Yes Bank
Loan Against Property

A loan against property is an advance wherein a property is mortgaged to avail the loan. The funds received from availing a loan against property can be utilised for any purpose provided it should be of speculative nature. The money can be used to upgrade business, fund personal need like medical expenses, education, marriage or vacation. The borrower is not required to submit an end-use certificate. The property which is set as collateral remains mortgaged with the bank until the loan is liquidated in full. The repayment of the loan against property is made through EMI i.e. Equal Monthly Instalments.

Tip: Check free cibil score before applying for a loan

To avail a Yes Bank loan against property the borrower must fulfil the following conditions:

• Employees of Central/State Government Organisations, PSUs, Reputed Companies and MNCs are eligible to seek loan against property.
• Self-employed professionals and non-professionals can apply for a loan against property provided they have a minimum cash profit of 4 lakh per annum and should be in business for at least 3 years.
• Salaried employees with private or government jobs can apply for a loan against property subject to their minimum annual income of 3 lakh and should be in ob for at least 3 years.
• For cases where income is considered for loan against property, the age of the applicant should be at least 23 years and a maximum of 65 years or retirement age, whichever is less at time of maturity of loan.
• For cases where income is not considered for eligibility, applicant must be minimum of 18 years of age and maximum of 70 years. All loans should be liquidated before the borrower turns 85 years.
• Maximum loan amount up to 85% of the market value of the property is allowed as loan against property.
• The loan must be repaid in maximum of 15 years.
• The applicant should have a good banking track record and a healthy credit score.

The interest rate on Yes Bank Loan Against Property is charged at floating rates. The rates as on Oct 1, 2019 is set at 10.50% p.a.

Additional Reading: Cibil score check free online by pan number

Yes Bank offers loan against property under 3 heads. The features and key points of all 3 schemes are as under:

Loan Against Property:

Lease Rental Discounting

Lease Rental Discounting is a term loan facility. It is a collateral backed loan. It is offered against rental income received by applicant leased out properties and contracts. The lease rental discounting loan against property is offered depending upon the market value of a property and the discounted value of rentals.

The main features of this loan are:

Drop-Line Overdraft Facilities Against Property

Drop-line Overdraft facility is an overdraft facility backed by collateral security i.e. a property. It comes with a monthly limit drop and fixed repayment tenure. The interest is paid only on the amount which is withdrawn and utilized.

When you take a Yes Bank loan against property, you enjoy the following benefits:

• Option to go in for different types of loan against property.
• You avail secure loan in a quick and hassle-free manner.
• Enjoy lowest rate of interest on loan against property @ 10.50% p.a.
• Avail balance transfer facility to transfer outstanding balance of the existing loan to a low rate of interest option.
• No hidden charges.
• Flexible repayment option.
• Owner enjoys ownership rights even upon non-repayment of loan. The property will not be attached by the bank. Instead, the borrower will sell off the property to repay the outstanding bank loan and utilize the remaining funds for personal use.

The other charges for Yes Bank Loan Against Property are as under:

Follow the link for: Cibil Login Registration

Customers need to submit the following documents when applying for a loan against property.

Salaried Employees

For Self-Employed

The EMI calculator for Loan Against Property available on MyMoneyMantra is not only easy to use but also promises accurate results. The portal brings together all the information required to calculate loan eligibility on a single screen. MyMoneyMantra also allows users to compare the information closely before taking the final call. One can also compare fine details like current interest rates, processing fees, pre-payment charges from various lending institutions, all on one portal.

The Loan Against Property calculator helps you adjudge your loan eligibility. Loan seekers must also ascertain the EMI amount. The calculation can be done through these simple steps:

• Log in to the website mymoneymantra.com
• Navigate to the financial tool tab and choose EMI calculator link from the drop down menu.
• Enter the information for loan amount, rate of interest and loan tenure.
• Upon submitting the information the EMI amount to the corresponding inputs will appear on the screen.
• Make changes to the three parameters to reach the best-fit EMI amount.
• Check loan eligibility and apply for the Yes Bank loan against property directly through MyMoneyMantra.

A representative will further assist you until the loan amount is disbursed.

Also Check: CIBIL Defaulters List