In the year 2016, YES Bank launched an inspiring project – YES Khushi Home Loan scheme, in compliance with Housing for All scheme. YES Khushi home loan has particularly been designed to cater to the needs of the common man in the EWS/LIG segment that falls under the Pradhan Mantri Awas Yojna.
YES Khushi has collaborated with nearly 500 builders across 35 cities and different towns in India. YES Bank being a part of National Housing Bank (NHB), it is responsible for allocation of housing loan subsidy, falling under the Pradhan Mantri Awas Yojana Housing to support every citizen avail this subsidized scheme. A team consisting of more than 300 skilled experts along with nearly 150 third party channel partners is responsible for servicing of customers, ensuring timely services. If an individual is planning to avail this scheme, you can review the following features for your reference.
Minimum amount of loan
Since this scheme has specially been designed for the benefit of lower income section group, the minimum loan amount has been fixed at Rs. 100000. This economical rate will ensure that the housing requirement of those weaker sections who wish to build their own house is clearly fulfilled without needing a huge sum.
Tenure of loan
Under YES Khushi Home Loan scheme, one can avail tenure of maximum 25 years. It is subject to the condition that the age of the home-loan seeker shouldn’t exceed 60 years for a salaried individual, and 65 years for a self-employed people at the maturity time of the loan. It’s better to be wise and careful when it comes to a home loan since it is a long term liability.
Balance transfer
This option gives a chance to the individuals to transfer the balances of their current home loan from other banks or financial institution, if any. YES Bank also provides an option of undertaking of loans basis the repayment history of the customer with basic documents for verification process.
Option of loan top-up
While an individual transfer the loan to YES Bank, they can also avail the option of top-up facility basis their needs, i.e. the loan amount can be increased if needed.
Maximum amount of loan
The maximum loan amount under this scheme will be Rs. 50 lakh with the property value not exceeding beyond Rs. 65 lakh in Metros and in other cities, Rs. 40 lakh with the property value not exceeding beyond Rs. 50 lakh.
YES-Khushi Home Loan facility is a great opportunity for the financially weaker sections of society at fulfilling their housing dream but at the same time it is wisely crafted with robust risk management tools to alleviate the credit risk for Lower income segment group.