INTERIORS AND REDECORATION
When opening a new medical office, creating a relaxing atmosphere for your patients is important. It is always nice when the place has been given a boost on the inside, like a waiting room or pantry in the waiting area. Price estimates for such improvements typically start at a lakh.
MODERN EQUIPMENT
An evolving medical practice needs advanced equipment. While modern medical equipment increased patient footfall, you need a brigade of skilled professionals to work with these equipment for the best medical care. Paying for these overhead costs out of your pocket can be overwhelming.
HIRING ADMIN STAFF
Give additional attention to your regular patients. Set up an efficient administrative staff to manage follow-ups with patients, timely reminders, keeping a track of their treatment needs and so on. This might add to your cost, but it is a fundamental upgrade.
Features and benefits of our loan against property
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All you need to know about our Loan Against Property
Watch this video to know everything about our loan against property: Features and benefits, fees and charges, eligibility criteria, and more.
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Loan of up to Rs. 10.50 crore*
Manage your financial urgencies with a substantial loan amount of up to Rs. 10.50 crore* sanctioned based on your mortgaged property.
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Low interest rates
Doctors can get a loan against property at an affordable interest rate starting from 8% to 14% (Floating rate of Interest) p.a.
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Disbursal in 72 hours*
Your loan amount will be credited to your bank account within 72 hours* of approval or even earlier in some cases.
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Tenure of up to 15 years
Our repayment tenure of up to 15 years makes it convenient for you to manage the loan.
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Multiple end-use options
Use the loan amount to manage significant life events like weddings, higher education, or even pay for a medical emergency.
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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
Link your loan to an external benchmark, such as the Repo Rate and benefit during favourable market trends.
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*Terms and conditions apply
Loan against property EMI calculator
Enter a few details and check your loan against property EMIs.
Eligibility criteria and documents required
A self-employed doctor can apply for our loan against property after meeting 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 structure.
- CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property.
- 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 eligibility
Find out how much loan amount you can get.
How to apply for a loan against property
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Applicable fees and charges
We advise you to read about our fees and charges thoroughly before applying.
Types of fees |
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 |
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 |
In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied |
Penal interest |
Penal interest is applicable in the following scenarios: 2. Default of other condition(s): In case of breach of terms of the loan agreement and/ or sanction letter terms, including but not limited to non-submission of requisite documents to BFL, it shall attract penal interest at the rate of 1% per annum on the loan amount till the date of rectification of such default to the satisfaction of BFL. The effective date of levying of penal interest shall commence from the date of committing the default, unless otherwise communicated to the borrower(s) in writing before the penal interest is levied. |
Stamp duty (as per respective state) |
Payable as per state laws |
Mandate rejection charges |
Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered |
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. 1,20,000/- per property (inclusive of applicable taxes) |
Property insight (if availed) |
Rs. 6,999 (inclusive of applicable taxes) |
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Frequently asked questions
A salaried or self-employed doctor can apply for a loan against property as long as you meet our eligibility criteria. Your age, employment status, and city of residence are some of the key criteria.
A self-employed doctor residing in India between 25 years to 85 years is eligible for the loan against property. Other criteria like your income profile, CIBIL Score, and more are also considered during the approval process.
*Terms and conditions apply
A loan against property is a secured loan for which you mortgage your property to a lender in exchange for a substantial loan. Several factors influence the final loan amount, including the individual's profile and repayment capacity, the property's valuation, and the lender's loan-to-value ratio.
You can repay the borrowed sum over a convenient repayment tenure of up to 15 years.
The CIBIL Score is an important indicator of your creditworthiness. To get a loan against property, it is preferable to maintain a CIBIL Score of 700 or higher.
