Yes Bank home loan interest rates range between 8.95% to 11.80% p.a. Interest rate applicable will depend upon customer profile, credit score, and repayment capacity. Get an option to choose between the fixed and floating rates of interest to maximize benefits on the home loans. Check your Yes Bank home loan eligibility to get your feature-loaded home loan from Yes Bank.
|Loan amount||Up to 90% of the property cost|
|Rate of interest||8.95% to 11.80%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 836 Per Lakh|
|Processing fee||1% of the loan amount or Rs 10000 |
(whichever is higher & GST additional)
|Min Salary/ Income Requirement||Rs 25000|
|Credit Score Required||600|
Here are a few factors that affect your eligibility for YES Bank Home Loan and thus the effective rate of interest:
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-applicants monthly income, employment status, and monthly obligations.
Here are the details of Processing Fees and all other charges associated with the YES Bank Home Loan:
|Type of Charge||Charges|
|Prepayment Charges (in part or full)|
|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)|
Use MyMoneyMantra Home Loan EMI Calculator to evaluate EMI on the Home Loan. The calculator is easy to use. Just submit the necessary information like loan amount, rate of interest and repayment tenure and it will give you the EMI and overall break up of loan.
MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
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Calculating Home Loan eligibility is a critical part of any Home Loan proposal. Salaried persons or those filing regular IT returns should not have any difficulty in satisfying eligibility norms. However, some self-employed persons have income but do not file income tax returns. The surrogate loan programmes are helpful to such people. Yes Bank gauges their income from other sources like bank statements, invoices, and so on. Such borrowers have to pay a higher rate of interest as compared to regular Home Loan borrowers.
Khushi Home Loan Scheme is for those individuals having income as low as Rs 9,000 per month. These people can apply under the Pradhan Mantri Awas Yojana to avail interest subsidy. If they do not have documentary evidence of their income, they can apply under the surrogate loan programme.
For PMAY interest subsidy calculation, one needs to obtain the Home Loan repayment schedule and find out the present value of interest for each of the 20 years. You can calculate the same using MS Excel tables. Alternatively, the PMAY official website has an interest subsidy calculator. This calculator is easy to use. The PMAY subsidy is calculated assuming the rate of interest to be 9% throughout the tenure.
One should note the following points in connection with the PMAY subsidy:
This simple example will make it convenient for all.
Consider a PMAY borrower in the MIG-I category who has taken a loan of 10 Lakhs from Yes Bank at 10% interest for 20 years. The EMI works out to 9,650. The borrower is eligible for a maximum subsidy of 2.35 Lakhs. Thus, the principal amount of the loan reduces to 7.65 Lakhs after the credit of the upfront subsidy. Thus, the EMI now reduces to 7,382.
The loan amount is immaterial. The maximum loan amount eligible for calculation is 6 Lakhs for EWS, 9 Lakhs for MIG-I, and 12 Lakhs for MIG-II. Any loan amount more than these numbers is treated as unsubsidised loans.
Yes, Income tax concessions are available under Sec 24 and Sec 80C of the IT Act for repayment of Home Loan interest and principal amounts respectively.
Yes Bank offers the facility to foreclose your Home Loan or make part prepayments. It does not charge any penalty for foreclosure and prepayments on the floating rate on interest loans. For borrowers opting for a fixed rate of interest, Yes Bank charges a penalty of 2.50% on the principal amount outstanding.
It depends on the circumstances. If the market rate is in a falling regime or remains constant, the floating rate is beneficial. Otherwise, the fixed rate can be a better option.