Yes Bank Loan Against Property
Last Updated : Nov. 17, 2016, 5:37 a.m.
About Yes Bank Loan Against Property
Loan against property is a medium to avail huge loan amount by using your commercial or residential property. Yes Bank is one of the best loan against property provider with the multi-purpose loan facility and low-interest rates, the fear of taking a loan just fades away.
Loan Against Property
Yes Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 12.00% - 16.00% |
| Loan Amount | ₹ 15 Lakhs to ₹ 7.5 Crores |
| Tenure | 1 year to 15 years |
| Processing Fee | 1% of the loan amount |
| Foreclosure Charges | Up to 4% of the outstanding loan |
How to Apply for Yes Bank LAP
The procedure to apply for loan against property from Yes Bank can be described in 3 simple steps:
- Fill up the application form
- Keep documents ready as per the eligibility criteria
- Submit all the documents at the nearest bank branch
Yes Bank Loan EMI Calculator
In today’s time, money-management is a tough task with increasing expenses day-by-day. Particularly, when we are applying for a loan , we must know how much are we going to pay each month and in total, after the completion of the tenure period.
For example, if you are taking a loan against property for the loan amount of ₹ 15,00,000/- at an interest rate of 10% per annum for the tenure period of let’s say 15 years, the EMI per month comes out to be ₹ 16,119. With the help of EMI calculator, you can know the details about the total interest amount and the total amount (principal + interest) as per the chosen interest rate and loan amount. For detail information, refer to the below-given table:
Table for EMI per month, Total Interest Outgo and Total Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 45,475 | ₹ 1,47,953 | ₹ 14,54,524 |
| 2 | ₹ 50,237 | ₹ 1,43,191 | ₹ 14,04,286 |
| 3 | ₹ 55,498 | ₹ 1,37,931 | ₹ 13,48,788 |
| 4 | ₹ 61,309 | ₹ 1,32,119 | ₹ 12,87,478 |
| 5 | ₹ 67,729 | ₹ 1,25,699 | ₹ 12,19,749 |
| 6 | ₹ 74,821 | ₹ 1,18,607 | ₹ 11,44,927 |
| 7 | ₹ 82,656 | ₹ 1,10,772 | ₹ 10,62,271 |
| 8 | ₹ 91,311 | ₹ 1,02,117 | ₹ 9,70,959 |
| 9 | ₹ 1,00,873 | ₹ 92,556 | ₹ 8,70,086 |
| 10 | ₹ 1,11,435 | ₹ 81,993 | ₹ 7,58,650 |
| 11 | ₹ 1,23,104 | ₹ 70,324 | ₹ 6,35,545 |
| 12 | ₹ 1,35,995 | ₹ 57,433 | ₹ 4,99,550 |
| 13 | ₹ 1,50,235 | ₹ 43,193 | ₹ 3,49,314 |
| 14 | ₹ 1,65,967 | ₹ 27,461 | ₹ 1,83,346 |
| 15 | ₹ 1,83,479 | ₹ 10,082 | ₹ 0 |
Eligibility Criteria
The eligibility to apply for loan against property at Yes Bank as per the category are as follows:
For Salaried Individuals:
- Minimum Income should be ₹ 3 lakhs Per Annum
- Minimum age of the loan applicant is 23 years if the income is considered and 21 years if the income is not considered
- Maximum age of the applicant is 60 years if the income is considered and 70 years if the income is not considered
- Minimum 6 months of experience in current employment
- Total 3 years of work experience
For Self-employed Individuals:
- Minimum Cash profit of ₹ 4 lakhs Per Annum
- Minimum Turnover:
- ₹ 15 lakhs per annum for service providers/commission income
- ₹ 10 lakhs per annum for doctors
- ₹ 60 lakhs for non-service providers
- Minimum age of 23 years if the income is considered and 21 years if the income is not considered
- Maximum age of 65 years if the income if considered and 70 years if the income is not considered
- Minimum 3 years of experience in business/profession
Documents Required
The list of documents that you need to have at the time of loan are as follows:
| Category | Salaried | Self-employed/Professional/Partnership/Company |
|---|---|---|
| Application Form | Loan application form | Loan application form |
| Photos | 2 Passport size photographs | 2 Passport size photographs |
| Identity Proof | Passport Voter ID Driving License Job Card NREGA Adhaar Card PAN Card Registration Certificate | Passport Voter ID Driving License Job Card NREGA Adhaar Card PAN Card Registration Certificate |
| Address Proof | Passport Voter ID Driving License Job Card NREGA Adhaar Card Registration Certificate | Passport Voter ID Driving License Job Card NREGA Adhaar Card Registration Certificate Office Address Proof |
| Income Proof | Last 2 salary slip and IT Returns Form 16 for last 2 years | Last 2 years IT Returns with computation of income Audited balance sheet and Profit & Loss account including tax audit report if applicable Proof of turnover vide latest sales/service tax returns |
| Other Income Proof | Rental receipts or documents showing receipt of income | Rental receipts or documents showing receipt of income |
| Other Details | Signature of the applicant/s | Signature of the applicant/s |
| Property Documents | Copy of Title documents showing receipt of income | Copy of Title documents showing receipt of income |
Yes Bank Loan Application Form
The details that are mandatory to be filled in the application form are as follows:
- Name of the applicant/s
- Address proof
- Birth certificate
- Income proof
- Business proof
- Purpose of loan
- Processing fee
- Repayment mode
- Tenure period
Yes Bank Loan Against property Interest Rates
The interest rates applicable on loan against property from Yes Bank depends on the loan borrower and his/her profile. The interest rates are fixed as well as floating as per the bank’s policies.
Yes Bank Mortgage Loan Processing Fee
The processing fee on loan against property or mortgage loan is 1% of the loan amount.
Features & Benefits
Some of the main advantages of taking LAP from Yes Bank are as follows:
- Low-interest rates
- Longer tenure
- Low processing fees
- Quick loan approval
- High loan amount
- Multi-purpose loan
- Minimal documentation