenor of up to 18 years. Moreover, you can make as many part prepayments as you want to as per your finances, without paying any additional charges. This will help you lower subsequent EMIs as well as clear your debt quicker.
Now that you know the truth behind these myths, you can confidently avail the best home loan for healthcare professionals and buy your dream home without making a compromise.