Yes Bank

Yes Bank Home Loan

Apply Yes Bank Home Loan

About YES Bank Home Loan

YES Bank, based out of Gurgaon, was established in 2004 and founded by Rana and Ashok Kapur. As a commercial bank, YES Bank has built some of the strongest financial sectors that include Retail & SME Banking, Corporate, Financial Markets, Corporate Finance, Business and Transaction Banking, Wealth Management Business and many more all over the country. Yes Bank's Home Loans come with reasonable interest rates which can be paid back over a period of up to 35 years (longest in the industry).

YES Bank offers Home Loans that are reasonable and easy to pay back due to their flexible tenures and affordable interest rates. Being the fifth largest bank in the country, it has a partnership with Dewan Housing Finance Corporation (DHFL) making it easier to apply for a loan. YES Bank Home Loan services also come with its host of customer-centric features and flexible repayment options that will make your property-purchase, a hassle-free experience.

YES Bank Home Loan Interest Rates in March-19

Interest rate

9.85%

Loan tenure

35 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of the project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

848 Per Lakh

Why YES Bank Home Loan is the Best Option?

If you're planning to purchase a home of your own, Yes Bank Home Loan can be one of the best ways to help you finance this dream. Affordable interest rates, easy repayment plans, high loan amount, long tenure, simple and smooth loan process are some of the features that make Yes Bank Home Loan a preferred choice.

All Features and Benefits of YES Bank Home Loan

Here are some of the most attractive features and benefits of Yes Bank Home Loan:

  • Availability of a variety of Home Loans to suit your financial needs for the purchase of a property such as Home Purchase Loan, Home Improvement Loan, Home Loan Top-up, Home Loan Transfer, and Home Loan for Self-employed.

  • Tax benefits under Section 24(b) and 80C of the Income Tax, 1961
  • You can avail a loan amount of anywhere between 10 Lakhs to 5 Crores

  • Lucrative interest rates
  • Low processing fee
  • Availability of the Home Loan Balance Transfer facility
  • Longest loan repayment tenure in the industry
  • Quick processing time
  • Zero loan prepayment charges for a floating interest rate based Home Loan

  • Doorstep services

YES Bank Home Loan Interest Rates for all Schemes in 2019

Type of Home Loan Variant/ Reset Frequency Vanilla/ Standard Income Program/ Loan takeover- Income/ RTR Based Cheque/ Cash Income/ Surrogate Programs/ Top up

YES KHUSHI - Affordable Home Loan

Linked to 3-month MCLR

MCLR + 0.80% to MCLR + 1.30%:

 

10.25%-10.75%

Not offered as standard offering

Linked to 6-month MCLR

MCLR + 0.70% to MCLR + 1.20%:

 

10.25%-10.75%

MCLR + 1.45% to MCLR + 3.45%:

 

11%-13%

Linked to 12-month MCLR

MCLR + 0.55% to MCLR + 1.05%:

 

10.25%-10.75%

MCLR + 1.30% to MCLR + 3.30%:

 

11%-13%

Type of Home Loan

Variant/ Reset Frequency

Vanilla/ Margin Based/ Loan Takeover Income/ RTR Based

Surrogate Programs

Regular Home Loans

Linked to 3-month MCLR

MCLR + 0.40%:

 

9.85%

Not offered as standard offering

Linked to 6-month MCLR

MCLR + 0.30%:

 

9.85%

MCLR + 0.95% to MCLR + 2.95%:

 

10.50%-12.50%

Linked to 12-month MCLR

MCLR + 0.15%:

 

9.85%

MCLR + 0.80% to MCLR + 2.80%:

 

10.50%-12.50%

*The rates are updated s on 05.03.2019 and the current MCLR is 9.45 (3-month), 9.55 (6-month), and 9.70 (12-month)

Types of Home Loans Offered by YES Bank

Yes Bank Home Loans are mainly of two types, i.e.:

  • YES KHUSHI - Affordable Home Loan
  • Regular Home Loans

These two loans are further categorised into the following five different types:

  • Home Purchase Loan: This loan can be availed to the purchase a new home or property.

