Dr.Ramesh Shrivastav has been an orthopaedic doctor in a super-speciality hospital for the past twenty years. With his academic qualifications and experience, he wished to open his own hospital that explores the latest innovations in his field.

However, as Dr. Ramesh learnt, it was no simple task to start a new practice all by himself. The cost of setting up the hospital was huge. He ,therefore, decided to seek a loan against his residential property in order to make his vision come true. But before that, he had to check if he was eligible for a loan in the first place.

Here is a list of eligibility requirements in case you also wish to seek a loan against property like Dr. Ramesh.


The fundamental requirement to avail a loan against property for doctors is that you should be an Indian citizen and be atleast 25 years or older. This means that even if you are a Non-Resident Indian (NRI), you can still be eligible for the loan.

Minimum Qualifications

Lending institutions have minimum qualification criteria before offering a loan.

The following are the qualifications for a doctor to be eligible for a loan against property:

  • Post Graduate Doctor’s degree (MD/DM/MS/MCH/MDS) with a minimum 5 years of post-qualification experience.
  • Graduate Doctor’s degree (MBBS/BDS) with a minimum of 8 years of post-qualification experience
  • He/she should own a house/clinic

Also Read : How Doctors Can Get Benefit From Loan Against Property

Income Eligibility:

In addition to education qualifications, the lender might also check the monthly income of the doctor. This is because they want to make sure that the doctor would be able to repay the loan on time.

Hence, in Tier-1 cities, the minimum gross monthly salary should be Rs. 75,000. In case of Tier-2 cities, the minimum eligibility requirement is Rs. 40,000.


You can choose to include your spouse as a co-applicant in the loan. This can help you avail a higher loan amount as his/her income can also be incorporated. However, it is important to note that all co-owners of the property should be included as co-applicants for the loan.

Make sure that you provide all the necessary details of the co-applicant. This includes identity proof, address proof and relationship proof.

Documents Required:

In order to ensure that all the paperwork is carried out smoothly, you need to provide the following documents to the lending institution.

  • Application form
  • Photograph
  • Identity Proof
  • Address proof
  • Signature Proof
  • Date of Birth Proof
  • IT Returns & Balance Sheet & P/L Account statement for the last 2 years
  • Business Continuity Proof for 5 years
  • Bank Account Statements for the last 6 months
  • Copy of property paper to be mortgaged

If you miss any of these documents, it could result in your ineligibility for the loan.

To sum it up:

Taking a loan against property to start or expand your medical practice is a great idea. But, make sure you meet the basic criteria before you apply, to avoid rejection. You can also visit the lender’s online website and check your eligibility. This can save you the time and effort of physically visiting the lender’s branch office.

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