Yes Bank
Home Loan Balance Transfer

One of the leading banks in the private banking sector, Yes Bank offers customers a range of wealth and finance products and services. From corporate banking, personal banking to internet banking, Yes Bank caters to various target groups. These services include accounts, retail loans, corporate loans, credit card facilities, and existing loan balance transfers.

Tip: Check free cibil score before applying for a loan

If you are currently finding your EMI towards your home loan unaffordable, one of the best options is to look for a bank with lower interest rates to transfer your outstanding balance. The Yes Bank is a popular bank for a home loan takeover or transfer because of its low-interest rates and easy processing methods. 

To give you an insight into the offerings of Yes Bank home loan products, here are some details: 

When you transfer your existing loan to Yes Bank, you also enjoy the various features and benefits of their home loan products and offerings. Here is a list of benefits that you can expect by transferring your outstanding home loan balance to Yes Bank: 

• Attractive interest rates: Most customers opt for a home loan balance transfer to reduce the burden of repaying their EMI per month. With Yes Bank, interest rates are as low as 8.95% per annum, making it easier for you to plan your repayments without any added stress each month. 
• No transfer limit: The Loan to Value ratio offered by Yes Bank is very high in comparison to most banks and NBFCs. You can get up to 90% of the market value of the property as your loan. This ensures that you can transfer the entire outstanding home loan from any bank to Yes Bank without hassles. 
• Top up facilities: Being financially prepared for any emergency is extremely important. One of the main benefits of choosing YES Bank to take over your home loan is that they offer home loan top-up facilities. This means that you can get an additional loan over and above your current home loan. This top-uptop-up can be used for any financial emergency like medical, wedding, travel, or higher education.  
• No prepayment penalty: If you wish to make larger repayments towards your home loan or want to foreclose it without any penalty, transferring your home loan to Yes Bank is a great idea. They do not charge any prepayment or foreclosure penalty for customers with a floating interest rate on their loan. However, if you have opted for a fixed interest rate, a 4% prepayment penalty on the outstanding amount is levied. 
• Affordable processing fees: The processing fees charged on your home loan balance transfer is a very important factor to consider. The idea of transferring your loan is to save on the EMI payable each month. However, with exuberant processing fees, your budget can increase. However, with YES Bank, you have to pay a processing fee of just 2% of the outstanding loan amount or Rs.1000, whichever is higher. If the loan is not disbursed or cancelled, you also get a refund of any amount above Rs.7500 paid towards the processing fee. 
• Long repayment tenure: With a repayment tenure of 35 years, you can considerably reduce the EMI payable towards your loan. The Yes Bank allows you to extend your repayment tenure to make the loan more affordable. However, choosing the shortest repayment tenure possible gives you additional savings on the interest payable towards the loan.  
• Top-notch services: Yes Bank is known for its seamless customer service. You can even get doorstep documentation services with these loans to make it easier for you to apply for a home loan transfer. As for the application process itself, you have various online and offline options to submit your request.  

Additional Reading: Check cibil score by pan card

Customers should always be aware of the charges and fees applicable towards any loan that they opt for. This makes it easier to budget your loan and plan your finances accurately. Here is a list of the home loan balance transfer interest rate and charges: 

Interest Rate

The current interest rate offered by Yes Bank is between 8.95% and 11.80%. The interest rate that you are eligible for depends on a range of factors like your age, income, nature of employment, credit score, loan to value property and location of the property in question. 

You can bring down your home loan's interest rate by choosing a co-applicant for your loan or by showing multiple income channels each month. The higher your repayment capacity and financial health, the lower the interest rate charged towards the home loan products that you choose. 

When you go in for a home loan balance transfer, please note that you will not be eligible for any subsidies offered as part of government schemes like the PMAY loan. 

Other charges 

In order to get a home loan from Yes Bank, you must fulfil certain eligibility criteria as mentioned below: 

• The customer's age must be between 23 and 60 years. 
• For salaried individuals, the income should be at least Rs.25000 per month. 
• For self-employed individuals, the income should be at least Four lakhs per annum. 
• For salaried and self-employed individuals, a minimum work experience of 2 years in their field of work is mandatory. 
• You should have a NOC from the bank that you currently have your home loan account with for a balance transfer.

Before you apply for a home loan transfer, it is highly advised that you check your eligibility. You can make use of online eligibility calculators that are easy to use financial tools. This ensures that your loan application is not rejected, affecting your overall credit score. You can even check your monthly EMI payable using these online tools to make sure that the balance transfer is, in fact, affordable for you.  

Also Check: CIBIL Defaulters List

The customer's eligibility is assessed using the documents submitted at the time of the loan application. The documents required for Yes Bank home loan take over are: 

The documents required to complete the loan application process varies from one customer to the other. If needed, YES Bank may request additional documents that you must submit to get your loan approved and disbursed.

There are two options to apply for your YES Bank home loan balance transfer. You can apply for the loan online or in person. 

• You can fill up a form online on www.yesbank.in, providing details of your financial requirements. You will receive an instant call bank from officials at Yes Bank with details about the actual approval process. 
• To get details about your loan and initiate your application process, you can also send the SMS YES HL to 9223390909. Additionally, call up the customer service desk at 1800-419-1717. 
• You can also submit a loan application at any Yes Bank branch near you. 

Before applying for the home loan balance transfer, you will also have to submit a request letter to your current bank. Once you get a NOC from your bank, you can complete your documentation and start the process. 

Also Check: CIBIL full form