  • Home Improvement Loan: This Home Loan variant can be availed for repair and renovation of your existing home.

  • Home Loan Top-up: This loan can be availed by the eligible existing Home Loan customers to help them secure additional funding at existing Home Loan interest rates along with existing Home Loan on the same property.

  • Home Loan Transfer: This loan helps existing Home Loan customers to balance transfer their Home Loan from other banks or Housing Finance Companies to Yes Bank.

  • Home Loan for Self Employed: This tailor-made Home Loan is made for self-employed professionals and non-professionals.

YES Bank Home Loan Eligibility

YES Bank offers Home Loans to the salaried individuals, self-employed professionals and NRIs. The eligibility criteria for a YES Bank Home Loan are as follows:

  • Individuals must be salaried or self-employed
  • The applicant's minimum age at the time of loan application must be 21 years

  • The maximum age of the applicant at the time of loan maturity must not be above 65 years.

  • A salaried applicant must have a minimum work experience of 2 years

  • The self-employed applicants must have minimum business stability of 2 years

It is possible to increase your likelihood of getting a Home Loan sanctioned by YES Bank if you make your spouse or parents as co-applicant, as their income increases your loan eligibility.

Factors Affecting YES Bank Home Loan Eligibility

Here are a few factors that affect your eligibility for YES Bank Home Loan:

Employment Status: YES Bank offers Home Loans to both - salaried as well as self-employed individuals. It is one of the crucial aspects considered to determine your loan eligibility.

Income: Your gross monthly income plays a major part in evaluating your overall Home Loan eligibility. Applicants with high gross monthly income and lesser monthly financial obligations have higher chances of having higher loan eligibility.

Co-applicant: To increase your loan eligibility and get a higher loan amount, a lot of applicants apply with a co-applicant. However, this increase in loan eligibility depends on your co-applicant's monthly income, employment status, and monthly obligations.

Documentation Required for YES Bank Home Loan

To apply for the YES Bank Home Loan, there are a few important documents mentioned below that need to be submitted

Documents for Salaried Documents for Self-employed

Application with recent photograph

Application with recent photograph

Aadhaar Card

Aadhaar Card

KYC: Address Proof, Identity Proof, and Signature Proof

KYC: Address Proof (for office as well as residence), Identity Proof, and Signature Proof

PAN Card/ Form 60

PAN Card/ Form 60

Income Proof: Salary Slip for last 2 years and IT Returns/ Form 16

Income Proof: IT Returns for last 2 years with the computation of income, audited Balance Sheet, P&L account with tax audit report (if applicable), and proof of turnover with latest sales/ service tax returns

Last 6 months Bank Statement from the account where the salary is credited

Qualification Proof

Last 6 months Bank Statement from the operative account

*Aadhaar Card is not mandatory for NRIs

Other Products Offered by YES Bank

Here is the list of other products that YES Bank offers:

Savings Account

Current Account

Fixed Deposits

Recurring Deposits

Credit Card

Debit Card

Car Loan

Corporate Loans

Personal Loan

Gold Loan

Bike Loan

Loan Against Property 

Business Loan

Construction Equipment Loan

Commercial Vehicle Loan

How to Calculate YES Bank Home Loan EMI?

The YES Bank Home EMI amount can be computed using the MyMoneyMantra  EMI Calculator. This calculator has different parameters that need to be entered in by you. These parameters are loan tenure, loan amount, the proposed interest rate.

The factors that influence Home Loan EMI include:

Interest Rate: If you apply for a huge loan amount, interest rates will remain low. The lowest interest rate of home Loan starts at just 9.85% and can go up to 13% per annum. If you apply for a loan amount of 1 Crore repayable at an interest of 9.85% over 10 years, then the EMI will be 1,31,322. 

