Yes Bank Loan Against Property
Apply for Yes Bank Loan Against Property to avail hassle free funding up to 15 crores against residential, commercial, school, industrial & warehouse units for an extended tenure of up to 15 Years. By applying online you can lock the lowest Yes Bank LAP interest rate @ 8.85% and get flexible repayment options. Other customized terms include drop line overdraft (OD), higher eligibility amount & multiple balance transfer benefits.
Apply for YES Bank Loan Against Property @ 9.00% Interest Rates
Yes Bank (Mortgage) Loan Against Property Details
| Loan Amount | Rs. 15 Crore |
|---|---|
| Rate of interest | 8.85% onwards |
| Tenure | Up to 15 Years |
| Age Limit | 18 - 70 Years |
| Processing fee | Up to 2% of the sanctioned loan amount (subject to a minimum of Rs 10,000) |
| Minimum Annual Income Required |
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| Loan to Value (LTV) Ratio |
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You can also check the Documents required for the Mutation of Property Online.
Yes Bank Mortgage Loan Interest Rate
The Yes Bank Loan against Property Interest Rate depends upon various factors as mentioned below:
- Income: If the income of the applicant is higher, then the yes bank lap rate of interest is lower. This is because the applicant is more reliable when it comes to repaying the EMI each month.
- CIBIL score: A score is provided based on your financial transactions and repayments towards your loans and credits. A higher credit score shows that the customer has better financial health. As a result, he is expected to have better repayment capacity.
- Current employment status: Salaried individuals enjoy a lower yes bank lap loan interest rate when compared to self-employed individuals. This is because the income for salaried individuals is fixed each month. However, with self-employed individuals, fluctuations are expected. There are other factors like the profitability of the business and the experience of the individual in their industry that are taken into consideration while fixing the interest rate for the loan.
Compare Loan Against Property Interest Rates for Top Banks
Below is the comparison of Yes Bank mortgage loan interest rate with loan against property interest rates of other lenders. You can compare the rates offered by different lenders to choose the best option:
| Name of the Lender | Interest Rate (% p.a.) |
|---|---|
| YES Bank | 8.85% |
| State Bank of India | 10.10% - 11.65% |
| LIC Housing Finance | 9.70% - 11.55% |
| IDFC First Bank | 9.00% - 20.00% |
| Federal Bank | 11.15% - 14.80% |
| Home First | 12.80% - 18.50% |
| HDFC Bank | 9.50% - 11.00% |
| Kotak Mahindra Bank | 9.50% - 10.50% |
| PNB Housing Finance | 9.00% |
| Bank of Baroda | 10.85% - 16.50% |
| ICICI Bank | 10.60% - 12.25% |
| Tata Capital | 9% |
| Bajaj Housing Finance | 9% - 14% |
Advantages & Charges of Taking Yes Bank Loan Against Property
When you take a Yes Bank property loan, 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 @ 8.85% 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.
- The 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:
| Type of Fee/Charge | Fee/Charge Amount | ||
|---|---|---|---|
| Term Loan | Lease Rental Discounting | Drop-Line Overdraft | |
| Stamp duty | Actual and as applicable as per State law | ||
| Login Fees | Upfront, one time maximum of 10,000 | ||
| Account Maintenance charges | NIL | One time 10,000 | 5,000 p.a. |
| Non Utilization of Limit | NA | NA | Overdraft below 40% of the allowed limit will be charged @
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| Late Payment Charges | 2% per month on overdue amount | ||
| Duplicate No Due Certificate/NOC | 100/- + GST per request | ||
| Cheque bounce charges | 750/- + GST per instance | ||
| Cheque swapping charges | 500/- + GST per instance | ||
| Loan cancelation charges | 5000 per instance | ||
| Repossession charges | On actual | ||
| Switching fees (higher floating interest rate to lower floating rate) | 0.50% on the outstanding balance | ||
Yes Bank Loan Against Property Eligibility
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 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.
Documents required for Yes Bank Loan Against Property
Customers need to submit the following documents required for loan against property when applying.
