Yes Bank Home Loan Interest Rates
A home loan is a secured loan that an Individual borrows from any bank or lending institution at a specific rate of interest which is to be paid back with monthly EMIs.
Yes Bank (a full-service commercial Bank) provides wide-ranging solutions to customers to finance the residential property purchase.
Yes Bank offers high-value loans at very decent and affordable interest rates with flexible repayment tenure. It helps to accomplish your dream home without having to worry about budget constraints.
Yes Bank Home Loan Interest Rates
- YES BANK provides the option of floating Rated as well as Fixed Rates.
- Floating Rates, also known as Variable Rates change with the change in market conditions.
- A Fixed Rate does not change throughout the loan tenure.
- Bank offers additional benefits for Floating Rate.
- Nil (Full/Partial) Prepayment charges for Floating Rate Home Loan.
- Revision of Rates or change in Interest rates by Yes Bank will be under RBI guidelines.
Yes Bank Home Loan Interest Rates Overview
||8.95% to 11.80%
|Standard Income Program/Balance Transfer
||8.95 (RAAC Rate)
|Surrogate Program/PD based Scheme
||9.5% to 11.8%
|Home Loan Top-Up Scheme
||8.95 (RAAC Rate)
|YES Bank Housing Scheme
|Regular Home Loans-Floating Rate
||8.95% to 11.80%
| Khushi Home Loan
||10.25% to 12.00%
The above interest rates are the same for salaried as well as self-employed applicants.
Yes Bank Types of Home Loans
- Home Purchase Loan: Loan to purchase a house.
- Home Renovation Loan: This loan is usually for those individuals who want to renovate and repair their houses.
- Home Loan Top-Up: It is an additional funding at home loan rates along with existing home loans on the same property.
- Home Loan Transfer: Balance transfer of home loans from other banks and Housing Finance Companies.
- Home Loans For Self Employed: Tailor-made home loans for self-employed professionals and nonprofessionals.
- Purchase of Plot and Construction or Self-construction of an already owned Plot.
Eligibility Criteria for Home Loan at Yes Bank
- Home loans at Yes Bank are available to both working and self-employed professionals.
- YES, BANK also provides Home Loan to Non-Resident Indians (NRI) as a part of its special Global Indian Banking Program for NRIs
- Individuals can apply for a Housing Loan if they meet certain criteria:
- MUST BE BETWEEN 23-60 YEARS.
- FOR SALARIED PROFESSIONALS: It should be Rs. 25000 per month.
- FOR SELF EMPLOYED: INR 4 lacs per annum.
- Work Experience For Salaried:
- Work Experience For Self Employed:
- BUSINESS STABILITY FOR A MINIMUM OF 2 YEARS.
- Interest Rate:
- Ranging From 8.95 % – 11.80 %.
- Processing Fee:
- 2% of the loan amount or Rs 10000, whichever is higher (excluding GST).
Besides this, Yes Bank also started a new affordable housing scheme supporting PMAY (Pradhan Mantri Aawas Yojana). This scheme is known as YES KHUSHI Home Loan.
YES KHUSHI HOME LOAN SCHEME
YES Bank has launched a unique home loan called Yes Khushi Home Loan, meeting affordable housing conditions to help the lower-income groups or economically weaker sections fulfill their dream of owning a home. The Scheme “Khushi ” can be used for any type of Housing-related matter.
Features of Yes Bank Khushi Home Loan Scheme:
- Tenure of the Home Loan: YES, BANK provides the longest repayment period of 35 years for salaried and 30 years for self-employed customers.
- Interest Rates: Interest Rates under this scheme range between 10.25 % and 12%.
- Borrowers Monthly Income Eligibility: The income of the borrower should be a minimum of Rs 9000 to apply for a Housing Loan under this scheme.
- Facility of Transfer of Loan: Individuals can transfer their present home loans from other banks or Financial Institutions to Yes Bank with the help of simple documentation.
- Top-Up Loan: When a person transfers a home loan to Yes Bank, they can also extend a top-up loan for personal needs.
