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Key Features Of YES Bank Mortgage Loan

  • Loan Amount: Ranges from ₹25 lakh to ₹40 crore, depending on eligibility and property value.
  • Interest Rates: Competitive rates starting from around 9% per annum, subject to credit profile and market conditions (exact rates may vary, so checking with the bank is advisable).
  • Tenure: Flexible repayment periods up to 15 years, allowing manageable EMIs.
  • Property Types: Available for residential, commercial, or industrial properties, either self-occupied or rented.
  • Purpose: Funds can be used for business expansion, education, medical expenses, weddings, or other personal needs.
  • Balance Transfer Facility: Option to transfer existing high-cost loans from other banks to YES Bank for lower rates, with potential top-up amounts.
  • Quick Processing: Streamlined approval process with minimal documentation for eligible customers.
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    • Eligibility: Open to salaried individuals, self-employed professionals, and businesses with stable income. Age criteria typically range from 21 to 70 years at loan maturity.
    • Loan-to-Value (LTV) Ratio: Up to 65–70% of the property’s market value, depending on the property type and bank’s assessment.
    • Prepayment Flexibility: Low or no prepayment charges for floating-rate loans, especially after a specified lock-in period.
    • Digital Support: Online application tracking and customer service through YES Bank’s portal or mobile app.
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Benefits of YES Bank Mortgage Loans

  • High Loan Amounts: Access substantial funds, from ₹25 lakh up to ₹40 crore, based on your property’s value and eligibility—ideal for significant expenses like business growth or major life events.
  • Competitive Interest Rates: Starting around 9% per annum (subject to credit profile), making it cost-effective compared to unsecured loans.
  • Long Repayment Tenure: Up to 15 years, allowing smaller, manageable EMIs to suit your financial planning.
  • Versatile Usage: Funds can be used for diverse purposes, such as business expansion, education, medical emergencies, weddings, or debt consolidation, with no end-use restrictions.
      • Balance Transfer Option: Transfer high-cost loans from other banks to YES Bank for lower rates, often with a top-up facility for additional funds.
      • Flexible Property Types: Mortgage residential, commercial, or industrial properties, whether self-occupied or rented, broadening eligibility.
      • High Loan-to-Value Ratio: Borrow up to 65–70% of the property’s market value, maximizing your loan potential.
      • Quick and Easy Processing: Fast approvals with minimal documentation, especially for pre-qualified customers, saving time and effort.
      • Prepayment Benefits: Minimal or no prepayment charges on floating-rate loans after the lock-in period, offering flexibility to clear the loan early.
      • Digital Convenience: Track your application, manage repayments, or access support through YES Bank’s online portal or mobile app.
      • Retain Property Ownership: Use your property as collateral without losing ownership, unlike selling assets to raise funds.
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How to Apply for YES Bank Mortgage Loans