Loan Tenure: The longer the duration for repayment, the lower the EMI amount becomes. For a loan of 1 Crore @9.85%, if you choose to pay back the same in a time of 30 years, then the EMI rate is bought down to 84,821.

Loan Amount: YES Bank Home Loan EMIs are higher for higher loan amounts. So, choose wisely the loan amount you wish to borrow as you could pay lesser if you borrow a lower amount.

YES Bank Home Loan Processing Fees and Other Charges

Here are the details of Processing Fees and all other charges associated with the YES Bank Home Loan:

Type of Charge Charges

Processing Fee

  • Up to 1% of the sanctioned loan amount or 10,000 (whichever is higher)

  • 7,500 is non-refundable if the disbursal has not been availed

Prepayment Charges (in part or full)

  • Nil for loans with floating interest rates
  • 2.5% on the principal outstanding for loans with fixed interest rates

Late Payment Fees/ Penal or Default Interest Rate

24% p.a. or 2% per month on the overdue instalment(s)

Additional Interest

2% p.a. over & above the applicable rate of interest on the loan outstanding

Charges for Changing Repayment Mode or for Cheque Swap

500

Charges for Cheque Bounce/ Return

750 per instance

Charges for receiving Statement of Account or Amortisation Schedule through physical mode or through branch

100 per request

Charges for Prepayment Statement

100 per request

Charges for Duplicate No Objection Certificate 

100 per request

Loan Cancellation/ Rebooking Charges

2,000 (additionally franking/ stamping norms as per actuals if applicable)

Charges for Legal, Repossession, and Incidental

At Actuals

Charges for Document Retrieval (per advice, photocopy/scanning, etc.)

500

Interest Rate Switch Charges (Floating to Fixed, if permitted by the bank)

0.5% of the outstanding loan amount

Interest Rate Switch Charges (Fixed to Floating, if permitted by the bank)

1% of the outstanding loan amount

Interest Conversion Charges (from higher floating to lower floating rate, if permitted by the bank)

0.5% of the outstanding loan amount

Interest Conversion Charges (from higher fixed to lower fixed rate, if permitted by the bank)

1% of the outstanding loan amount

Charges for EMI cycle date change

500

Equitable Mortgage Creation/ Stamp Duty Charges

At Actuals (as per the applicable state laws)

YES Bank Home Loan Customer Care

You can contact YES Bank Customer Care at the following Toll-Free number:

1800-419-1717

Or

SMS YES HL to 9223390909

YES Bank has a YES Robot that will tend to your queries and doubts as and when required. It is a chat-based automated channel and answers any types of FAQs that you may have. The customer care department is also available round the clock and can be contacted through the toll-free number available above.

Frequently Asked Questions

For which purpose can I use YES Bank Home Loans?

You can YES Bank Home Loans for a variety of reasons, such as home/ land purchase, construction of the house, house extensions, and renovations on existing properties.

Why should the YES Bank balance transfer be opted for?

YES Bank offers attractive interest rates, longest loan tenure, great customer support, and big loan amount. These are some lucrative reasons to go for Yes Bank. If your existing Home Loan provider doesn't offer these benefits or have a higher interest rate, you can transfer your loan to YES Bank through their Home Loan Balance Transfer facility.

What is the maximum loan tenure for YES Bank Home Loan?

YES Bank offers a loan repayment tenure of up to 35 years, which is longest in the industry.

Do I need to visit a YES Bank branch in regards to applying for the loan?

No. Apart from going to the bank's branch to apply for the YES Bank Home Loan, you can also apply online through MyMoneyMantra or can avail YES Bank's doorstep personalised services.

Is there a tax benefit on the Home Loan

Yes, as per Section 24 and Section 80C of the IT Act, 1961, any Home Loan borrower can avail tax benefits on principal amount (up to 1.5 Lakhs) and interest amount ((up to 2 Lakhs) in a financial year.

Can the Home Loan be prepaid? What are the charges?

