Yes Bank Loan Against Property Highlights 2024 |
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Interest Rate | Depends on the lender’s risk assessment of a borrower, quality of collateral and borrower’s income assessment. |
Loan Amount |
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Loan Tenure | 1 – 15 years |
Loan to Value (LTV) Ratio |
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Processing Fees | Up to 2% of the sanctioned loan amount (subject to minimum of Rs 10,000) |
Minimum annual income |
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Note: Interest rates as of 11th June 2024
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Table of Contents
Yes Bank Loan Against Property Interest Rates
The Yes Bank Loan Against Property interest rates depend on the bank’s risk assessment of a borrower, quality of collateral and borrower’s income assessment. Yes Bank offers a moratorium program for interest servicing for up to 2 years.
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
Name of the Lender | Interest Rate (% p.a.) | |
State Bank of India | 10.00-11.30 | |
Bank of Baroda | 10.85-18.60 | Apply Now |
PNB Housing Finance | 9.25-15.00 | Apply Now |
IDFC First Bank | 9.00-16.50 | Apply Now |
HDFC Bank Limited | 9.50-11.00 | Apply Now |
L&T Housing Finance | 9.50 onwards | Apply Now |
LIC Housing Finance | 9.50-11.55 | Apply Now |
Godrej Housing Finance | 9.75 onwards | Apply Now |
ICICI Bank | 10.85-12.50 | Apply Now |
Tata Capital | 9.00 onwards | Apply Now |
Axis Bank | 10.50-10.95 | Apply Now |
Punjab National Bank | 10.40-12.75 | Apply Now |
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Also Check: Loan Against Property EMI Calculator
Yes Bank Loan Against Property Fees and Charges
The processing fees and other changes for availing Yes Bank Loan Against Property are mentioned below:
Processing Fees
Particulars | Rates |
Processing fees | Up to 2% of the sanctioned loan amount (subject to minimum of Rs 10,000) |
Login Fees | Up to Rs 10,000 |
Prepayment Fees
Particulars | Rates |
Prepayment charges | Nil (if both primary & co-applicants for the loan are individuals) |
Part prepayment charges |
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Foreclosure charges |
Note: Principal Outstanding for Term Loans & LRD is principal balance at the time of making prepayment/foreclosure request including any amount part prepaid in the same financial year that is uncharged (if any). For DOD loans, principal outstanding refers to current drawing limits while making such a request for closure. |
Other Charges
Particulars | Rates |
Account maintenance charges |
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Commitment charges for non-utilisation of limits |
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Conversion / Switch fees to External Benchmark Rate (EBR) of the bank for floating rate loans |
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Overdrawn limits |
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EMI cycle date change request |
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Stamp duty and other statutory charges |
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NESL charges (fee per LAN) |
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Loan cancellation charges |
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Late payment fees/Penal interest rate |
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Cheque/EMI bounce charges |
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Repayment mode (Cheque/ECS/NACH/SI) swap charges |
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Statement of account/Amortisation schedule (physical mode or via branch) |
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Duplicate NOC |
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Prepayment/Foreclosure statement charges |
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Document retrieval charges |
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List of title documents |
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Types of Yes Bank Loan Against Property
Yes Sampoorna Micro LAP
Yes Bank offers Sampoorna Micro LAP loans (starting from Rs 5 lakh for salaried and Rs 10 lakh for self-employed) against residential (self-occupied), commercial or industrial property and for purchase of commercial and industrial property.
- Loan Amount: Rs 5 lakh to Rs 1 crore
- Tenure: 1 to 15 years
- Eligible properties: Fully constructed residential, commercial & industrial properties along with Freehold / Govt. Leased properties (having permission to mortgage) with a clear & marketable title
- Loan to Value Ratio: Up to 70% for a residential & up to 50% for commercial property
- Funding to NRI profile under salaried assessment: A salaried borrower working as an offshore merchant Navy will be treated as NRI. The NRI salaried individual has to adhere to the below conditions to get funding from the bank:
- Obtain HR confirmation from their foreign employer
- Furnish bureau record for the foreign country wherever applicable
- Have a Non-Financial co-applicant/guarantor (the guarantor must be residing in RB(A) approved locations.