  • 1. Check Eligibility:
    • Age: Typically 21-65 years (at loan maturity).
    • Occupation: Salaried individuals, self-employed professionals, or business owners.
    • Income: Stable income with a minimum threshold (varies by loan amount; e.g., ₹25,000/month for salaried or ₹3 lakh annual profit for self-employed, as a rough guide).
    • Credit Score: Preferably 700+ for better approval chances and rates.
    • Property: Ownership of a residential, commercial, or industrial property (must be legally clear and approved).
    • Loan-to-Value (LTV) Ratio: IDFC First Bank usually funds up to 50-60% of the property’s market value.
    • Eligibility can be checked using IDFC First Bank's website or mobile app, where they have a quick eligibility calculator for mortgage loans.
  • 2. Gather Required Documents:
    • Identity Proof: PAN card, Aadhaar card, passport, or voter ID.
    • Address Proof: Aadhaar card, utility bills, or rental agreement.
    • Income Proof:
      • Salaried: Last 3-6 months’ salary slips, Form 16, and bank statements.
      • Self-Employed: Last 2-3 years’ ITR with computation of income, profit/loss statement, balance sheet, and business bank statements.
    • Property Documents:
      • Title deed, sale agreement, or registered conveyance deed.
      • Encumbrance certificate (to confirm no legal dues).
      • Approved building plan and occupancy certificate (if applicable).
      • Property tax receipts and no-objection certificate (NOC) from society/authority.
    • Other Documents: Passport-sized photographs, signed loan application form, and credit report (if requested).
    • For PMAY Applicants: Income certificate, EWS/LIG/MIG proof, Aadhaar card.
  • 3. Choose Application Method:
    • Online Application:
      • Visit the IDFC First Bank website (www.idfcfirstbank.com) or download their mobile app (available on iOS/Android).
      • Navigate to the “Loans” section and select “Loan Against Property” or “Mortgage Loan.”
      • Fill out the online application form with details like name, contact info, income, loan amount, and property details.
      • Upload scanned copies of required documents (ensure files meet size/format requirements, e.g., PDF or JPEG).
      • Submit the form and note the application reference number for tracking.
    • Branch Visit:
      • Locate the nearest IDFC First Bank branch using their website’s branch locator.
      • Visit with your documents and request a mortgage loan application form.
      • A bank representative will guide you through the process, verify documents, and assist with submission.
    • Phone Banking:
      • Call IDFC First Bank’s customer care (e.g., 1800-419-4332, or check the latest number on their website).
      • Request assistance for a mortgage loan application.
      • The team may arrange a callback or schedule a visit from a loan officer to collect details/documents.
    • Loan Agents/Partners:
      • IDFC First Bank may collaborate with loan aggregators or DSAs (Direct Selling Agents). You can approach platforms like BankBazaar or contact local agents, but verify their authenticity before sharing details.
  • 4. Loan Assessment and Property Evaluation:
    • Application Review: The bank verifies your application, credit score, and income stability. This may take 2-5 days.
    • Property Valuation: IDFC First Bank sends a technical appraiser to assess the property’s market value and a legal team to verify title documents. This ensures the property is free of disputes and meets LTV criteria.
    • Loan Approval: If eligible, you’ll receive an approval letter or email with the sanctioned loan amount, interest rate, tenure, and EMI details. This step typically takes 7-10 days total, depending on document clarity.
  • 5. Accept Loan Offer and Sign Agreement:
    • Review the loan offer carefully (check interest rate, fees, prepayment terms, etc.).
    • Visit the branch or coordinate online to sign the loan agreement and related documents (e.g., mortgage deed).
    • Pay processing fees (usually 0.5-2% of the loan amount, plus GST) and any other charges (legal/technical evaluation fees).
  • 6. Loan Disbursal:
    • Once the agreement is signed and the property is mortgaged (registered with the bank), the loan amount is disbursed to your bank account.
    • You’ll receive a repayment schedule and EMI details .

