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Yes Bank Home Loan Interest Rates 2020

Yes Bank Housing Loan Interest Rate

Last Updated 09th Sep 2020

Current Yes Bank Home loan interest rates for Sep 2020 starts at 9.85% p.a. for a maximum tenure of 25 years. Processing fee on its housing loans is Upto 2.00%, Maximum ₹ 15,000.

Loan AmountYes Bank Home Loan Floating Rate
Upto ₹ 30 Lakh9.85%
₹ 30 Lakh - ₹ 75 Lakh9.85%
₹ 75 Lakh - ₹ 2 Cr9.85%
Above ₹ 2 Cr9.85%

Yes Bank Home Loan Interest Rates

Yes Bank offers various products on home loan. Yes Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Yes Bank Home Loan Interest Rate starts from 9.85%.
  • Yes Bank charges a processing fees of Upto 2.00%, Maximum ₹ 15,000.
  • Loan Tenure of Home Loan ranges from 1 years to 25 years.
  • Lowest EMI per lakh on home Loan from Yes Bank is ₹ 898 per lakh offered at the lowest interest rate of 9.85% at the longest loan tenure of 25 years.
  • Yes Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Yes Bank has an average customer rating of /5.0 from customers who have taken a home loan from the bank.

Yes Bank Home Loan Rate

Current Yes Bank home loan interest rates are in the range of 9.85% to 12.00%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 9.85%. The table below gives the interest rates on various housing finance schemes of Yes Bank.

Yes Bank Home Loan Scheme Interest Rates
Yes Bank Home Loan Floating9.85% - 12.00%
Yes Bank Khushi Home Loan10.25% - 13.00%

Yes Bank Bank Home Loan Charges

Yes Bank Home Loan Processing Fee

Yes Bank home loan processing charges are upto 2.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges the maximum processing fees at ₹ 15,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Yes Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Yes Bank Home Loan Prepayment

Yes Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Yes Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Yes Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Yes Bank.

Yes Bank Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Yes Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Yes Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Yes Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)9.85% to 12%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 1 years to 25 years
  • Yes Bank Home Loan Interest Rate: 9.85% to 12.00%
  • Processing Fee payable to Yes Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 2.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 898 for a 25 years ₹ 1 Lakh loan at 9.85% (lowest rate, longest time period) to ₹ 8,885 for a 1 years ₹ 1 Lakh loan at 12.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 16,619 for 1 years loan to ₹ 1.79 Lakh for 25 years loan

Yes Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 1 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Yes Bank.

FAQs

What is Yes Bank Home Loan interest rate?

Yes Bank Home Loan interest rate ranges between 9.85% to 12.00%.Yes Bank cuts Home Loan rates by 0.5% from 2.65%.

Why should I opt for balance transfer to Yes Bank?

Yes Bank offers competitive Home Loan rates with the best EMI of ₹ 898 per lakh availed at a low-interest rate of 9.85% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 898 per lakh, you should consider the option for a loan transfer to Yes Bank from your existing bank. EMIs can be calculated through Yes Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Yes Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Yes Bank housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Yes Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will Yes Bank housing loan rate of interest change in the future?

  • Floating rate on '.Yes Bank.' housing loan is linked to its '.1 Year.' '.MCLR.' Rate, which is currently at '.9.00.'%. When Bank offers a Home Loan at '..'%, it applies a '.premium of -9.'% to its '.MCLR.' Rate to arrive at this Home Loan rate.
  • When RBI increases rates, the bank may increase its '.MCLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.MCLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current Yes Bank Home Loan rate?

The current Yes Bank Home Loan rate starts from 9.85% with a processing fee of Upto 2.00%, Maximum ₹ 15,000

Related Topics
Latest Blogs

Yes Bank Home Loan News - Sep 2020
  • 2020-07-28 : Yes Bank reported a net profit of 45. 44 crore for June quarter
    YES Bank posted a 60.05% year-on-year fall in net profit at Rs 45.44 crore for the quarter ended June 30. The Bank had posted a net profit of Rs 113.76 crore in the corresponding quarter last year. Deposits at Rs 1,17,360 crore grew 11.4% QoQ aided by 26.4% QoQ growth in current account deposits and 12.6 per cent QoQ growth in term deposits which includes fixed and recurring deposits. CASA ratio stood at 25.8%. Further, Net interest income was at Rs 1,908 crore bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans.
  • 2020-07-06 : YES Bank introduces instant loan disbursement facility
    Private lender, Yes Bank has launched an instant loan disbursement facility. The facility will help the retail customers like that of home, personal, gold, two-wheeler, and car loan to apply for the loan in a smooth and fast manner.
  • 2020-02-03 : Revised MCLR for Yes Bank
    Private sector lender Yes Bank revised its MCLR and is in effect from February 1, 2020. The overnight MCLR is 7.90% and MCLR for one month stands at 8.75%. The three months MCLR is 9.20%, and Lending rates for six months is 9.40%. Further, one-year MCLR is 9.70%. The revised rates will impact Home Loans and Loan against property.
  • 2020-01-03 : Yes Bank MCLR remains unchanged
    Yes Bank will be functioning on the same lending rate as the previous month according to the notification as on 1 January 2020. The MCLR for overnight tenor stands at 7.90%, for one-month stands at 8.75%, for three months stands at 9.20%, for six months and one year it stands at 9.40% and 9.70%, respectively. The rate changes will impact the home loans and loan against property.
  • 2019-11-22 : Yes bank reports 600 crore loss due to tax hit in Q2
    Yes Bank reported a loss of Rs. 600 crore in the September quarter after getting a profit of Rs. 964.70 crore in the corresponding year. The loss is a result of an adjustment of Rs. 709 crore on account of the corporate tax regime. Gross Non-Performing Assets of the bank increased to 7.39% from 5.1% in the June quarter. Yes Bank is one of the fastest-growing private banks in home loans and personal loans.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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