Yes Bank Home Loan for Senior Citizens & Pensioners

You will find Yes Bank home loans which are tailored for those who are senior citizens. This will help those who are seeking a comfortable retirement life in the future. This Yes Bank home loan for senior citizens comes with not just competitive rates of interest, but flexible options for repayment alongside. Senior citizens may also apply for joint home loans with their family members. The amount of the loan may be helpful in buying or building homes along with renovations or repairs. The funds may be used for buying plots too. The Yes Bank home loan for senior citizens is a great choice for borrowers with its key features and benefits. 

Yes Bank Home Loan for Senior Citizen – Highlights 

• Rates of interest vary between 9.40 and 12.50% per annum 
• Hidden charges are zero on the home loan 
• The maximum and minimum loan amounts are Rs. 10 crore and Rs. 10 lakh respectively 
• The maximum tenure can go up to 35 years. 

Yes Bank Home Loan for Senior Citizen – Fees and Charges 

You will find that Yes Bank does not impose hidden costs while all related fees are declared upfront to customers prior to signing the loan agreement. Here is a closer look at the fees applicable on the senior citizen home loan from Yes Bank. 

• The processing fee is 1.5% (it can be Rs. 10,000 or an amount which is more)
• Prepayment charges are zero for floating-rate home loans or 2.5% of the outstanding principal amount for fixed-rate home loans 
• Late payment charges- 2% per month 
• Cheque swap/repayment mode costs- Rs. 500
• Switching costs- 0.5-1% of the loan amount that is outstanding
• Rebooking/cancelling loans- Rs. 2,000 
• Conversion costs- 0.5-1% of the loan outstanding amount 
• Rs. 500 is the charge for EMI date cycle changes 

Yes Bank Home Loan for Senior Citizen – Documents Required

Here are the key documents that you will need in this case: 

• You will need the Form 60 or PAN Card
• You will also require your Aadhar Card 
• KYC proof will also have to be furnished, including your address, identity, and signature proof
• You will also have to provide either two years’ IT returns or salary slips or even Form 16
• If you are self-employed, then you will have to provide documents like the IT returns for the last two years in addition to the profit and loss account, audited balance sheet, income computation, tax audit report (if needed) and turnover proof, in tandem with the latest service tax/sales returns

Yes Bank Home Loan for Senior Citizen – Eligibility Criteria

The eligibility criteria for these home loans include the following factors: 

• 21-70 years is the age limit
• Salaried/self-employed borrowers may apply 
• There should be 2 years of work experience at least and 3 years of business stability, depending on the borrower type