You are never really sure of when a health crisis might interrupt your smoothly going life. Medical emergencies strike randomly at your door. Look at this case of Covid-19. Who would have thought that a single virus can take down the world! Just like this, any medical emergency might leap on you at any time.
Your first defense against this is maintaining a healthy lifestyle, and your second defense is getting medical insurance. It should get you covered in most cases though sometimes, the crisis and the expenses are huge. So you need more money than your insurance covers.
Hospital expenses have gone off the roof. Most of the time it happens that don’t buy enough insurances to save on the yearly premium. When the medical emergency happens; they don’t have enough money to cover expenses. In tough times like this, getting a mortgage loan to support yourself is not a bad idea.
Here are some of the benefits of getting a mortgage loan for a medical emergency.
- All medical procedures are available – Even if you are medically insured. You are not immune to medical expenses. Every medical insurance covers only a certain number of diseases and medical procedures. If you have an emergency that is outside of this realm, then your medical insurance is no worth! In such a situation, you will need an ample amount of money as any medical procedure that requires a stay in the hospital is going to be expensive. Depending on how much you can afford, you will have to take out financial aid. Using a mortgage loan for a medical emergency ensures that all medical procedures are covered.
- All hospitals available – Another limitation with medical insurance is that it comes with pre-selected lists of hospitals that the insurance provider caters to. Sometimes the medical procedure you are seeking is outside the available list of hospitals. In cases like this, you need financial assistance to support your patient. If the issue is gravely serious, getting a mortgage loan can improve it. You can pay back the expenses incurred into manageable EMIs.
- High-value loans – Most people get medical insurances under 10 lakhs. With increasing hospitalization and medical procedures costs, it is easy to shoot above your medical cover. It depends on the severity of the illness and the kind and quality of treatment you are seeking. With a mortgage loan, you can go up to as higher as your loan allows. In most cases, these figures can be up to 30 lakhs.
- Quick approval and disbursals – As the adage goes “money delayed is money denied” This is exceptionally true in cases of a medical emergency. Depending on the lender service, such as PNBHousing, you can get your loan approved and money sanctioned in no time. All you need is some essential documents.
- Flexible payments and Minimal foreclosure charges: Taking a loan allows you to easily repay in shorter EMIs. Thus not making your medical crisis a financial burden as well. If you want to pay back early. You can do so with minimal foreclosure charges.
- Affordable interest rates – LAP loan interest rate and personal loan rates have some of the lowest interest rates. An average figure would be around 12.99% which is pretty affordable in dealing with a crisis. You have to anyways pay this is a large number of installments. So this doesn’t seem like a burden.