Do you have need for funds that you may not be able to source from your savings? Then loan perhaps would be the best way for you to go forward. And if you have property against which you can raise a loan then nothing could be better. Loan against property is a secured loan and therefore bankers and lenders are more than willing to extend this kind of loan. Borrower must also try and negotiate better terms, conditions and repayment structure when raising loan against such a mortgage. YES Bank offers a wide array of loans and their loans against property are quite popular.
YES BANK is India’s fifth largest private sector Bank led by a highly competent top management team that strives to establish a high quality, customer centric, service driven, bank catering to the fast progressing and brightly emerging Indian economy. YES BANK also holds the honour of being the only Greenfield Bank license awarded by the RBI in the last two decades! YES BANK has verticals just like any other full service commercial bank that include Corporate, Retail and SME Banking franchise. Their comprehensive services cover financial markets, investment Banking, corporate finance, branch banking, business & transaction banking and wealth management. With a robust presence PAN India, YES Bank is a reliable and reputed name amongst the banking sector in India.
Eligibility for picking YES BANK loan against property
• Minimum Income – Rs.3 Lakhs Per Annum in case of Salaried person and cash Profit of Rs.4 Lakhs Per Annum for self-employed or turnover of Rs.15 Lakhs per annum for service providers including commission income, Rs.10 Lakhs per annum for doctors, Rs.60 Lakhs for non service providers.
• Minimum Age – 23 Years, if income of the applicant / co-applicant is considered, 21 years if income of the applicant / co-applicant is not considered.
• Maximum Age - 60 Years, if income of the applicant / co-applicant is considered & 70 years, if income of the applicant / co-applicant is not considered
• Experience – 6 months in current employment, 3 years in total employment and minimum 3 years for persons in business or profession.
• Other Loans
As mentioned earlier, YES Bank offers comprehensive services under its umbrella and same holds true for their loans too. Apart from the loan against property, following loans can also be availed from YES Bank:
Individual Car loan
Commercial vehicle loan
Construction equipment loan
Individual health care financing
Individual home loan
Individual loan against security
Individual- Personal loan
Individual gold loan
Documentation is an important part of raising loans. Being prepared and organised with documentation results in seamless and quick processing of loans. It also reflects greatly on the seriousness and credibility of the borrower. Standard documents required for raising loans are as follows:
1. Recent Passport sized photograph of the applicant/s and PAN card copy are mandatory.
2. Duly filled application form and KYC (Know Your Customer).
3. Name and Identity proof- copies of PAN card, Aadhaar Card, Voter’s Id, driving licencse and Passport. In case of partnership, HUF, company or a group of persons, documents pertaining to each of the partners, directors, owners, founders, guarantors.
4. Address Proof: Copies of PAN card, Aadhaar Card, Passport, Voter’s Id, driving licencse, electricity bills, bank passbook and telephone bill. In case of partnership, HUF, company or a group of persons, documents pertaining to each of the partners, directors, owners, founders, guarantors as well as business address (if exists). Latter is obtained from Memorandum and Articles of Association in case of companies and rent, purchase or lease agreement in other cases.
5. Entity proof: Partnership deed, Certification of Incorporation, Establishment certificates.
6. Financials: Audited financial statements of past years, current year’s budget, performance till date and projections and Income Tax Returns. Income tax returns of the past years for Individuals. Form no. 16 may be requested for in case of salaried individuals.
7. Bank Statements: Bank statements for past period.
8. Business proposal/ Project report: Project cost, Plan and projections related to cash flow and financial performance if the loan is sought for business expansion or starting a fresh venture.
9. Property documents establishing ownership and free-from-encumbrance status of such property.
The information related to documentation is indicative and standard. Different banks and lenders may have some specific requests and requirements around documentation according to loans and customer-specific situation. YES BANK provides loan on competitive rate of interest and their professionalism in handling customers and their loans definitely makes them one of the best in the business. So if you have a property and you want a loan….you now know where to go!