Yes Bank Loan Against Property - First Attempt Financial Solutions

Yes Bank
Loan Against Property

Apply for Yes Bank Loan Against Property to avail hassle free funding up 5
crore against residential, commercial, school, industrial & warehouse units for
extended tenure up to 15 Years. By applying online you can lock the lowest
Yes Bank LAP interest rate @ 8.85% p.a and get flexible repayment options.
Other customised terms include drop line overdraft (OD), higher eligibility
amount & multiple balance transfer benefits.

A loan against property is an advance wherein a property is mortgaged to avail the loan. The funds received from availing a loan against property can be utilised for any purpose provided it should be of speculative nature. The money can be used to upgrade business, fund personal need like medical expenses, education, marriage or vacation. The borrower is not required to submit an end-use certificate. The property which is set as collateral remains mortgaged with the bank until the loan is liquidated in full. The repayment of the loan against property is made through EMI i.e. Equal Monthly Instalments.

Tip: Check free cibil score before applying for a loan

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 ob 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.

The interest rate on Yes Bank Loan Against Property is charged at floating rates. The rates as on Oct 1, 2019 is set at 10.50% p.a.

Additional Reading: Cibil score check free online by pan number

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 against property can be availed for business or personal needs. It can be used for purchase, extension of property, education, medical expense, wedding, vacation, etc. Borrower is not required to submit an end-use certificate. Borrower cannot use the proceeds for trading or speculation purpose
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 10.50% p.a.
Loan Tenure	Maximum of 15 years are 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	4% of the outstanding principal amount is charged to foreclose a loan against property. Foreclosure is not allowed within 12 months from the date of loan disbursal

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 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 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	4% of the outstanding principal amount is charged to foreclose a lease rental discounting loan against property. Foreclosure is not allowed within 12 months from the date of loan disbursal

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 interest 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 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	4% of the outstanding principal amount is charged to foreclose a lease rental discounting loan against property. Foreclosure is not allowed within 12 months from the date of loan disbursal

When you take a Yes Bank loan against property, 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 @ 10.50% 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.

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 @ 5,000 per quarter for overdraft limit up to 1 crore 7,500 per quarter for limit between 1 to 3 crore 10,000 per quarter for limit above 3 crore.
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

Follow the link for: Cibil Login Registration

Customers need to submit the following documents when applying for a loan against property.

Salaried Employees

Proof Of Identity	Passport size photograph of the applicant Passport Dving License Aadhar Card PAN Card Voter ID Form 60/61 Ration Card
Proof Of Residence	Telephone Bill Electricity Bill Property Tax Receipt Passport Voter ID Utility bill should not be older than 3 months
Proof Of Income	Latest Income Tax Return 3 latest salary slip Form 16 for last 2 years bank statement proof of signature
Property Ownership Documents	conveyance deed allotment letter sale deed latest property tax receipt approved building plan title deed documents for 30 year proof of title in Revenue Records possession letter power of attorney copy of the approved plan of construction or extension occupancy certificate
Proof Of Banking Record	In case of existing and ongoing loans, 6 month bank account statement

For Self-Employed

Proof Of Identity	Passport size photograph of the applicant Passport Driving License Aadhar Card PAN Card Voter ID Form 60/61 Ration Card
Proof Of Residence	Telephone Bill Electricity Bill Property Tax Receipt Passport Voter ID Utility bill should not be older than 3 months
Proof Of Income	Last 2 years IT return with computation of income Audited balance sheet Audited profit & loss account (attach tax audit report if applicable) Proof of turnover vide latest sales Service tax returns
Property Ownership Documents	conveyance deed allotment letter sale deed latest property tax receipt approved building plan title deed documents for 30 year proof of title in Revenue Records possession letter power of attorney copy of the approved plan of construction or extension occupancy certificate
Proof Of Banking Record	In case of existing and ongoing loans, 6 month bank account statement

The EMI calculator for Loan Against Property available on fastmudra.in 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. fastmudra.in 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, pre-payment charges from various lending institutions, all on one portal.

The Loan Against Property 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 websitehttp://www.fastmudra.in
Navigate to the financial tool tab and choose EMI calculator link from the drop down menu.
Enter the information for 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 loan against property directly through fastmudra.in

A representative will further assist you until the loan amount is disbursed.

Also Check: CIBIL Defaulters List

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Pre-Approved ICICI Loan Against Property @8.35% p.a

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.

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