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:
|Interest Rate||8.95% - 11.80% based on the eligibility criteria fulfilled by the customer|
|Processing fees||2% of the outstanding loan amount or Rs.10000, whichever amount is higher|
|Repayment tenure||Up to 35 years based on the age of the applicant|
|Quantum of finance||Up to 90% of the value of the property|
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:
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:
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.
|PARTICULARS||FEES AND CHARGES|
|Processing Fees||2% of the outstanding loan amount or Rs.1000, whichever amount is higher. Additional taxes apply.|
|Part-payment/ Foreclosure of loans||Nil for customers with a floating interest rate. 4% of the outstanding amount for customers with a fixed interest rate.|
|Late payment fees||24% per year or 2% per month on the instalments that are overdue.|
|Cheque swap charges||Rs.500|
|Statement of account charges||Rs.100 each time|
|Legal, incidental and repossession charges||At Actuals|
|Switch charges for interest rate|
From fixed to floating: 0.5% of the outstanding loan amount
From floating to fixed: 1% of the outstanding loan amount.
This facility is subject to availability at the time of the request.
In order to get a home loan from Yes Bank, you must fulfil certain eligibility criteria as mentioned below:
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:
|Duly filled application with a recent photograph||Mandatory||Mandatory|
|KYC Documents||Address proof, signature proof and ID proof||Address proof of home and office, ID proof and signature proof|
|Proof of Income||Last 2 years salary slip + IT returns or Form 16||Last 2 years IT returns with details of income, balance sheet and profit and loss statement, the tax audit report if it is applicable, and the roof of the turnover with latest tax returns or sales reports.|
|Qualification proof||Not required||Applicable for self-employed professionals.|
|Bank statement||Last 6 months statement of the account to which the salary is credited||Last 6 months statement of the operative personal and current account.|
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.
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
Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 8.50% p.a. Get better terms and services. You can also avail instant top up loan facility during balance transfer.
You can submit an application for the home loan online on the official Yes Bank website. You can also call up the bank's customer service desk on 1800-419-1717. Lastly, customers can submit an application, in person, at any YES bank branch.
Balance transfer or home loan take over is the process of transferring the current outstanding home loan balance from one bank to another. The Yes Bank offers this facility to customers along with a host of benefits like lower rates of interest, higher repayment tenure, top-up facilities on the home loan and more.
To check your outstanding balance on the Yes Bank home loan, you can log in to your customer portal to access net banking and mobile banking services. This gives you access to a detailed loan account statement.
Transferring your home loan balance to Yes Bank offers the following benefits:
To check your home loan balance transfer status, you can log in to your customer portal on the website or mobile banking app. You can even get in touch with the Yes Bank customer service desk or visit the nearest Yes Bank branch.