Yes Bank Home Loan Interest Rates
Yes Bank home loan interest rates range between 9.40% - 10.25% p.a. The applicable interest rate depends on customer profile, credit score, and repayment capacity. The bank offers the 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 amount | Up to Rs. 10 Crores |
| Rate of interest | 9% - 12% p.a. |
| Processing fee | 1.5% of the loan amount or Rs. 10,000 (whichever is higher) + GST |
| Tenure | Up to 35 years |
| Lowest EMI possible | Rs. 784 Per Lakh |
| Age | 21 - 60 years |
| Minimum income | Rs. 20,000 p.m. for salaried & Rs. 4,00,000 p.a. for self-employed |
| Credit score | Preferably 750 or above |
Additional Info: Also Check Best Banks for Home Loan in India in 2024
Features of Yes Bank Home Loan Scheme
- Home Loans for all types of requirements, such as the purchase of home (new/ resale), plot plus construction/ self-construction loan, home loan for construction, home improvement/ renovation/ extension/ repair loan, balance transfer of home loan from other banks & financial institutions with top-up facility, and top up loan on existing home loan with YES Bank.
- Tailor made products for self-employed individuals to enhance their loan eligibility.
- Balance transfer facility to transfer your home loan to YES Bank to get a lower interest rate.
- Flexible Loan Amount up to Rs. 10 Crores.
- Flexible repayment tenures up to 35 years.
- The loan repayment is simplified with reduced EMI feature.
- Highly qualified professionals handle home loan customer care support 24X7.
- You can request a call by mentioning your financial requirements to get an instant call back from the bank officials.
Factors Affecting Yes Bank Interest Rates
Here are a few factors that affect your YES Bank Home Loan rate of interest:
- 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.
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 Charge | Charges |
| Login fee | Rs. 5,000 |
| Processing fee | Up to 1.5% of the loan amount or Rs. 10,000 (whichever is higher) inclusive of login fee + GST, out of which Rs. 7,500 is non-refundable |
| Part/ full prepayment charges | Nil for floating interest rate loans & 2% on the amount prepaid during fixed interest rate period for for fixed/ semi fixed rate loans |
| Foreclosure statement charges | Rs. 100 per request |
| Interest on overdue amount | At contractual rate for overdue amount/period after 30 days grace period |
| Charges for repayment mode swap | Rs. 500 for SI to NACH & NACH to new bank), Nil for NACH to SI |
| Repayment/ amortisation schedule charges | Rs. 250 per request (for physical mode or via branch) |
| Cheque bounce/ return charges | Rs. 750 per presentation |
| Statement of account/ loan account charges | Rs. 250 per statement (for physical mode or via branch) |
| Charges for duplicate NOC/ NDC | Rs. 100 per certificate |
| Loan cancellation/ rebooking charges | Rs. 2,000 |
| Legal/ repossession/ incidental/ collection charges | At actuals |
| Charges for document retrieval (per advice/ photocopy/ scanning, etc.) | Rs. 500 per instance |
| List of title documents (duplicate LOD) charges | Rs. 500 per instance |
| Charges for switch from floating to prevailing fixed rate/ higher floating to lower floating rate | 0.5% of the loan outstanding amount |
| Charges for switch from fixed to prevailing floating rate/ higher fixed to lower fixed rate | 1% of the loan outstanding amount |
| Equitable mortgage creation/ stamp duty/ other statutory charges | At actuals as per state laws + Rs. 125 (inclusive of GST) as service charges for every stamp paper/e-stamp paper |
| Property swapping/ part property release charges | 0.1% of the outstanding loan amount (minimum Rs. 10,000) |
| Charges for non-submission of post disbursement documents/ non-compliance to material terms & conditions | Rs. 2,000 p.m. until the PDDs are submitted with noting in favour of YES Bank |
| GST & other government charges, taxes, levies, etc. | Applicable as per prevailing rate over & above all the charges |
Tip: 50 Lakh Home Loan EMI Interest Rate before applying for a loan
Yes Bank Home Loan Eligibility
To be eligible for a Yes Bank home loan, you must meet the following eligibility criteria:
- Age: Between 21 and 60 years.
- Nationality: Indian resident or NRI.
- Work experience: At least 2 years of work experience for salaried and 3 years for self-employed.
- Income: Minimum monthly income of Rs. 20,000 for salaried and minimum annual income of Rs. 4,00,000 for self-employed.
- Credit score: A good credit score of 750 or above.
Yes Bank Home Loan Documents Required
Documents required for salaried applicants:
- Application form with recent photograph
- Adhaar Card (non-mandatory for NRIs)
- Pan Card/Form 60
- KYC: Address proof, identity proof, and signature proof
- Proof of income: Salary slips of last 3 months and income tax returns (ITR)/ Form 16 of last 2 years
- Bank statement: Bank statements of last 6 months of the account where salary is credited
Documents required for self-employed applicants:
- Application form with recent photograph
- Adhaar Card (non-mandatory for NRIs)
- Pan Card/Form 60
- KYC: Address proof (office and residence), identity proof, and signature proof
- Proof of income: ITR of last 2 years with computation of income, audited balance sheet and profit & loss account (including tax audit report if applicable), and turnover proof vide latest sales/ service tax returns
- Qualification proof: Applicable for self-employed professionals
- Bank statement: Bank statements of last 6 months of the operative account
Yes Bank Home Loan Interest Rates FAQs
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.
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:
- 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
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.
- 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
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 loans. For borrowers opting for a fixed rate of interest, Yes Bank charges a penalty of 2% on the amount prepaid during fixed interest rate period for for fixed/ semi fixed rate loans.
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.