Yes Bank Home Loan Interest Rates

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.

Yes Bank Home Loan Details

Loan amountUp to 90% of the property cost
Rate of interest8.95 to 11.80%  
TenureUp to 30 years
Lowest EMI possibleRs. 836 Per Lakh
Processing fee1% of the loan amount or Rs 10000 
(whichever is higher & GST additional)
Min Salary/ Income RequirementRs 25000
Credit Score Required600

Features of Yes Bank Home Loan Scheme

  • A widespread network of operational branches spread across the nation.
  • Apply online or offline as per your choice.
  • Home Loans for all types of requirements, such as the purchase of residential land or ready Home, or extension, construction, and improvement of the home.
  • The main pillars of Yes Bank limited are integrity, ethics, and openness.
  • The loan repayment is simplified with reduced EMI feature.
  • An efficient service delivery model ensures quick and easy approval and disbursal of Home Loans.
  • Highly qualified professionals handle customer care support 24X7.

Factors Affecting Yes Bank Interest Rates

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.

Yes Bank Home Loan Fees and Charges

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

Type of ChargeCharges
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 Rate24% p.a. or 2% per month on the overdue instalment(s)
Additional Interest2% 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 IncidentalAt 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 ChargesAt Actuals (as per the applicable state laws)

Key things about Yes Bank Interest Rates

  • Yes Bank offers Home Loans on a fixed rate and floating rate basis.
  • The rate of interest ranges from 8.95% to 11.80%
  • Factors that affect the rate of interest include the following:
    • Type of loan: Top up loans cost more than the regular Home Loans. Similarly, surrogate loan programs have a higher rate of interest as compared to regular loans.
    • The credit rating of the borrower: Applicants having an excellent credit rating get the advantage of a lower interest spread.
    • Nature of income: People with a regular source of income get a better rate as compared with those having irregular income. Similarly, people with income levels as low as 9,000 per month can avail Yes Bank Khushi Loans at a higher rate of interest as compared to regular Home Loans. 

How to calculate Yes Bank Rates?

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.

Best Value Home Loans

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Yes Bank Home Loan Interest Rates FAQs

What is the surrogate loan programme of Yes Bank?

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.

 

Who qualifies for a Home Loan under Khushi Home Loan Scheme?

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.

How does one calculate the PMAY interest subsidy?

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. 

What are the points to note in the PMAY subsidy?

One should note the following points in connection with the PMAY subsidy:

  • The loan amount eligible for calculation of PMAY subsidy for each category of borrower is different
  • For EWS and LIG, the maximum loan amount eligible for subsidy calculation is 6 Lakhs
  • For MIG-I and MIG-II, it is 9 Lakhs and  12 Lakhs respectively
  • The notional rate of interest for the calculation of subsidy is 9%
  • The subsidy is calculated on the NPV of the interest charged to the account for a maximum of 20 years.
  • The subsidy is an upfront one, thereby affecting the EMI of the borrower

How does PMAY subsidy affect the EMI?

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.

 

Can I avail a loan of 25 Lakhs under PMAY and still claim subsidy?

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.

Can I avail income tax concessions on the repayment of my Yes Bank Home 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.

  • Interest repayment: Maximum of 2 Lakhs per annum per borrower under Sec 24
  • Principal repayment: Maximum of 1.50 Lakhs per annum per borrower under Sec 80C

Can I foreclose my Home Loan with Yes Bank?

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.

Which of the two rates is a better option, a fixed rate or a floating rate of interest?

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.