If you are walking down the street of best home loan options then take a pause and check out the range of home loans products designed by Yes bank. When it comes to a dream house, arranging finances holds the potential to make your goals look out of your reach. But here is the Yes bank home loan for you that offers housing loans at competitive rates for a repayment tenure that could not be more flexible. Yes bank housing loans come adorned with facilities including PMAY and top up which makes choosing the most suitable home loan easier.
|
Loan Amount |
Ranges from Rs 10 lakh to Rs 5 Crore |
|
Interest Charges |
Starts at 8.95% per annum and goes up to 11.80% |
|
Processing Fees |
Up to 2% of the loan amount (or Rs 10000) |
|
Tenure |
Up to 30 years |
|
Prepayment |
NIL |
Here we have listed down everything, from home loan schemes to interest rates, that you have to know about the Yes bank housing loan before you take a step ahead.
Here are the features of Yes bank home loan:
Multiple Home Loan Options : Yes bank has a list of home loan options available that is prepared right for the needs and requirements of different borrowers. Whatever purpose it is that you have regarding your dream home, Yes bank brings different home loans that have everything checked. Here are different Yes bank home loan options that you can go for:
Loan Amount : Yes bank home loan amount starts at Rs 10 lacs and it ranges up to Rs 5 crore. There are tons of factors that help decide the loan amount you will be availed. First things first, it is up to your requirement which includes, of course, the value of property. Then come many other factors such as your repayment history, credit score etc. that help the lender decide the loan amount.
Interest Rates : Yes bank home loan interest rates start at 8.95% per annum and range up to 11.80%. Know that home loan interest rates are subject to various factors like your credit score, loan repayment period, loan amount etc.
Repayment Tenure : When it comes to Yes bank home loan repayment tenure, you can expect a comfortable time span. The lender provides home loans for a repayment period ranging up to 35 years and you can opt for the tenure that goes best with your repayment plan.
Balance Transfer : Balance transfer is a helpful facility by Yes bank which allows you to save yourself from high interest rates on your existing home loan. Yes bank home loan balance transfer enables you to move your home loan amount to the Yes bank home loan at lower rate of interest.
PMAY : Yes bank home loan features Pradhan Mantri Awas Yojana-Credit Linked Subsidy Scheme, an initiative of government, that allows the economically challenged groups of individuals to avail affordable housing loans.
The scheme allows economically weaker groups, middle income groups and low income groups to get home loans of up to 12 lacs and enjoy interest subsidy of up to 6.5% . Yes bank PMAY home loans are offered for tenure up to 20 years.
Prepayment : Why continue monthly installments when you have sufficient funds to repay your Yes bank home loan and close the loan quickly? Yes bank housing loans offer borrowers to make prepayment and foreclose the loan which is a good way to stop paying interest rates.
Now it comes to the Yes bank home loan foreclosure charges. Know that the leader does not charge any prepayment penalty for floating rates of interest. Borrowers are charged a prepayment/part-prepayment penalty of up to 4% of outstanding balance in case of fixed rates.
|
TYPE |
CHARGES |
|
Processing fee |
1% of the loan amount or Rs.10000 whichever is higher (GST Additional) |
|
Pre closure charges |
NIL |
|
Part payment charges |
NIL for floating rate loans 2.5% on the principal amount on fixed rate loans |
|
Late payment fee / Penal interest |
24% per annum i.e. 2% p.m. on the overdue installments |
|
Additional interest |
2% p.a. Over and above the applicable interest rate of the loan outstanding |
|
Cheque swapping charge / Repayment mode |
Rs.500 |
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Cheque bounce / Return |
Rs.75 per instance |
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Statement of account / Amortisation schedule (Physical mode of branch) |
Rs.100 per request |
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Prepayment statement charges |
Rs.100 per request |
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Duplicate no objection certificate |
Rs.100 per request |
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Loan cancellation / Rebooking (Additionally stamping norms as per actually if applicable) |
Rs.2000 |
|
Legal, Incidental charges |
At actuals |
|
Document Retrieval charges |
Rs.500 |
|
EMI cycle date charges |
Rs.500 |
You have to make sure that you meet the Yes bank home loan eligibility requirements that are designed by the lender to determine whether you qualify for this loan or not. Your age, employment history, income and other factors help the lender gauge if you fall into the realm of eligibility for Yes bank home loan. Thus, it is best that you go through the checkpoints and see if there’s anything that you are missing.
Here are the Yes bank housing loan eligibility requirements that you should pass:
When applying for a Yes bank housing finance loan, you are required to submit documents in order to proceed with the Yes bank home loan application. You must ensure you have all the Yes bank home loan required documents.
Here are the Yes bank home loan documents that you will be required to submit with home loan application:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
|
BANKS |
INTEREST RATE |
|
7.75% to 9.40% |
|
|
6.95% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
The basic formula is apply to calculate the EMI of Yes Bank Home loan :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
Here is how you can apply for Yes bank home loan:
Apply for Yes bank home loan offline
To apply for a Yes bank home loan offline, you need to visit the nearest branch of Yes bank. When visiting the branch, you must have all the necessary documents that you will be required to present to proceed the application.
Apply for Yes bank home loan online
Follow the steps mentioned below in order to apply for Yes bank home loan online:
Solutions to your query, grievances or complaints related to the Yes bank home loans are just one call away. If you need any assistance with the Yes bank home loan or have any enquiry to make, then you can contact the bank using the following Yes bank customer care number:
4. YES Bank Loan Against Property
FAQs On Yes Bank Home Loan
The Yes bank home loan interest rates range from 8.95% TO 11.80%.
You can avail Yes bank home loan for construction, renovation, extension and repairs. You can also contact Yes bank for Yes bank home loan balance transfer facility.
There are no foreclosure charges in case of prepayment/ part-prepayment of home loans at floating rate. If you make prepayment/ part-prepayment during a fixed interest rate period, the lender charges a prepayment penalty of 4% of principal outstanding.
If you default the payment of Yes bank of home loan EMIs, the lender will charge a late payment fee of 24% per annum (2% per month).
The processing fee for Yes bank home loan is up to 2% (or Rs 10,000) of the loan amount plus applicable taxes.
Last Updated on : 06/Apr/2021Know More About
You're eligible for a Yes Bank Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Yes Bank Home Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.6% - 10.55% |
| Processing Fees | 1% of the loan amount or Rs.10000 whichever is higher (GST additional) |
| Loan Tenure | 1 year to 35 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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