Salaried Employees
| Proof Of Identity | Passport size photograph of the applicant
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| Proof Of Residence |
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| Proof Of Income |
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| Property Ownership Documents |
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| Proof Of Banking Record | In case of existing and ongoing loans, 6 month bank account statement |
For Self-Employed
| Proof Of Identity |
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| Proof Of Residence |
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| Proof Of Income |
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| Property Ownership Documents |
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| Proof Of Banking Record | In case of existing and ongoing loans, 6 month bank account statement |
Types of Yes Bank Loan Against Property
Yes Bank offers loan against property under 3 heads. The features and key points of all 3 schemes are as under:
Loan Against Property
| Purpose of Loan |
|
| Loan Amount | Up to 85% of the market value of the property is allowed as loan against property |
| Rate of Interest | Yes Bank issues loan against property interest rate starting from 8.85%expenses p.a. |
| Loan Tenure | A maximum of 15 years is allowed as a loan term for loan against property |
| Security | The property against which the loan is sought is set as collateral and is mortgaged with the bank until the loan is repaid in full. |
| Processing Fee | Maximum of 2% of the sanctioned loan amount, subject to a minimum of 10,000. |
| Prepayment Charges | No fee is charged in case a loan against property is prepaid. |
| Foreclosure Charges |
|
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 The main features of this loan are:
| Purpose | The loan availed under lease rental discounting can be used for business expansion, working capital inflow, renovation of interiors, purchase of commercial property, or any personal or business need. The purpose should not be speculative in nature. |
| Quantum of loan | The maximum loan amount available under lease rental discounting is up to 10 Crores. However,a the it can go up to 15 Crores subject to lessee profile and other internal policy terms and conditions. |
| Margin | A margin of 20% on the net present value of future rentals and 50% on the market value of the property. |
| Repayment Tenure | The loan should be repaid in maximum of 7 years. |
| Rate of Interest | A competitive rate starting at 10.50% p.a. |
| Security | The property in question must be set as a collateral security with the bank. The property can be residential or commercial. |
| Processing Fee | Maximum of 2% of the sanctioned loan amount, subject to a minimum of 10,000. |
| Prepayment Charges | No fee is charged in case a loan against property is prepaid. |
| Foreclosure Charges |
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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 yes bank od limit interest rate is paid only on the amount which is withdrawn and utilized.
| Purpose | The funds availed from Drop-line Overdraft facility can be utilized for any personal or business need. |
| Quantum of Loan | The overdraft limit is set and can be renewed every year. The entire amount is not disbursed in one go. The maximum loan amount depends on the value of the property. |
| Repayment Tenure | Drop-line overdraft facility is a running account which is renewed every year. However, the maximum tenure is up to 15 years |
| Rate of Interest | A competitive rate starting at 8.85% p.a. |
| Security | The property in question must be set as a collateral security with the bank. The property can be residential or commercial. |
| Processing Fee | Maximum of 2% of the sanctioned loan amount, subject to a minimum of 10,000. |
| Prepayment Charges | No fee is charged in case a loan against property is prepaid. |
| Foreclosure Charges |
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How to use MyMoneyMantra Loan Against Property EMI Calculator?
The Loan Against Property EMI Calculator 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, and pre-payment charges from various lending institutions, all on one portal.
The yes bank loan against property EMI 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 the Loan EMI calculator link from the drop down menu.
- Enter the information for the 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 property loan directly through MyMoneyMantra.
A representative will further assist you until the loan amount is disbursed.
Yes Bank Loan Against Property FAQs
The interest on drop-line overdraft facility is charged only on the amount withdrawn/utilized and only for the time period for which it is utilized and remains unpaid. Interest is calculated on a daily reducing balance and is charged on a monthly basis.
Customers can avail Yes Bank loan against property. The same can be repaid in a minimum of 1 year and a maximum of 15 years.
Yes Bank charges a rate of interest that is linked to Marginal Cost of Lending Rate (MCLR) applicable on the date of loan approval and disbursal. Currently Yes Bank charges a rate of interest of 8.85% p.a. for loan against property. You can also check Yes Bank MCLR Online.
Yes Bank allows minimum funding up to 70% of the cost of residential property and 60% of the cost of the commercial property as principal amount. The margin amount can go up to 85% and 75% of the cost of residential and commercial property, respectively. Yes Bank Loan Against Property requirements can be fulfilled by checking online through MyMoneyMantra.
The Yes Bank offers loans against property amounts up to 70% of the market value of the property. However, doctors are eligible to get a loan amount of up to 75% of their property value. You can check Yes bank Loan Against Property limit by submitting your PAN details to the bank executive.