Yes, a doctor or any person can avail a loan against property as long as they has property under their name that they can pledge as collateral for the loan amount and meet the eligibility criteria of the bank.
Eligibility for a loan against property:
1 Must be salaried or self-employed
2 Must have the property in their name to pledge as collateral
3 Must have a minimum net income of Rs.25,000 per month
4 Must not be more than 70 years of age
5 Should be a minimum of 21 years of age
This can vary from bank to bank and so, one must always check their eligibility against the bank from which they wish to borrow from.
Documents needed:
1 Identity proof
• Passport
• Voter’s ID
2 Address proof
• Aadhar card
• Ration Card
• Telephone Bill
• Electricity Bill
3 Bank statements for 6 months
4 Pay slip or form 16
5 Copies of all the property documents for the property that is to be pledged for the loan amount
The documents needed can also vary from bank to bank and thus, it is essential to check what is required from the bank that one wishes to borrow from.