Being a CA is being in one of the most coveted professions in the world and there are few people as successful as a Chartered Accountant. It is also a given that over time they would go on to accumulate some wealth and one of the first investments that every successful professional wants to make is to buy a new home. This however, takes quite a bit of planning and the right kind of funding for the purpose is also required.
All the leading banks and major NBFCs like Bajaj Finserv have special home loans for chartered accountants that are especially designed to facilitate their home buying experience. The purchase of the property becomes a hassle free experience because the home loan division also helps with property search and other aspects of home buying, so that the CA could have a home within his budget and that which meets all their requirements.
Chartered Accountants, by the merit of their profession, get to enjoy a large loan threshold and hence the loan value approved for them is also fairly high. They can get a loan approved as high as Rs 2 crores. NBFCs like Bajaj Finserv also have loan transfer facilities and so a CA can transfer his existing home loan balance if he wants to avail better rates of interest. Today almost all banks and NBFCs are providing customized home loan options for CAs and if all the credentials are met, then the loan can be approved in as less as 48 hours. They do have to meet certain basic eligibility criteria and the CAs should be able to provide their IT returns but apart from that, there are no major hurdles to availing a
CA home loan.
The CA can use the CA loan money as soon as it is disbursed and the entire process is made extremely hassle free, with minimal paperwork. Some basic documentation is required for the final stages of verification and they mostly include the KYC documents and employment certificates to be submitted for verification. Apart from them the IT returns of the last three also have to be submitted. There are also options for flexible tenors and they can go up to 240 months, to suit the repayment capacities of the CA.
The CA loan interest rate provided by Bajaj Finserv for home loans is one of the best in the industry. The interest is mainly in the 10% to 15% range but it can be higher or lower depending on the financial status of the CA and is also dependent on his credit score. Since these are unsecured loans, the rates are slightly higher than secured ones. Nevertheless, the CA still gets to enjoy a number of options when it comes to repayment like Flexi Loans- which is mostly the advantage of a term loan combined with a flexible line of credit.
This largely takes care of the repayment process because there are also options for Interest only payments. Bajaj Finserv also provides Property Search facilities for its CAs and this is one of the unique aspects of their home loan division. A dossier is provided to the first time home buyer with all the information so that the CA can make an informed decision before getting into a long time financial commitment.