- Property Insurance:
- For residential properties, the insurance cover must be at least 5 years
- For commercial properties, the borrower must renew insurance cover annually or as per the bank’s prevailing policies
Loans against residential, commercial, industrial properties and warehouse:
This facility is available both as a pure term loan and as a drop-line overdraft facility. Drop-line overdraft is a fund based credit limit sanctioned to a customer that they can use as per necessity. It also comes up with a monthly limit drop for a fixed tenure of up to 15 years. The Loan to Value Ratio is up to 85% on residential & up to 75% on commercial properties.
Loan for purchase of commercial property:
This facility is available for loan applicants looking to mortgage their existing property for buying a commercial property. The Loan to Value Ratio for this LAP product is up to 85% on residential & up to 75% for commercial properties.
Loan against rent receivables:
This loan facility is offered against the monthly rental income of LAP applicants derived from their leased out warehouse or commercial properties. The maximum loan amount offered for Loan against rent receivables is up to Rs 15 crore. The Loan to Value Ratio for Loan against rent receivables is up to 85% on residential & up to 75% on commercial properties.
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Eligibility Criteria for availing Yes Bank Loan Against Property
The Loan Against Property Eligibility Criteria for availing Yes Bank LAP are as follows:
For Salaried
- Minimum annual income: 3 lakhs
- Age criteria:
- When income is considered for eligibility: 23 – 65 years/retirement age (whichever is lower at loan maturity)
- When income is not considered for eligibility: 18 – 70 years (at loan application/85 years (at loan maturity)
- Applicant should be employed for at least 3 years (2 years for Yes Sampoorna Micro LAP)
For Self-Employed
- Minimum cash profit: Rs 4 lakh p.a.
- Minimum turnover:
- 15 lakhs p.a. (for commission income/service providers)
- 10 lakhs p.a. (for doctors)
- 60 lakhs (for non-service providers)
- Age criteria:
- When income is considered for eligibility: 23 – 65 years/retirement age (whichever is lower at loan maturity)
- When income is not considered for eligibility: 18 – 70 years (at loan application/85 years (at loan maturity)
- Applicant should be in the current profession/business for 3 years (For Yes Sampoorna Micro LAP, business proof of minimum 3 years is required with stability at the same address for at least 2 years)
- The properties eligible under Yes Bank LAP include freehold, govt. leased properties with a clear and marketable title (including industrial and warehouse properties). Some of the properties ineligible for funding under the LAP scheme include:
- Properties with ownership via power of attorney
- HUF/minor co-owned property
- Agricultural property/Independent Land Parcel/Farmhouse/Pagri property/Wakf/Theatre
- Hotel(Lodging & Boarding)/Hospital/School/Hostels
- Properties in Malls
- Properties in Villages/Slums/Lal Dora/Sitting Chawls or Multi Tenant Properties
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Documents Required for Yes Bank Loan Against Property
The documentation required for availing Yes Bank Loan Against Property is mentioned below:
- Duly filled application form
- Photocopies of identity proof (with photograph): PAN card/Driving license, Voter’s ID/Passport/Ration card/Aadhaar card, Form 60/61
- Address Proof (residential and office): Voter’s ID/Driving License/Ration card/Passport/Aadhaar card/registered lease agreement with utility bills in the owner’s name (not older than 3 months)
- Income proof: For salaried applicants – Latest 3 salary slips & IT return for latest year/Form 16 for last 2 years
- Proof of signature
- For Self-employed applicants: IT returns of last 2 years with computation of income, audited profit & loss account and balance sheet including tax audit report (if applicable), and proof of turnover vide latest service/ sales tax returns
- Retail SME enterprises/Self-Employed businessmen – IT Returns of last 2 years with computation of income, audited profit & loss account and balance sheet
- Proof of Identity and Signature
- Income Documents:
- For Salaried: Last 2 salary slips and Form 16/IT Returns for last 2 years
- For Self Employed Professionals: Last 2 year IT Returns with computation of income, audited Profit & Loss account and Balance Sheet including tax audit report, if applicable, and proof of turnover vide latest sales/service tax returns
- Self Employed Businessmen/Retail SME Enterprises: Last 2 year IT Returns with computation of income, audited Profit & Loss account and Balance Sheet