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Yes Bank Home Loan Eligibility

YES Bank home loan eligibility is ascertained using age, income, property value, credit score and repayment capacity of the borrower. Easy and simple, YES Bank home loan eligibility conditions maximise customer convenience. Add co-applicants to increase your YES Bank home loan eligibility. Check your YES Bank home loan eligibility to get unmatched home loans at affordable interest rates.

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Yes Bank Home Loan Eligibility in India

Eligibility CriteriaYes Bank Home Loan
Eligible Age of Borrower18 - 70 years
Minimum Eligible Income₹ 25,000 and above
Work Experience for Salaried3 years
Business Stability for Self Employed3 years

Yes Bank Home Loan Eligibility based on Salary

Yes Bank places a lot of prominence on your current income for obvious reasons. Minimum monthly income requirement is Rs 20,000 to apply for Yes Bank Home Loan. The loan amount is approved as per income and property value.

Yes Bank Home Loan Eligibility Based on Age

Your age is a very significant factor when applying for a Home Loan. Lenders want to be sure that you will be healthy and active to repay the loan for as long as the contract lasts. Even if you are below the maximum age of 60, they may decline your request if you are requesting for a longer tenure that will take you past the age of 70 years and above in repayment. The younger you are, the longer tenure option you can opt for. In addition to that, only applicants who are 21 years and above are eligible to apply.

Yes Bank Home Loan Eligibility based on the Value of the Property

Yes Bank will offer your Home Loan for up to 90 % of the property value. Properties up to Rs 30 Lakhs, will get financing up to 90%, properties ranging between Rs 35 to Rs 75 Lakhs will get funding for 80% and properties above Rs 75 lakh will get loans for 75% of the value. The remaining margin needs to be borne by the borrower’s own funds.

Yes Bank Home Loan Eligibility Based on CIBIL Score

To qualify for Yes Bank Personal Loan, you should have a credit score of 650 or above. You can build good score by repaying your loan EMIs and Credit Card bills in time. 

Yes Bank Home Loan Eligibility Based on FOIR

FOIR is Fixed Obligation to Income Ratio i.e. debt to income ratio. Yes Bank will assess your current loans and obligations as proportion to your present Income/ Salary before approving the loan. The FOIR is evaluated to ensure sound repayment capacity of the borrower. This helps lender to know the customer’s risk premium.

Yes Bank Home Loan Eligibility for Women

The eligibility criteria for women applicants are the same as other applicants, except for the concession of 05 basis points.

Yes Bank Home Loan Eligibility for Co-Applicant

If your income is low or you believe that you will not be able to comfortably repay the EMI, you may consider applying with a co-applicant. Doing so will increase your income eligibility since the debt burden will be shared by you and your partner. Yes Bank only accepts parents, children, and spouses as co-applicants. It is recommended to add a co-borrower having good income, low debt obligation and sound credit rating. 

Eligibility Criteria for Different Yes Bank Home Loan Schemes

There are two types of Yes Bank Home Loans: YES KHUSHI - Affordable Home Loan and Regular Yes Home Loans. Further these loans are categorised into following five different types:

Home Purchase Loan: This loan can be availed to the purchase a new home or property.

Home Improvement Loan: This Home Loan variant can be availed for repair and renovation of your existing home.

Home Loan Top-up: This loan can be availed by the eligible existing Home Loan customers to help them secure additional funding at existing Home Loan interest rates along with existing Home Loan on the same property.

Home Loan Transfer: This loan helps existing Home Loan customers to balance transfer their Home Loan from other banks or Housing Finance Companies to Yes Bank.

Home Loan for Self Employed: This tailor-made Home Loan is made for self-employed professionals and non-professionals.

You need to fufil basic eligibility guidelines pertaining to age, income, CIBIL Score, repayment capacity to get approved for all these categories. 

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Yes Bank Home Loan Eligibility FAQs

Is Yes Bank Home Loan only for the purchase of a new property?

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No, it is not. As a borrower, you can acquire Home loan for various reasons. You can use the loan to:

  • Purchase a new or existing property
  • Construct a house
  • Repair and extend an existing property
  • Renovation includes repainting, repairs, and purchase of furniture among other needs.

Can I switch from a fixed to a floating interest rate for a Home Loan?

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Yea, you can. To switch from a fixed interest rate to a floating interest rate, a nominal fee of 0.5% will be charged on the remaining principal sum. However, if you wish to switch from existing MCLR to repo linked loan, you will be charged for that as well.

 

Must I visit a Yes Bank Branch to apply for a Home Loan?

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No. While applicants are free to visit the nearest Yes Bank branch closest to them, they can also order for a doorstep service free of charge. Through this service option, applicants can enjoy personalized services from Yes Bank' agents from the comfort of their homes.

Are there any tax benefits associated with this loan?

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Yes, there are tax benefits to be gained. You can avail interest rate tax deductions, which will reduce your taxable income based on the interest amount on the loan. You are eligible to enjoy tax benefit on repayment of principal sums under Section 80C & on interest repayment u/s 24. Do note that the maximum amount you can claim under this privilege is pegged at Rs 1.5 Lakhs & Rs 2 Lakhs respectively.

Do co-owners have to be co-applicant for a Home Loan?

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Yes, all co-owners must be co-applicants for the loan. Applicants often apply for loans jointly so as to enhance their income eligibility. This only works if the monthly income and employment status of both applicants suits Yes Bank' Home Loan guidelines for joint applications.

What does a Pre -EMI interest mean?

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Before the final disbursement of funds and the commencement of EMI on the part of borrowers, they are required to only pay interest on the sum they have received. The interest they pay is what is known as pre-EMI interest rate. It is paid monthly starting from the date each principal sum is disbursed up until the commencement of EMI payments.