Various factors are affecting Yes Home Loan Eligibility. After understanding the areas that proclaim you as a reliable borrower.

Credit Score: This is the most critical factor and is similar to a character certificate as far as financial management is concerned.  The credit score is assessed based on your repayment pattern, the type of loan availed, your credit card dues, and existing loans. 750 and above is considered a healthy score, and the lender will be convinced that you are a low-risk borrower. Hence, manage your credit score to scale up your eligibility.

Existing loans: Existing loans are not the concern. But the repayment pattern is. If the repayments of the existing loans are regular and there are no overdue in any of the accounts, the lender will be assured of recovering the loan provided. With a good repayment history, you have bright chances of getting a higher loan quantum at lower interest rates.

Employment: To be recognized as a reliable borrower, a steady income is required. Suppose you are employed with State or Central Government Departments, Public  Sector undertakings, MNCs or Reputed Companies. In that case, you are deemed to be having a steady income, and the chances of loan approval with a considerably high quantum will be high. Likewise, if you are self-employed with an established business rendering stable income, you will be a favorable candidate for the Yes Bank Home Loan.

Age: The number of years of service left will be a concern while assessing a home loan—the reason being the availability of steady income. A home loan applied for during the initial years of your career is a good step as you will be eligible for a higher quantum, and you can be sure of getting a faster approval. Also, the EMI will be affordable as you can choose a longer tenure, enabling a prompt repayment.

Property and Loan to Value Ratio: A home loan is provided against the security of the property to be purchased or constructed.  The lenders will be concerned about the marketability of the property as it is the only recourse in case the borrower defaults on the loan.  If the market value of the property is higher, then the quantum will also be higher.  The scope for home loan approval improves with the down payment that will be made. If the down payment is higher, you may even be eligible for a home loan at a very negotiable rate of interest.

Income: The eligible loan amount is directly proportionate to your income. Depending on the city you reside in, a minimum income is fixed to qualify for the home loan. You will be eligible for a Yes Bank home loan between Rs. 10.00 lakhs to Rs. 5.00 Crores.

Also Read - What is Top-up Loan? Should You Avail One?

Before applying for a Yes Bank Home Loan, check your eligibility with the help of the Yes Bank EMI Calculator. If you are not satisfied with the results, check on the area of concern and work on improving the particular factor to get the amount desired. Here are some of the areas you will need to work on if you have to improve your home loan eligibility.

Credit Score: A credit score of 750 and above is what is required to be eligible for the home loan. A higher score will fetch you a better quantum of loan and at a nominal rate of interest as you will be a sought after borrower owing to positive credit history. If your score is not up to the mark, work on improving the score by clearing all the overdue and closing some of the existing loans if required.  Start paying the existing EMIs and credit dues on time to improve the credit score. 

If the decline in the credit score is due to some discrepancies, then get it sorted by contacting the support group of the credit bureau and the existing lender. The issues should be sorted out before you approach Yes Bank for a home loan.

Income: If your income is not adequate to fetch the desired loan amount, you can get a higher amount by disclosing other sources of income like rental income, interest on fixed deposits, income for investments like shares, mutual funds, etc. You can also include a co-applicant who has a stable income with a good credit score.

Tenure:  If the EMI, fixed in proportion to your net income to fit into the FOIR ratio, does not provide you with an adequate loan amount, you can choose a longer tenure to lower the EMI and be eligible for a higher loan amount.

Yes Home Loan Documents Required are as mentioned  below:

• Aadhar Card (not mandatory for Non-Resident Indians
• Duly filled home loan application with passport size photographs
• KYC Documents
  • Address Proof
  • Photo Identity Proof
  • Signature Proof

• Pan Card or Form 60
• Income Proof for Salaried Individuals
  • Latest Salary slips
  • Last two years IT Returns
  • Form 16
  • Salary account’s six months bank statement
• Income Proof for the Self-Employed
  • Audited Financials for the last 2 years along with tax audit report wherever applicable
  • Last two years IT Returns
  • Operative account’s six months bank statement
  • Turnover proof via GST Returns.

• Qualification Proof for Self-Employed Professionals.
• Partnership Deed in the case of Partnership Firms
• Additional Documents in the case of  Pvt Ltd Companies
  • Memorandum of Association
  • Articles of Association
  • List of the company's shareholders and Directors

• Copy of Property Documents

Additional Reading: CIBIL Score Required for Home Loan