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Yes Bank Home Loan in Bhavnagar

Interest Rate starts from 9.35%

Yes Bank Home Loan Interest rates in Bhavnagar

Please Find the Detailed Yes Bank Home Loan Interest Rates For Various Categories

Yes Bank Home Loan Floating interest Rates

Up To 20,000,00
Salaried9.35%
Self Employed10.50%

Loan To Value (LTV) For Yes Bank Home Loan in Bhavnagar

Please Find the Detailed Margin Money Details For Yes Bank Home Loan

Features of Yes Bank Home Loan Bhavnagar

Type Features

Yes Bank Home Loan Bhavnagar Charges

Type Charges

Documentation For Home Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Min of 15 years of Link documents of Property
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Yes Bank Home Loan FAQ's

About Yes Bank

YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai. Yes Bank is the only Greenfield Bank licence awarded by the RBI in the last one decade. YES BANK is a “Full Service Commercial Bank”, and has steadily built a Corporate, Retail & SME Banking franchise, Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management business lines across the country.

YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING INDIA’s FINEST QUALITY LARGE BANK”.

Yes Bank Highlights

Yes Bank, received “India’s Fastest Growing Bank of the Year” award at the Bloomberg UTV Financial Leadership Awards 2011
Bank of the Year India, The Banker London - 2015
YES BANK was voted India's 3rd Most Trusted Private Bank in 2014 according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory, a brand analytics company
YES BANK won the GOLDEN PEACOCK INNOVATIVE PRODUCE/SERVICE AWARD-2017

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

Why Home Loans?

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

Expert Advice

Best Practices for Home Loan

Buyer has to ensure sufficient due diligence before finalizing the property. Certain aspects like builder credibility, availability of required approvals, and legal clearance of property to be checked before buying a property. Though it costs little extra it is advisable to get the assistance of experts for buying a property. This will help in avoiding costly mistakes.
Calculate and plan the total expenditure involved in purchasing a property. Apart from the cost of the property there are other related expenses like stamp duty, loan application charges, processing fee, valuation fee, legal fee etc which need to be meet from own funds of the buyer. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Based on your earning and repaying capacity decide the home loan amount to be taken. The various factors to be taken into consideration include your income, fixed obligations, remaining work experience, future growth prospects, future expenses like children education, marriage etc, other source of income, job related risks etc. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
Improve your credit history. Clearing of all overdue before applying for home loan will helps to improve the credit score. It is to be noted that your loans will not go into 30-60 or 90 days delinquency which reduce the credit score. Loan dues to be paid before the credit card payments which have higher impact on the credit score then the credit card payment. Prioritize the payments.
Do hold all the documentation required for processing the loan in originals and copies. This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect.
Save the best possible amount from your income. This will help you in having the large down payment. During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment.

Things not to do for Home Loan

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
Do not be very optimistic about your future income and make a choice of high loan amount. This will increase your worries and you make feel unsecured.
Do not change your employer without knowing the impact on the approval of your Home loan.
Do not get into a contract with emotions, do proper research before taking a property and ensure it is right fit for you.
Do not jump into a conclusion, do the required homework before applying for home loan.
Do not forget to read the small print, ensure to read all the terms and conditions before signing the agreements.
Do not forget to make the payment of instalments. Ensure sufficient balance in the account to meet the EMI on a monthly basis.
Do not apply for a home loan only just you have eligibility. First select the property get the technical and legal cleared then go for the home loan. In case if you have applied for a home loan and it is sanctioned based on your income, subsequently property is not eligible under Bank norms you will end up losing the processing fee.

Interest Rates

1) Credit/CIBIL History:
If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.
2) Nature of Employment:
The nature of your job also plays a crucial role in determining the interest rate. Banks have different checks in place if you are a salaried individual vis-à-vis a self employed person. So if you are working with a reputed organization then banks will be able to extend a cheaper rate of interest. But if you are working with an organization that is not very well known then a higher rate will be charged. In case you have your own business then banks will give you a loan even if you are in an advanced age. On the other hand in case you are a salaried employee then a loan will not be extended if you are nearing the age of retirement.
3) Bank-Customer relationship:
If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

So next time you go around shopping for a Home loan, remember that these three points will affect the amount that the bank sanctions and the interest rate that it is levied. In the next article we will cover more points that affect interest rates on Home loan. So stay tuned!

Other Benefits

1) Tax Benefits:

As per Income Tax Act 1961, under section 80C, Principal repayment up to Rs. 100000 on your home loan taken for purchase or construction of a residential home property is eligible for deduction from gross salary on a annual basis.

As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 150000 P.A is allowed as expenditure under the head “Income from House Property”.

In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.

2) Tips for Home Loan:

To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.

Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.

In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.

Have the property insurance and buy loan protector life insurance for unexpected future risks.

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan.  Any additional loan taken will reduce your Home Loan eligibility.

Facts about Home Loans

The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.

A) Earnings & repayment capacity

The Banks/Financial Institutes have their own norms and hence there will be difference in the loan amounts sanctioned to you by different the Banks/Financial Institutes. The main focus of the Banks is on your repayment capacity. They analyze how comfortably you will be able to pay the EMIs throughout the tenure of the loan. This analysis is done based on the ratios like Fixed obligation to Income ratio (FOIR) and Installment to income ratio (IIR).

These ratios are expressed in percentage. FOIR includes all your fixed obligations including EMIs on your existing loans. IIR indicates the percentage of monthly home loan installment of the total income. These two ratios may vary based on actual salary details, years of experience, stability of income, professional qualification, future career growth prospects etc.