Eligibility Criteria for YES Bank Mortgage Loans

  • Applicant Type:
    • Salaried Individuals: Must be employed with a reputed organization (private, public sector, or MNC).
    • Self-Employed Professionals (SEP): Doctors, engineers, architects, chartered accountants, etc.
    • Self-Employed Non-Professionals (SENP): Business owners, traders, or proprietors.
    • Non-Resident Indians (NRIs): Eligible for specific home loan schemes (additional criteria like valid work visa apply).
  • Age:
    • Minimum Age: 21 years at the time of application.
    • Maximum Age at Loan Maturity:
      • Salaried: Up to 65 years (or retirement age, whichever is earlier).
      • Self-Employed: Up to 70 years (may vary based on loan tenure and bank discretion).
    • Co-applicants (if any) must also meet age criteria.
  • Income Requirements:
    • Salaried:
      • Minimum monthly income: ₹25,000 or higher (varies by loan amount and city tier—metro vs. non-metro).
      • Stable employment history, usually at least 1-2 years with the current employer or 3+ years overall.
    • Self-Employed:
      • Minimum annual income/profit: ₹3 lakh per year (post-tax, as per ITR), though higher income may be required for larger loans.
      • Business continuity: At least 3–5 years of stable operations with consistent revenue.
    • NRIs: Minimum monthly income equivalent to ₹30,000–₹50,000 (varies by country and loan scheme).
  • Credit Score:
    • A CIBIL score of 700 or above is preferred for better approval chances and competitive interest rates.
    • Applicants with scores between 650-700 may be considered but could face stricter scrutiny or higher rates.
    • No recent defaults, bankruptcies, or frequent loan rejections, as these negatively impact eligibility.
  • Property Ownership:
    • The applicant (or co-applicant) must own a property to offer as collateral.
    • Eligible Property Types: Residential (house, flat, or plot in approved areas), Commercial (office, shop, or other business premises), Select industrial properties (case-by-case basis).
    • The property must have a clear and marketable title, free from legal disputes or encumbrances.
    • Property should meet the bank’s technical and legal standards (e.g., approved building plan, occupancy certificate if applicable).
  • Loan-to-Value (LTV) Ratio:
    • IDFC First Bank typically finances 50-60% of the property’s market value for mortgage loans (e.g., a ₹1 crore property might secure a ₹50-60 lakh loan).
    • Higher LTV (up to 65-70%) may be possible for prime properties or applicants with excellent credit profiles, subject to bank discretion.
    • The property’s value is determined by a bank-appointed valuer during the loan process.
  • Nationality and Residency:
    • Applicants must be Indian residents. Non-Resident Indians (NRIs) may be eligible for specific mortgage loan products, but this is less common and subject to stricter conditions (e.g., power of attorney for property management).
    • Proof of identity and address (e.g., PAN, Aadhaar, passport) is mandatory.
  • Co-Applicant Norms:
    • Adding a co-applicant (spouse, parent, or sibling) may be required or beneficial to improve eligibility, especially if the primary applicant’s income is insufficient.
    • Co-applicant must also meet age, income, and credit score criteria.
    • The property can be co-owned, but all owners typically need to be co-applicants.
  • Repayment Capacity:
    • The bank assesses your Debt-to-Income (DTI) ratio to ensure EMIs don’t exceed 50-60% of your monthly income.
    • Existing loans or liabilities (e.g., car loans, credit card dues) are factored in, and lower obligations improve approval chances.
    • For salaried applicants, net take-home pay after EMI deductions should meet minimum thresholds (e.g., ₹10,000-15,000/month).
  • Documentation Readiness:
    • Ability to provide complete and accurate documents is crucial for eligibility:
    • Identity/Address Proof: PAN, Aadhaar, voter ID, etc.
    • Income Proof: Salary slips, Form 16 (salaried); ITR, profit/loss statement (self-employed).
    • Property Documents: Title deed, encumbrance certificate, tax receipts, approved plans.
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Documents Required for YES Bank Mortgage Loans

