Yes Bank Construction Loan

Owning a house is a considerable milestone for many individuals, and for those who wish to build their dream home, YES Bank offers specialised financial assistance—the YES Bank Construction Loan. This loan category is designed to provide people with the required monetary aid to build their homes from the ground up.

In this blog post, we will delve into the fundamental aspects of the YES Bank House Construction Loan, including applicable interest rates, fees, eligibility norms, required documents, and its unique features.

YES Bank Construction Loan Interest Rates 

Note: Interest rates may vary based on factors such as loan amount, tenure, and the applicant’s creditworthiness.

YES Bank Construction Loan Fees and Charges

While availing of a home construction loan from YES Bank, knowing the associated fees and charges is essential. Some of these charges include the follows: 

• Processing Fee: 1.5%–2.50% of the loan amount
• Late Payment Charges: 2.00% per month on overdue instalments
• Pre-payment Charges: Nil for floating interest rate loans; 2.00%–4.00% for fixed interest rate loans
• Legal and Technical Charges: At actuals
• Documentation Charges: As per the bank’s policy

YES Bank Construction Loan Eligibility Criteria for Salaried

YES Bank has specific eligibility criteria for salaried individuals:

• Age: 21 to 60 years
• Minimum Work Experience: 3 years
• Minimum Monthly Income: ₹25,000
• Good credit history and score
• The property should be located in an approved area

YES Bank Construction Loan Eligibility Criteria for Self-Employed

The eligibility criteria for self-employed borrowers are as follows: 

• Minimum age: 25 years
• Maximum age: 65 years (at the time of loan maturity)
• Minimum business vintage: 5 years
• Positive business track record

YES Bank Construction Loan Documents Required for Salaried Applicants

Salaried individuals must furnish the documents below to facilitate a smooth loan application process.

• Proof of Residence (Rental Agreement, Utility bills, etc.)
• Proof of Identity (Aadhar Card, Passport, etc.)
• Construction Estimate and Plan
• Proof of Income (Salary slips, Bank Statements, Income Tax Returns)
• Property Documents (Title Deed, Sale Deed, etc.)

YES Bank Construction Loan Documents Required for Self-Employed Applicants

Self-employed individuals are required to submit a slightly different set of documents, which are as follows:

• Proof of Identity and Residence
• Business Financial Statements (Profit and Loss Statement, Balance Sheet)
• Proof of Business Existence (Business Registration Certificate, GST Certificate, etc.)
• Construction Estimate and Plan
• Property Documents

Features of YES Bank Construction Loans

• Flexible Loan Offerings, catering to people with various budget needs.
• Quick Approval and Disbursement, helping borrowers initiate their construction undertakings quickly.
• Competitive Interest Rates, ensuring borrowers can effectively handle their repayments.
• Structured Repayment Options, allowing borrowers to select a plan that aligns with their financial capacities.

Final Thoughts

In a nutshell, the house construction loan YES Bank offers tailored financial solutions for individuals aspiring to build their dream houses. With flexible loan amounts, competitive interest rates, and a straightforward application process for the home and plot plus construction loans, YES Bank strives to empower people to turn their dream homes into a reality.