Yes Bank NRI Home Loan
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NRI home loans are specialised financial products tailored for Non-Resident Indians (NRIs) looking to purchase or construct residential property in India. These loans typically offer competitive interest rates and flexible repayment options to cater to the unique needs of NRIs. The eligibility criteria, documentation requirements, and other specifics can vary between banks, but they generally include proof of income, employment details, and NRI status. YES Bank, known for its wide range of banking and financial services, likely offers NRI Home loans with features designed to make the home-buying process smooth and accessible for NRIs. For detailed information about YES Bank's NRI Home Loan, including interest rates, eligibility, and other specific features read on.
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Table of Content
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Yes Bank NRI Home Loan Highlights
Interest Rate | 9.40%-12.50% p.a. |
Loan Amount | Rs 10 lakh-Rs 10 crore |
Loan Tenure | Up to 35 years |
Processing Charges | Up to 1.5% or Rs. 10,000 (whichever is higher) + GST |
Minimum Income |
|
Feature & Benefits of Yes Bank NRI Home Loan
Following are the features and benefits of Yes Bank home loan for NRI.
- Quick Turnaround Time (TAT): YES Bank ensures a swift processing time for NRI home loans, facilitating faster loan approval and disbursement to meet your timely needs.
- Doorstep Service: Offering convenience at its best, YES Bank provides doorstep service for its NRI home loan customers, ensuring a hassle-free experience right from documentation application.
- High Loan Amount: Catering to substantial financial needs, YES Bank offers a high loan amount for NRIs, making it easier to finance the purchase or construction of your dream home in India.
- Balance Transfer Facility: NRIs can transfer their existing home loan to YES Bank, potentially benefiting from lower interest rates and better loan terms, thereby saving on overall interest costs.
- Easy Equated Monthly Installments (EMIs): The bank structures the home loan with manageable EMIs, designed to ease the repayment process for NRIs, aligning with their financial capabilities and budgets.
- Flexible Loan Amount up to 10 Crore: YES Bank offers a substantial loan amount, allowing you to borrow up to 10 crore, catering to a wide range of financial needs for home purchasing or construction.
- Extended Loan Tenures: With YES Bank, you have the flexibility to choose a home loan tenure of up to 35 years, offering ease in managing long-term financial planning and monthly budgeting.
Types of Yes Bank Home Loans for NRIs
Following are the types of Yes Bank Home Loans for NRIs.
Home Purchase (New or Resale Property) Loan
This loan from YES Bank is designed for financing the purchase of either a brand-new property or a property that is being resold, facilitating the acquisition of your dream home.
Plot plus Construction or Self-Construction Loan
This loan option caters to individuals looking to buy a plot and construct their home on it, or those planning to self-construct a house on their existing land, offering financial support for both land acquisition and construction.
Home Improvement/Renovation/Extension/Repair Loan
Ideal for existing homeowners, this loan provides funding for renovating, extending, or repairing your current home, helping you enhance and maintain your property’s value and functionality.
YES Khushi Affordable Housing Loan
It covers properties as small as 150 sq.ft. The home loan amount starts from INR 1 lakh and the minimum income requirement to avail this loan is INR 9,000. The interest rate for this scheme ranges between 10.5% to 12.5% p.a. Under the KHUSHI Home Loan scheme, salaried customers can avail a loan tenure of up to 35 years, while self-employed borrowers are offered a maximum of 30 years. However, the tenure is contingent on the borrower’s age, which should not surpass 60 years for salaried and 70 years for self-employed individuals at the time of loan maturity.
Purpose of Yes Bank NRI Home Loan
The YES Bank home loan for NRI facility equips NRIs with the resources to finance various facets of home ownership, be it acquiring new or resale residential properties, building a house on their own land, or carrying out renovation and improvement works on existing properties.
Additionally, it provides a refinancing option, enabling NRIs to transfer their existing property loans to YES Bank, potentially gaining more advantageous terms and interest rates.
Characterised by its competitive interest rates and flexible repayment options, the YES Bank NRI Home Loan serves as an effective and versatile instrument for NRIs aiming to establish or augment their property portfolio in India.
Yes Bank Home Loan for NRI Interest Rates
Here is a quick snapshot of the Yes Bank Home Loan for NRIs.
Type of Home Loan | Interest Rates |
Yes Bank NRI Home Loan | 9.40%-12.50% p.a. |
Yes Bank NRI Home Loan Documents Required
An application for Yes Bank PNB Plot loan is processed post verification of the applicant’s documents. Customers are therefore required to provide the following documents so as to authenticate their identity and other personal details.
For Salaried Individuals
- Completed application form with a photograph.
- Aadhaar Card for identification.
- PAN Card or Form 60.
- Bank statements from the past six months showing salary credits.
- No requirement for qualification proof.
- KYC Documents, including:
- Address Proof.
- Identity Proof.
- Signature Verification Proof.
- Salary slips for the last two years.
- Income Tax Returns or Form 16 for the past two years.
For Self-Employed Individuals
- Completed application form with a photograph.