  • Application Form:
    - Duly filled and signed IBHFL loan application form (downloadable from indiabullshomeloans.com or available at branches).
    - 2-3 passport-size photographs of the applicant(s) and co-applicant(s).
  • Identity Proof (Any one, self-attested copy):
    - PAN Card (mandatory for credit processing).
    - Aadhaar Card.
    - Voter ID.
    - Passport.
    - Driving License.
  • Address Proof (Any one, self-attested copy):
    - Aadhaar Card.
    - Utility bill (electricity, water, gas) not older than 3 months.
    - Passport.
    - Voter ID.
    - Rental agreement or registered lease deed.
  • Income Proof:
    For Salaried Individuals:
    - Latest 3-6 months’ salary slips.
    - Form 16 or ITR for the last 2 years.
    - Bank statement (salary account) for the last 6 months.
    - Appointment letter or employer certificate (if requested).
    For Self-Employed Individuals:
    - Income Tax Returns (ITR) with computation of income for the last 2-3 years.
    - Balance sheet and profit & loss account (certified by a CA) for 2-3 years.
    - Bank statement (business/personal account) for the last 6-12 months.
    - Business proof: GST registration, shop act license, partnership deed, or company incorporation certificate.
  • Property Documents:
    - Sale agreement or agreement to sale.
    - Title deed (chain of ownership documents for 13-30 years, as applicable).
    - Approved building plan and layout from local authorities.
    - No Objection Certificate (NOC) from builder, society, or development authority.
    - Encumbrance certificate (showing no legal dues).
    - Occupancy certificate or completion certificate (for ready properties).
    - Property tax receipts or index-II copy.
    - For LAP: Property valuation report and proof of ownership.
    - For PMAY: Property details meeting carpet area norms (e.g., 90 sq.m for MIG-I).
  • Other Documents:
    - Processing fee payment proof (0.5%-2% of loan amount, non-refundable) via cheque, demand draft, or online transaction.
    - Loan statement or repayment track record (for balance transfer cases).
    - Post-dated cheques or ECS/NACH mandate for EMI payments.
  • NRI-Specific Documents (if applicable):
    - Copy of valid passport and visa/work permit.
    - Employment contract or salary certificate (attested by employer/embassy).
    - NRE/NRO bank statement for 6-12 months.
    - Power of Attorney (if a local representative handles the process).
    - Credit report from the country of residence (if required).
  • Scheme-Specific Documents:
    PMAY (Pradhan Mantri Awas Yojana):
    - Income certificate (e.g., ₹6 lakh/year for EWS/LIG, ₹18 lakh for MIG-II).
    - Aadhaar-linked declaration of no pucca house ownership.

Factors for YES Bank Mortgage Loans

  • Credit Score:
    - A credit score of 650+ (CIBIL or equivalent) is preferred for higher approval chances and lower interest rates (starting ~8.75% p.a.).
    - Lower scores may lead to higher rates, stricter terms, or rejection, as they indicate repayment risk.
    - Impact: A higher credit score results in better loan terms, lower rates, and more favorable approval conditions.
  • Income and Repayment Capacity:
    - Salaried Applicants: Stable income (minimum ~₹25,000/month, varies by city) with 2-3 years of employment. EMI should not exceed 40-50% of net monthly income.
    - Self-Employed Applicants: Consistent business income (~₹3-5 lakh/year) for 2-3 years, verified via ITRs and financials.
    - Impact: Higher income supports larger loans, longer tenures, and better terms.
  • Loan-to-Value (LTV) Ratio:
    - Home Loans: Up to 90% of property value for loans ≤₹30 lakh, 80% for ₹30-75 lakh, 75% for >₹75 lakh.
    - Loan Against Property (LAP): Up to 50-65% of market value, depending on property type.
    - Impact: A lower LTV (higher down payment) reduces lender risk, improving approval odds and rates.
  • Property Characteristics:
    - The property must have clear title, approved plans, and no legal disputes.
    - Eligible properties: Residential (flats, houses), commercial (for LAP), or under-construction projects by reputed developers.
    - Property valuation is determined by IBHFL’s empaneled experts, which influences the loan amount.
    - Location, market value, and resale potential play a key role in the approval process.
    - Impact: A property with a clear title and market value improves eligibility and loan approval.
  • Applicant Profile:
    - Age: 21-60 years (salaried) or up to 65 years (self-employed) at loan maturity. Younger applicants may secure longer tenures (up to 30 years for home loans).
    - Employment/Business Stability: 2-3 years of continuous job or business ensures repayment reliability.
    - Co-Applicant: Adding a spouse or family member with income boosts eligibility and loan amount.
    - NRI Applicants: Overseas income, work permit, and repatriation ability are assessed.
    - Impact: A stable applicant profile with a co-applicant can result in better loan terms and larger loan amounts.
  • Loan Amount and Tenure:
    - Home Loans: ₹2 lakh to ₹3 crore (or higher), based on income and property value.
    - LAP: Up to ₹10 crore, tied to property valuation.
    - Tenure: Up to 30 years (home loans, salaried), 20 years (self-employed), or 15 years (LAP).
    - Impact: Larger loan amounts or longer tenures require stronger financials and a lower debt-to-income ratio for better approval chances.
  • Interest Rate Type:
    - Floating Rate: Linked to IBHFL’s benchmark or repo rate (~8.75% p.a. onward). Fluctuates with market conditions, affecting EMI or tenure.
    - Fixed Rate: Higher rates, stable EMIs, but shorter tenure options.
    - Impact: The choice between floating and fixed rates affects the overall loan cost and repayment planning.

