As a doctor, the exercise of buying a new home can be time-consuming and not long-drawn. The paucity of time means medical professionals have the very little scope and flexibility to understand and go through the various nitty-gritty of the home-buying process. This article focuses on some key aspects which doctors should undertake before buying a new home.
Do an Extensive Research
Purchasing a home is a long-term commitment and hence must be done with utmost care. The first step of buying is to do an extensive research to zero-in on the home to be purchased. Presence of several listing portals ensures doctors can do their own search from the comforts of their clinic when they are not busy attending patients.
Most of these portals list properties based on the inputs provided pertaining to location, home type, budget and amenities among others. To further aid doctors in their endeavour Bajaj Finserv offers “Property Search” services whereby medical professionals get professional assistance in their home-buying journey. They are provided periodic updates on newly-launched properties and get access to the happenings of the real estate market via newsletters and reports.
Understand the Floor Plan
A critical document that illustrates the location of doors, windows, pillars, walls, etc., a floor plan helps doctors to understand whether the home aligns with their needs or not. Most doctors prefer starting their own clinic from their homes and hence it’s essential to ensure that there’s enough space to accommodate the needs of a clinic.
In such a scenario, it’s crucial for the home to be spacious enough to ensure adequate resting facilities for patients. The floor plan helps gauge the actual carpet space that’s available.
Make a Physical Visit
While analysing the floor plan is essential, it’s equally important to see the home physically. Cases of homes being different from what’s projected in the floor plan aren’t uncommon. A physical visit serves two purpose:
- It helps identify loopholes present
- Aids in knowing the neighbourhood better, see the location’s connectivity and the amenities available nearby
Connectivity plays a crucial role as doctors can get a call any time of the day and need to make themselves available. Also, a home that’s well-connected works well for the profession in the long-run as patients find it easy to visit.
Identify Prudent Channels of Finance
Finances play a key role in shaping dreams into reality. After witnessing a slump post-demonetisation, property prices have slowly started to rise again. The price of a home depends on the amenities, and location among others. Once everything is set, doctors must identify potential lenders for finance. In most cases, lenders offer funds equivalent to 75-80% of the home’s market price (the rest needs to be given as down payment).
Today, various lenders offer customised home loan for healthcare professionals. For instance, Bajaj Finserv Home Loan for Doctors offers funds up to Rs.2 crore. This doctor loan interest rate is competitive with easy-to-meet eligibility criteria. Apart from flexible repayment tenor, ranging up to 18 months, doctors also get “Property Dossier” service that familiarises them with legal and financial aspects of being a homeowner.