B) Property legal and technical clearance:

Banks will not finance all properties. Banks look into various aspects like type of property, locality, Builder etc. They have certain type of properties and localities classified as negative. Therefore before finalizing a property one has to check whether the property is eligible for funding. Though it costs you little extra it is always better to check the legal and technical aspects before buying a property. Banks normally have loan to value (LTV) of 70-85% of value/ cost of the property considering type of property.

Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit history. Willingness to repay can be understood from ones past credit history and banking track.

Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home.

1. What is the Loan amount which the Bank is willing to extend based on FOIR?
2. What is Loan to value of the property?
3. What is the EMI amount and repayment tenure allowed?
4. What are the prevailing Interest rates and what is offered to you?
5. What are the other charges involved like processing fee, administrative fees, legal & technical fee, prepayment penalties, stamping charges, annual maintenance charges, insurance policy etc?
NOTE: Last but not least do not forget that any default in payment of home loan installments is more costly than your regular rent payments. Any such default will affect your Credit history badly and you have to bear high penalty for the same.

Home Loan Vs Mortgage Loans

Home Loans Mortgage Loan
Home loan can be availed for own/purchase of new property (Home or Flat). Mortgage loans will be provided based on already owned property.
Under Home Loan, loan can be availed only for purchase of new property. There is no restriction on mortgage loan usage. It can be used for any purpose.
Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.
Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part pre Payments will be allowed in Housing Loans. There were no part prepayment will be allowed for Mortgage loans.
Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
You can avail max of 80% of the property value as a home loan as per your eligibility criteria. In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your home loan. Top up facility will be vary from bank to bank internal guidelines.

About Bhavnagar

Bhavnagar, in the Indian state of Gujarat, is a port city on the coastal region of the Saurashtra peninsula abutting the picturesque Gulf of Cambay. It is fifth largest city of Gujarat is situated in the eastern coast of Saurashtra, also called Kathiawar and to the west of the Gulf of Khambat. It is the second largest city of Saurashtra.

Bhavnagar is primarily a business town, close to Alang which is the biggest ship breaking yard in South Asia. People coming in for business in Alang make Bhavnagar their base as all the offices are situated here, region and is known for its cultural capital.

In 1823, a new capital near Vadva village was established by Maharaja Bhavsinhji Gohil and the place was named Bhavnagar, after his name. The place gained importance owing to its location that facilitated maritime trade. It became the capital of Bhavnagar State. Until Indian Independence in 1947, the Rajput Gohil clan ruled the independent state of Bhanvanagar.In 1948, it was the first Indian princely state to unite with the Indian Union.

Places To Be Visited In Bhavnagar

Takhteshwar Temple

    Takhteshwar Temple is a famous temple situated in the Bhavnagar city in Gujarat. It was constructed in 1893 at the instructions of the then ruler of Bhavnagar, Maharaja Takhatsihnji. It has a magnificent shrine with a three eyed Lord Shiva who is regarded as the powerful and fascinating deity of the Hindu Trinity. The temple is constructed in white marble which showcases a rare architectural beauty. It also offers an aerial view of the city of Bhavnagar and the surrounding regions.

Tadhavaj Hill

    On the confluence of the rivers Shatrunai and Talaji on the hill top the town of Talaja is located. Carved out in the hills are Buddhist caves or monasteries which were built thousand of years ago. A pleasant climb up the hill brings one to magnificently built Jain temples. Located 160 ft above sea level, the place is famous for a small cluster of temples and ancient caves, believed to be Buddhist origin, carved into the hills. Talaja Teerth is a center of religious activity.

Sihor

    An interesting excursion from the Vijay Vilas Palace is Shihor, with its historic old palace of the Maharaja of Bhavnagar, featuring gardens, wall paintings and woodcarvings. It can also be used as a base to visit Alang Ship Breaking Yard, the Jain temples of Talaja, the historic town of Vabhipur and the Velavadar National Park.

Gandhi Smriti

    Gandhi Smriti stands in Bhavnagar city as the vital link of the life of the political leader and the city. The memorial, which houses a hoard of photographs of the Mahatma, stands by the clock tower in Crescent Circle. Gandhi Smriti in Bhavnagar preserves a huge collection of books and other memorabilia used by Mahatma Gandhi. The repository also displays photographs that recreate the various events in the life of this great leader. Artifacts like religious carvings and betal cutters that are cultural representatives of Saurashtra are also found in Gandhi Smriti at Bhavnagar.

Bhavnagar Lock Gate

    The Lock Gate of Bhavnagar is situated in a dockyard of the city that was built 100 years ago. It is a very old dry dock of the country, which is still operational. It is at present used for the making of ships. The Lock gates impound the sea-water in order to keep the ships floating in the time of low tides. One can watch the lock gates in action after taking special permission. Among the various places to see in Bhavnagar, the Lock Gate is surely a popular tourist choice.

Gopnath Beach

    A beautiful hamlet on the coast of the Gulf of Khambhat and at a distance of 10 Kms from Talaja, the taluka headquarter of Bhavnagar district is Gopnath. Vying for eminence on the tourist circuit with development of a heritage hotel - Gopnath Bungalow, it was a pleasant sea-shore retreat of Gohil rulers of Bhavnagar. The bungalow built in a European colonial style with cottages and mansions surrounding the courtyard faces the sea and offers a beautiful view of the gulf.It attracts marine life and birdwatching enthusiasts to the rocky shores on the coast. It is also renowed for the temple of Gopnath Mahadev, where Narsinh Mehta is believed to have performed penance. The coast in this area is full of tiny islands and offers a picturesque delight to the onlooker.

Nilambag Palace

    Nilambag, the royal palace now converted into a heritage hotel reflects the grandeur of the eighteenth century and is set amidst vivid lawns and gardens. The pillared porticos, stepped arches, pleasant center courtyard, turning marble staircase, dining hall furnished with European chandeliers and the historic library takes one back to the era of royalty and splendor.

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