Yes, you can opt for Home Loan prepayment. YES Bank charges zero prepayment fee for a floating interest rate base Home Loan. For fixed interest rate based Home Loan you have to pay 2.5% on the principal outstanding as prepayment charges.

What are the different types of Home Loan offered by YES Bank?

YES Bank offers a variety of Home Loans such as - Home Purchase Loan, Home Improvement Loan, Home Loan Top-up, Home Loan Transfer, and Home Loan for Self Employed.

Who can be a co-applicant for the YES Bank Home Loan?

You can bring in a co-applicant to increase your YES Bank Home Loan eligibility. Your spouse can be a co-applicant. However it is mandatory for all co-owners of the property to be the co-applicant.

What does pre-EMI interest mean?

Pre-EMI Interest is the amount of interest you pay on the part of the loan disbursed to you before the full and final disbursal and commencement of YES Bank Home Loan EMI.

What is the lowest EMI per Lakh available with the YES Bank Home Loan?

The lowest EMI per Lakh for the YES Bank Home Loan is 848 at an interest rate of 9.85% for the tenure of 35 years. You can calculate EMI using Home Loan EMI calculator before planning for a home loan.

YES Bank Home Loan News

03.2019: Ravneet Gill - new MD, CEO of YES Bank

Ravneet Gill has taken charge as new MD and CEO of YES Bank with immediate effect for a tenure of 3 years from March 1, 2019. His tenure has been approved by the Reserve Bank. The appointment of Gill is subject to the approval of shareholders at the Bank's ensuing annual general meeting to be held in June, 2019.

Brokers retain buy call on YES Bank post clarity on succession :

Brokerages have retained buy ratings on YES Bank 1.06% after the bank said it is fully geared up for the succession plan for the post of MD & CEO and reiterated a stable outlook for asset quality.

YES Bank chairman Ashok Chawla looks to restore investor confidence

Yes Bank chairman Ashok Chawla has written to employees asking them to go beyond their assigned roles to clarify retail investors' doubts and build a deeper relationship with every borrower.

Chawla's letter comes after the Reserve Bank of India (RBI) cut short managing director? Rana Kapoor's term to 31 January. Stocks fell steeply over the past few weeks, before making a recovery on Wednesday.

Chawla, in an internal letter to staff on Monday, said the bank is "transiting through a process of change".

Why Apply for YES Bank Home Loan on MyMoneyMantra?

YES Bank offers a variety of Home Loans that are flexible and come with attractive interest rates. They can also be customised based on the applicant's discretion and within a few days of receiving the necessary documents, the bank will sanction the loan. Both salaried and self-employed individuals are allowed and eligible to apply for a YES Bank Home Loan.

MyMoneyMantra offers clear, updated information on different loans offered, including YES Bank Home Loan. We take great care to ensure that customers feel engaged and have all the necessary information with which they can apply confidently.

With the EMI Calculator available, you can also enter different values and find out an EMI amount that is suited to your financial situation.

Documentation submission for a Home Loan can be a very long and tedious process and that's where MyMoneyMantra comes into the picture. We have a dedicated team who will assist you in the entire application process - right from completing your documentation, collecting the necessary kits from your home and depositing it to the lending institute. In addition to all this, we also walk you through the approval and disbursement process so that you can be at ease throughout.

How to Apply for YES Bank Home Loan via MyMoneyMantra?

To apply for YES Bank Home Loan through MyMoneyMantra, follow the easy steps mentioned below:

  • Visit MyMoneyMantra's official website
  • Choose Home Loan from the dropdown list under Loans category
  • Enter or select the required information such as your gender, name, city of residence, the purpose of the loan, city where the proposed property is located, required loan amount, the market value of the property, and so on.

  • Enter your contact details so that we can connect with you regarding the further process.

  • Enter the OTP received on your mobile number in the space provided
  • You will so receive a call from MyMoneyMantra's loan representative who will further guide you with the entire process.

You can also call our experienced Mortgage Specialists at our toll-free number 1800-103-4004.

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