- Aadhaar Card for identification.
- PAN Card or Form 60.
- Bank statements from the past six months of the operative account.
- Qualification proof is required.
- KYC Documents
- Income Tax Returns with income computation for the last two years.
- Audited Balance Sheet and Profit & Loss account for the last two years.
- Tax Audit Report, if applicable.
- Proof of turnover through the latest sales/service tax returns.
Yes Bank NRI Home Loan Eligibility Criteria
Following is the eligibility criteria for YES Bank home loan for NRI:
- Must be a holder of an Indian passport.
- Should have either parents or grandparents who were citizens of India.
- Can be the spouse of a Person of Indian Origin (PIO) or an Indian citizen.
Fees & Charges for Yes Bank NRI Home Loan
Following are the fees and charges for Yes Bank Home Loan for NRI:
Particulars | Charges/Fee |
Processing Fee | 1.5% or Rs. 10,000 (whichever is higher) |
Part-Payment/Pre-payment/Loan Pre-closure/Foreclosure Fees | Nil for floating-rate loans, 2.5% on principal outstanding for fixed-rate loans |
Late Payment Fees / Penal Interest Rate | 24% per annum (2% per month on overdue instalments) |
Additional Interest | 2% p.a. over applicable interest rate on outstanding loan |
Repayment Mode / Cheque Swap Charges | Rs. 500 |
Tax Benefits of Yes Bank NRI Home Loans
Here are five tax advantages for NRIs taking home loans in India:
- Under Section 80C of the Income Tax Act, NRIs can claim deductions on the principal repayment of home loans. The annual limit for these deductions is up to Rs. 1,50,000.
- According to Section 24, there’s a provision for deducting interest payments on home loans up to Rs. 2,00,000 annually. This benefit falls under the category of ‘Income from house property’.
- NRIs purchasing their first home can benefit from an extra deduction of up to Rs. 50,000 annually for interest repayment on home loans, in line with Section 80EE, provided certain criteria are met.
- Section 80C also permits NRIs to deduct expenses related to registration fees and stamp duty incurred during property acquisition.
- Deductions for interest repayment on NRI home loans during the pre-construction phase of the property are also permissible under Section 24.
Quick Links
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Bank Wise Home Loan Interest Rate
- Reliance Capital Home Loan Interest Rate
- DCB Bank Home Loan Interest Rate
- ICICI Bank Home Loan Interest Rate
- YES Bank Home Loan Interest Rate
- RBL Bank Home Loan Interest Rate
- Federal Bank Home Loan Interest Rate
- IDFC FIRST Bank Home Loan Interest Rate
- HDFC Bank Home Loan Interest Rate
- Axis Bank Home Loan Interest Rate
- Kotak Bank Home Loan Interest Rate
- Deutsche Bank Home Loan Interest Rate
- karur Vysya Bank Home Loan Interest Rate
- Housing Development Finance Corporation Home Loan Interest Rate
- IndusInd Bank Home Loan Interest Rate
- karnataka bank Home Loan Interest Rate
- LIC Housing Finance Home Loan Interest Rate
- HSBC Home Loan Interest Rate
- IDBI Bank Home Loan Interest Rate
- CITI Bank Home Loan Interest Rate
- HDFC Sales Home Loan Interest Rate
- Punjab National Bank Home Loan Interest Rate
- Canara Bank Home Loan Interest Rate
- State Bank of India Home Loan Interest Rate
- Bank of India Home Loan Interest Rate
- Union Bank of India Home Loan Interest Rate
- Punjab & Sind Bank Home Loan Interest Rate
- Bank of Baroda Home Loan Interest Rate
- Indian bank Home Loan Interest Rate
- Bank of Maharashtra Home Loan Interest Rate
- Clix Capital Home Loan Interest Rate
- Hero Housing Finance Home Loan Interest Rate
- Hero FinCorp Home Loan Interest Rate
- Vastu Housing Finance Home Loan Interest Rate
- Aadhar housing Finance Home Loan Interest Rate
- DHFL Home Loan Interest Rate
- Muthoot Finance Ltd Home Loan Interest Rate
- Edelweiss Financial Services Home Loan Interest Rate
- Piramal Housing Finance Home Loan Interest Rate
- Fullerton India Home Loan Interest Rate
- Capri Global Home Loan Interest Rate
- Capital First Ltd. Home Loan Interest Rate
- Poonawalla Fincorp Limited Home Loan Interest Rate
- Cholamandalam Finance Home Loan Interest Rate
- IndiaBulls Home Loan Interest Rate
- Ujjivan Small Finance Bank Home Loan Interest Rate
- Tata Capital Housing Finance Limited Home Loan Interest Rate
- L&T Finance Home Loan Interest Rate
- Aditya Birla Finance Limited Home Loan Interest Rate
- Godrej Housing Finance Home Loan Interest Rate
- Punjab National Bank Housing Finance Home Loan Interest Rate
- IIFL Finance Home Loan Interest Rate
- Bajaj Finserv Home Loan Interest Rate
- Home First Finance Company Home Loan Interest Rate