- Minimum Amount of Loan: The Applicant can avail a minimum loan amount of Rs 1 Lakh.
- Maximum Loan Amount: Maximum loan amount available under this scheme is Rs 35 Lakhs.
- NRIs can also avail of the Home Loan scheme provided the co-applicant should be a citizen of India
- Apart from the above benefits, there are other benefits too of YES KHUSHI SCHEME:
- Minimal Documentation.
- Personal Assistance throughout the loan process.
- Doorstep Service.
- Fast and Transparent processing.
- Multiple branches across the country.
- No Restrictions on job profile or service.
- No Restriction on Size of House.
- What is the current loan processing fee of yes bank home loans?
Processing Fee: 2% of the loan amount or Rs 10000, whichever is higher (excluding GST).
- Is there any tax benefit available under a home loan?
Yes, Both Principal and Interest of Home Loans attract tax benefits. As per Income Tax 1961, borrowers can get tax exemption for the amount paid towards the interest on the loan is Rs. 2, 00,000 under Section 24(B) in the financial year. Similarly, for the principal amount repaid in the same year, the exemption is up to Rs. 1, 50,000 (under Section 80C) for the. However, the same is subject to the changes in the Income Tax Act from time to time.
- What is an Equated Monthly Income (EMI)?
EMI is the amount payable every month to the Financial Institutions until the loan is paid back. The EMI consists of Interest as well as Principal Amount.
- What benefits can an individual avail when a co-applicant is added?
Adding a co-applicant would help in increasing the loan amount. The income of that family member can be added to enhance the loan amount. Adding a co-applicant also improves the chances of your loan being sanctioned.
- Can a family member be eligible to co-applicant to a home loan?
Yes, any family member or spouse can be a co-applicant. The income of that family member can be added to enhance the loan amount.
- Can an NRI apply for Home Loan at Yes Bank?
Yes. NRIs are also eligible for Home loans under Yes Bank as a part of the Global Indian Ranking Program for NRIs.
- Does Yes Bank offer home loans under Pradhan Mantri Awas Yojana Scheme (PMAY)?
Yes bank offers Home loans under PMAY to fulfill the housing needs of Economically Weaker Sections/ Low Income Group/Mid Income Group by way of subsidy on the Home Loan.
- What are the eligibility criteria under PMAY?
Following are the eligibility criteria under PMAY:
- Any family member of the beneficiary should not own Pucca house.
- The beneficiary
- The family avails no other central assistance under any other housing scheme.
- House should be registered preferably in the name of Female Head or in the name of Male Head and his wife.
- If the family of the beneficiary has already availed of benefits provided by any other scheme of PMAY in the past, they would not be eligible under this scheme.
- How to apply for a Home Loan at Yes Bank?
One can apply for Yes Bank Home Loan either offline or online.
- A person can walk into the nearest Yes Bank Branch.
- Log in to their website and click on the “Click to Apply Button” to register. After that, a representative from Yes Bank will get in touch with you.
- One can also contact them on their toll-free customer care number or Register by sending SMS on the number they provided on the website.
- What are the features of a Yes Bank Home Loan?
Following features have been provided by Yes Bank:
- Yes Bank provides their applicants with service at their doorstep.
- Customers can avail counselling about the entire loan application process in the comfort of their own home.
- EMI facility – Longer tenure up to 35 years to ensure smaller monthly EMIs.
- Full/ Partial Repayment Charges for Floating Rate Home Loans.
- Faster Processing.
- Balance Transfer Facility with Top-up available.
- What are floating rate home loans?
Floating Rate Interest Loans are also known as Variable Interest Rates.
As the name suggests, Floating Rate Home Loans are the loans in which interest on the Home Loans varies with the change in the Benchmark Rates of the Bank, such as Base Rate or the MCLR or the Marginal Cost of Funds based Lending Rate, etc.
- What are the home loan eligibility criteria for Yes Bank?
Home loan eligibility and amount depend on several factors, such as income and repayment capacity, age, credit history, and the number of dependents.