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Calculate Yes Bank Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.95%
  • ₹0
  • 30
Updated:

Yes Bank Details

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.

Additional Reading: CIBIL Score Required for Home Loan

Yes Bank Home Loan EMI Calculator

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.

Additional Info: Apply SBI MaxGain Home Loan @7.95%

Yes Bank Home Loan EMI Concept

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.

Additional Reading: CIBIL score check free online by pan number

Yes Bank Home Loan EMI Calculator - The Method of Calculation

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.

Factors That Affect the Yes Bank Home Loan EMI Calculation

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

With effect from October 01, 2019, Yes Bank has switched over to the external benchmark linked interest rates. Yes Bank uses the 6M CD rates published by FBIL. As on October 01, 2019, the 6M CD rate is 5.93%. Yes Bank loads the premium on this benchmark rate to arrive at the Home Loan interest rate.

The applicable Yes Bank Home Loan interest rate with effect from October 01, 2019 is the External Benchmark rate. In absolute terms, the ROI ranges between 6.70% to 11.80% .

Rate of Interest = 6.70%
Loan Amount10 years15 years20 years
 10 LakhsRs. 11,457Rs. 8,821Rs. 7,574
 25 LakhsRs. 28,642Rs. 22,053Rs. 18,935
Rate of Interest = 11.80%
Loan Amount10 years15 years20 years
 10 LakhsRs. 14,232 Rs. 11,873Rs. 10,872
 25 LakhsRs. 35,579 Rs. 29,683Rs. 27,179
  • 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 6.70% to 11.80% and then to 12.50%
  • As the tenure increases, the EMI goes down

Alternatives of IDFC First Bank Home Loan EMI Calculator

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).

Yes Bank Home Loan - Method of Interest Calculation

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

IDFC First Bank Home Loan EMI Calculator with Pre-EMI Interest Calculation Option

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.

Additional Reading: CIBIL Score Calculation

Yes Bank Home Loan EMI Payment - Tax Benefits

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

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Yes Bank Home Loan EMI Calculator FAQs

✅ What is the Pre-EMI interest concept?

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Any interest debited to the Home Loan account before the commencement of the regular EMI is pre-EMI interest. Usually, you observe the pre-EMI interest in Home Loans that come with a moratorium. Yes Bank provides Home Loans for construction purposes. These loans are not disbursed in a single tranche. The disbursement happens in instalments. However, Yes Bank calculates interest on the outstanding balances every month. This interest is the pre-EMI interest.

✅ How does Yes Bank treat the pre-EMI interest component?

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Yes Bank stipulates that the borrower pays the pre-EMI interest every month. Under such circumstances, the calculation of the EMI does not suffer. However, if the bank permits the accumulation of pre-EMI interest, it has to calculate the EMI afresh before its commencement.

✅ When does the regular EMI start in such accounts with moratorium?

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The EMI starts one month after the final disbursement or at the end of the contracted moratorium period, whichever is earlier.

✅ Which option is beneficial to the customer, servicing pre-EMI interest or allowing it to accumulate?

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The customer is better off by servicing the pre-EMI interest every month until the commencement of the regular EMI. It allows the borrower to get the benefit of simple interest on the Home Loan amount. He does not have to pay interest on the interest amount.

✅ Which is better for the borrower, a short tenure or an extended one?

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It depends a lot on the financial position of the customer. The shorter tenure has its benefits.

  • The loan is liquidated soon
  • The borrower has to pay less interest on the loan for the full tenure

However, there are drawbacks, as well.

  • Short tenure means that the borrower has to pay a higher EMI
  • The customer should be able to afford the EMI
  • The maximum IT benefits on a Home Loan are  2 Lakhs for interest component and  1.50 Lakhs for principal repayment. If the annual EMI is more than  3.50 Lakhs, they lose out on the tax benefits.

The extended tenure is beneficial because it enables the borrower to go for a higher loan amount depending on his/her affordability.

However, it boils down to the choice of the borrower.

✅ What does the graphical representation in the Yes Bank Home Loan Calculator denote?

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The Yes Bank Home Loan Calculator depicts the interest payment and total repayment amount in the form of a graph. It enables the customer to understand the extent of Home Loan interest payment that he/she makes every year.

✅ Is it not the equivalent of an amortisation schedule?

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Yes, it is the equivalent of an amortisation schedule. One can refer to it as an amortisation chart. A schedule would have been a better option, as it can simplify matters greatly.

✅ What is the most significant drawback of the Yes Bank Home Loan EMI Calculator?

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The Yes Bank Home Loan EMI Calculator has specific drawbacks.

  • It does not allow the customer to enter a loan amount less than  10 Lakhs
  • Similarly, it does not have provision to calculate Home Loan EMI for tenure less than 20 years

✅ How does Yes Bank calculate Home Loan EMI in the case of the semi-fixed rate of interest Home Loans?

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The semi-fixed interest rate Home Loans have a unique structure. The ROI remains fixed for a specific period, say three years. It is easy to calculate the EMI when the rate of interest is fixed. The ROI switches to a floating mode after the expiry of the fixed-rate period. The rate will change. Accordingly, Yes Bank will have to calculate the EMI.

✅ Is the Yes Bank Home Loan EMI Calculator a reliable tool for determining the EMI?

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Yes, the Yes Bank Home Loan EMI Calculator provides accurate results when calculating the EMI.

Additional Reading: How to Improve CIBIL Score Immediately?