8 Features of YES Bank Khushi Home Loan Scheme

Features of YES Bank Khushi Home Loan SchemeFeatures of YES Bank Khushi Home Loan Scheme

YES Bank offers Khushi Home Loan Scheme with a Tag line “affordable housing” where one can get a home loan even with just Rs 9,000 per month income. It is immaterial whether you get such income in cheque or cash, however bank offers home loans to you. Under this scheme, one can check their eligibility under Pradhan Mantri Awas Yojana and get home loans at subsidized rates of 6.5% too. What are the features of YES Bank Khushi Home Loan Scheme? What is the maximum amount one is eligible under this scheme? In this article, I would provide some features about Yes Bank Khushi Home Loan Scheme and its benefits.   

Also Read: Fixed Rate Vs Floating Rate in Home Loans – Which is better option?

About YES Bank Khushi Home Loan Scheme

 ‘My Own Home’ is a dream of millions of people in our country. But, due to poor financial health, very few people can make this dream into realization. For the people who can hardly meet their needs of two time meal, home is like making a castle in the air. In the wake of providing economical home loans to the weaker section of the society, YES Bank recently introduced a new home loan scheme.  This scheme would meet the conditions of affordable housing which will help in the fulfillment of the dream of owning a house of economically weaker section and low income group. The Khushi Home Loan from YES bank can be availed for purchase of ready house, renovation, repairs, extension,   under construction house, resale, plot plus construction etc. In other words, it can be availed for any type of housing related matters. To add on, Yes Bank is also included in the panel of National Housing Bank (NHB) for exemption of home loan subsidy under the scheme run by Central Government in the name of Pradhan Mantri Awas Yojana (PMAY) for the customers who fulfill the requisite norms.

Features of YES Bank Khushi Home Loan Scheme

The Yes Khushi Home Loan Product has been especially designed to meet the typical requirements of salary earning and self employed people of lower income group and economically weaker section. If an individual is planning to avail this loan, you can review these features.

1) Tenure of the home loan

The maximum tenure one can avail under Yes Khushi Home Loan scheme is 25 years. Its subject to the condition that the age of the borrower should not exceed 60 years for the salaried person and 65 years for the self-employed people at the time of maturity of the loan. Since home loan is long term commitment to buy an asset, one should be little careful in choosing this.

2) Facility of transfer of balance

This scheme gives the facility to the individuals to transfer the balances of their present home loans from other banks and financial institutions to this Yes bank home loan scheme at very attractive rate of interest. With simple documentation, the bank undertakes takeover of loans on the basis of the previous track record of the customer.

3) Interest Rates

Interest rates under this scheme are ranging between 11.25% to 14%, which are high due to the nature of the home loan offered. However, if one is eligible under Pradhan Mantri Awas Yojana scheme, they can get home loan at 6.5% per annum only.

4) Top up loan

When the individuals transfer the loan to the Yes Bank, they can also avail the facility of top up according to their needs, i.e. they can increase the loan amount.

5) Minimum amount of loan

The minimum loan amount is Rs 100,000. It gives the privilege to the weaker section of the society and low income group to take up a small loan. These segments of the society do not need very huge loan amounts. 

6) Maximum amount of loan

The maximum loan amount under this scheme is Rs 28 Lakhs.

7) Income eligibility Rs 9,000 per month

If you are and your spouse gets Rs 9,000 per month income, you are eligible to get this home loan scheme. The only condition is that your spouse should be co-applicant for this home loan scheme.

8) NRI’s can avail

Even NRI’s can avail this home loan scheme, however the co-applicant should be from India.

You may also like: Banks offering cheapest Home Loan Rates in India

Conclusion: The Khushi Home Loan offered by Yes Bank is a good opportunity for financially weaker section of the society to avail the facility of housing loan and make the dream of their own home come true.  However, many of us are not aware of that if one is eligible under Pradhan Mantri Awas Yojana, they can get cheaper loans. On the other hand, if they do not fall under weaker section or low income group, they can still get these home loan even if they have less income.

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YES Bank Khushi Home Loan Scheme

Suresh KP


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