YES BANK Launches YES KHUSHI – Affordable Home Loans

• Product Suite designed to address loan requirements of Salaried and Self Employed in the EWS/LIG Segments

• Launch in 1^st Phase will cover 32 Cities and towns across 350 YES BANK branches including Mumbai MMR, Ahmedabad, Indore, Pune, Jaipur, Surat, Hyderabad, Chennai, Delhi NCR among others
• Loans with ticket size ranging upto INR 50 Lacs in Metros and INR 40 Lacs in other cities.

YES BANK, India’s fifth largest private sector bank, has announced the launch of YES KHUSHI – Affordable Home Loans aimed at fulfilling the common man’s dream of owning a house. In the first phase, the product will be launched in 32 cities and towns across India covering over 350 plus YES BANK branches with focus in the peripheral areas of metros and tier 2 cities. In the 1^st year, YES BANK is targeting to cover over 7500 households with an increased customer base of 50,000+ by 2020.

YES BANK is also empanelled with National Housing Bank (NHB) for dispensation of the housing loan subsidy under the Pradhan Mantri Awas Yojana (PMAY) scheme to eligible customers as per norms.

Housing shortage has always been a major problem over the years. Industry estimates state that there is an overall urban housing shortage of 19 million units, out of which more than 90% of the demand is from the Low income group (LIG) segment and below. One of the other primary reasons apart from unavailability of affordable houses is the unavailability of proper access to financial resources for buying/constructing their houses.

The YES KHUSHI Affordable Home Loans product suite has been designed to address the gap in the market, keeping in mind the unique home loan requirements of Salaried and Self Employed segments of the population in the EWS (Economically Weaker Section) /LIG (Low Income Group) segments. YES BANK will be catering EWS/LIG segment having formal, semi-formal and informal income documents through various surrogate programs within a strong risk management framework.

Speaking about the launch, Mr. Rana Kapoor, MD&CEO, YES BANK said, “Affordable Housing is a critical sector to enable India’s socio-economic development and we are pleased to announce the launch of YES KHUSHI Affordable Housing loans which will cater to the specific needs of the EWS/LIG segments. As a participant of the Pradhan Mantri Awas Yojana(PMAY), we aim to work with the Govt. and the National Housing Bank to make rapid strides towards the vision of Housing for All by 2022 outlined by the Hon’ble PM Shri Narendra Modi”.

The primary focus of the bank shall be in the Priority Sector Lending (PSL) i.e loans upto Rs 28 lacs in locations with population of 10 lacs and above and loans upto 20 lacs in locations having population below 10 lacs. The maximum loan under this program shall be Rs 50 lacs with property value not exceeding Rs 65 lacs in Metros (Mumbai, Delhi, Chennai, Bengaluru, Kolkata and Hyderabad) and upto Rs 40 lacs with property value not exceeding Rs 50 lacs in other cities. The above definition is in-line with the affordable housing criteria of the regulator.

YES KHUSHI Affordable Home Loan product aims at fulfilling lower income segment housing dream but at the same time it is closely knitted with robust risk management tools to mitigate the credit risk specific to the Lower Income Group segment

Some of the key features of YES-KHUSHI Affordable Home Loans are:

• Loans start with Rs 1 lac to meet the housing requirement of those LIG/EWS who wish to construct their own houses and don’t need huge sum.
• Loans shall be available for purchase of ready / resale / under-construction / plot plus construction, self construction on owned plots, repairs and renovations and also balance transfers from other institutions.
• The loan can be extended upto 25 yrs.

• No minimum individual income norms, loans extended to individuals with family income starting from Rs 9000 p.m.

YES BANK Launches YES KHUSHI – Affordable Home Loans