Yes Bank Home Loan EMI Calculator

Yes Bank was incorporated in November 2003. Hence, it is a new-generation bank in every way. One of the advantages that Yes Bank has over the other banks is the technology. From opening its first branch in Mumbai in August 2004, Yes Bank has come a long way to become one of the top private sector banking institutions in the country today.

Yes Bank offers exciting products to its customers. It is one of the first banks in India to provide higher rates of interest on savings accounts. When the banking industry was offering 3.5% to 4% on savings deposits, Yes Bank took the initiative to offer up to 6%. Yes Bank offers a beautiful bouquet of credit cards to suit every clientele. The bank also provides one of the most attractive Home Loans, as well. Apart from the competitive rates of interest, the bank has a lot to offer on the technological front. It provides a range of calculators that help to make it convenient for the borrower.

You can also Apply for Bank of India Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

Yes Bank offers the facility of an online Home Loan EMI Calculator on its website. This EMI Calculator is one of the easiest instruments available to help borrowers estimate their EMI. The calculator requires the borrower to submit the minimum information like the loan amount, tenure, and the applicable rate of interest. The computer does the hard work of calculating the EMI.

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From the borrower point of view, EMI is the ideal repayment mode. EMI comprises of two constituents. One is the interest part, and the other is the principal amount repayment component. As the EMI remains constant, both these individual components are variable. In the initial stages, when the principal outstanding amount is high, the interest component accounts for a significant portion. However, it keeps on reducing as you continue paying your EMI.

The Yes Bank Home Loan EMI Calculator presents a beautiful graphical representation of the interest component. It helps borrowers to understand how much interest they pay annually.

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The mathematical formula for determining the EMI is a complicated one. However, for academic purposes, we list out the formula as below:

EMI = [PR(1+R)^N] / [(1+R)^N-1] where P, R, and N denote principal amount, rate of interest, and the number of instalments, respectively.

It is a challenge to calculate the EMI manually. The EMI Calculators do a fantastic job of estimating the EMI accurately. The borrower has to submit the following information:

• The loan amount approved by the bank
• The applicable rate of interest
• Loan repayment tenure

One can also calculate the EMI in advance. Under such circumstances, the loan amount will be the amount that you expect to borrow.

Alternate methods of calculating the Home Loan EMI

• One way of doing it is to use MS Excel tables. It is a popular method. The following formula should help you to determine the EMI. EMI = PMT(rate,nper,pv), where 'PMT' is the notation for EMI in MS Excel, 'rate' denotes the ROI, 'nper' constitutes the loan tenure, and 'pv' represents the loan amount.
• One can also use the EMI Calculator present on websites like MyMoneyMantra.com to estimate the EMI. The procedure for calculating EMI is the same. The borrower has to provide the necessary information asked for by the EMI Calculator.

Check Best Home Loan Interest Rates starting at 8.50% from different banks and NBFCs

Yes Bank offers facilities of adding other charges like processing fees to the loan amount while calculating the EMI. It is optional, as borrowers can choose to pay the processing fees separately, as well. Anyway, the EMI calculation for the Yes Bank Home Loan depends on the following factors.

• Home Loan amount: The EMI moves in the same direction as the loan amount. The higher the loan amount, the more is the EMI.
• Rate of interest: Naturally, the more the ROI, the higher is the EMI
• Loan repayment tenure: The EMI varies in inverse proportion to the Home Loan repayment tenure.
• Processing fee: Depends on a case to case basis

The applicable Yes Bank Home Loan interest rate with effect 2024 is the External Benchmark rate. In absolute terms, the ROI ranges between 9.40% - 10.25% .

• The EMI increases as the amount goes up from 10 Lakhs to 25 Lakhs
• Similarly, it rises along with the rise in the interest rates from 9.40% - 10.25% 
• As the tenure increases, the EMI goes down

Know your EMI before you apply for the Home Loan. Depending on your affordability, you can alter your requirements. Alternatively, you can reduce your other expenses. Thus, the EMI Calculator helps to determine your budget.
Check whether the bank has stipulated the correct EMI for your Home Loan
Know how much interest you will end up paying on the Home Loan for the entire tenure of the Home Loan.
Extend the loan tenure if you find that you cannot afford a particular EMI. Thus, you can decide your tenure (maximum loan tenure with Yes Bank is 25 years).

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

• Yes Bank estimates Home Loan interest on the daily reducing balance. It is the ideal mode of interest calculation from the customer's viewpoint.

Interest rate fluctuations 
Yes Bank follows the external benchmark linking structure for determining the Home Loan interest rate. The bank follows the MCLR-linked structure for Home Loans sanctioned before October 01, 2019. The MCLR depends on market rate fluctuations, as well. Therefore, any rise or fall in the external benchmark rates brings about a corresponding increase or fall in the Home Loan interest rate. As the ROI is a crucial factor that decides the EMI, the EMI can change with a variation in the interest rates.

Prepayment of Home Loan 
Partial prepayment is common in housing loans. Borrowers like to liquidate their Home Loan liabilities as quickly as possible. Making a prepayment reduces principal liability considerably. Usually, borrowers do not ask for a reduction in the EMI after making a prepayment. However, the option is open to them. Under such circumstances, Yes Bank recalculates the EMI to arrive at a fresh EMI.

Moratorium interest 
Housing loans for construction purposes come with a moratorium period of up to 18 months. The repayment of the regular EMI does not start until the final disbursement. Yes Bank stipulates that borrowers should pay the pre-EMI interest every month. Under specific circumstances, they allow accumulation of the pre-EMI interest into the loan account. The EMI changes because of the addition of the pre-EMI interest to the loan account.

Default/delay in repayment 
Yes Bank Home Loan EMI Calculator calculates the EMI by assuming that the borrower will repay the EMIs on time. Any default or delay in the payment of EMI results in Yes Bank imposing a penalty. The borrower should clear the outstanding dues along with the penal interest. If he/she lets the penal interest accumulate into the loan account, it cascades into a substantial liability. The bank might have to revise the EMI to recover the penal interest amount.

You can also Check & Apply for SBI Plot Loan Online

Individuals get tax concessions on repayment of their housing loan instalments. The EMI comprises of interest portion and a principal component. The tax concessions are available for both the interest and principal repayment.

• Sec 80C of the IT Act offers concessions up to  1.50 Lakhs annually for repayment of principal
• Sec 24 of the Act deals with interest payment concessions. Individuals can claim up to  2 Lakhs on the repayment of the interest component.

Additional Info: Also check Home Loan Tax Benefit