Yes Bank, India's fifth largest private sector bank, has launched 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 1st year, the bank is targeting to cover over 7500 households with an increased customer base of 50,000 plus 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.
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.