Frequently Asked Questions (FAQs)

What is a YES Bank Loan Against Property (LAP)?
It’s a secured loan where you pledge your residential, commercial, or industrial property to borrow funds, ranging from ₹25 lakh to ₹40 crore, for personal or business needs.
Who is eligible for a YES Bank mortgage loan?
Eligible Applicants: Salaried individuals, self-employed professionals, or businesses aged 21 to 70 (at loan maturity) with stable income, a good credit score (preferably 700+), and ownership of an eligible property.
What types of properties can be mortgaged?
Residential (houses, flats), commercial (offices, shops), or industrial properties, either self-occupied or rented, with a clear title and valid documentation.
What is the interest rate for YES Bank LAP?
Rates start at around 9% per annum (floating or fixed, subject to credit profile and market conditions). Exact rates can be confirmed by contacting YES Bank.
What is the maximum loan amount I can get?
You can borrow between ₹25 lakh and ₹40 crore, depending on the property’s market value (up to 65-70% loan-to-value ratio) and your repayment capacity.
How long is the repayment tenure?
Up to 15 years, allowing flexible EMIs based on your income and loan amount.
What documents are required to apply?
Identity proof: Aadhaar, PAN.
Address proof: Passport, voter ID.
Income proof: Salary slips, ITRs.
Property documents: Title deed, approved plan, tax receipts. Additional documents may apply for self-employed or balance transfer cases.
Can I use the loan for any purpose?
Yes, funds can be used for business expansion, education, medical expenses, weddings, debt consolidation, or other personal needs, with no strict end-use restrictions.
How long does it take to process the loan?
Typically, 7-15 days, depending on document verification, property valuation, and legal checks, though it may vary based on case complexity.
Is prepayment allowed, and are there charges?
Yes, prepayment is allowed. Floating-rate loans usually have minimal or no charges after a lock-in period (e.g., 6-12 months). Fixed-rate loans may incur charges (confirm with the bank).
Can I transfer my existing loan to YES Bank?
Yes, YES Bank offers a balance transfer facility to shift high-cost loans from other banks, often with lower rates and a possible top-up loan.
What happens if I miss an EMI?
Missing an EMI may incur penalties, affect your credit score, and, in extreme cases, lead to property seizure. Contact the bank immediately to discuss solutions like restructuring.
Do I need to provide a co-applicant?
Not mandatory, but adding a co-applicant (e.g., spouse) with stable income can improve eligibility or increase the loan amount.
How is the property valuation done?
YES Bank’s empanelled valuers assess the property’s market value, considering location, condition, and legal status, to determine the loan amount.
Can NRIs apply for a YES Bank mortgage loan?
Yes, NRIs with property in India can apply, but additional conditions (e.g., co-applicant, NRI income proof) may apply. Check with the bank for specifics.

List of Mortgage Loans by YES Bank

  • Home Purchase Loan
  • Plot Plus Construction or Self-Construction Loan
  • Home Improvement/Renovation/Extension/Repair Loan
  • Balance Transfer of Home Loan
  • Top-up Loan on Existing YES Bank Home Loan
  • YES Khushi Home Loan
  • Loan Against Property (LAP)