How to Get the Best Interest Rate on Home Loan for Doctors?

The home loan market is extremely competitive due to the presence of multiple players offering tailor-made loans for various professionals including doctors.

With the Reserve Bank of India hiking the repo rate, home loan interest rates for doctors have started to tighten. A high rate of interest has a direct bearing on the EMIs. Read on to get the best interest rate on your home loan for doctors.


Home loan is a long-term commitment, where you need to pay EMIs for a large number of years (10 or more). Hence, it’s essential to opt for a lender that not only gives you a high amount but also offers a competitive interest rate.

Earlier, banks and housing finance companies were the major lenders, today home loans are offered even by non-banking finance companies (NBFCs). For instance, Bajaj Finserv offers Home Loan for Doctors up to Rs.2 crore with approval in just 24 hours. Available at a competitive rate of interest, the lender also provides value-added services such as “Property Search” and “Property Dossier” that assist you with finding the perfect home along with the associated legal formalities.

 Best Interest Rate on Home Loan for Doctors?

Opt for a home loan on floating interest rate

You can avail a home loan on two types of interest rates – fixed and floating. While in a fixed rate, the rate of interest remains the same throughout the loan tenor, it changes according to the market dynamics in case of a floating rate.

Experts advise availing home loans on floating rates as you stand to benefit in the long run from a lower rate of interest due to strong macros of the economy.

Have a high credit score

The importance of credit score can’t be emphasised enough. A high credit score puts you in the driver’s seat when it comes to interest rate negotiation. A high score allays lenders’ fears regarding default, with them offering a lower interest rate for individuals with a healthy credit score.

Timely payment of bills, outstanding credit card dues (if any) and EMIs of loans go a long way in improving credit score. Before applying for a home loan for doctors, check your credit score and credit report.

Note that while you can check your credit score for free once a year from the four leading credit information companies (CICs) in India – TransUnion CIBIL, High Mark, Equifax and Experian – since all of them use different proprietary algorithms, it’s crucial to check your score individually from all the four CICs. In case of a major difference, it’s must be brought to notice and rectified in case of a mistake.

With these simple ways, you can avail a home at a competitive interest rate resulting in savings in the long run.