If you are planning to take a home loan from Yes Bank, you should have an idea about your EMIs. Knowing EMIs beforehand will allow you to manage your finances efficiently. Read below to learn everything about your Yes Bank Home Loan EMIs.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Compare Home Loan Interest Rates of Top Banks/HFCs
|Interest Rates (% p.a.)|
|Name of Lender||Up to 30 Lakh||Above 30 Lakh & up to 75 Lakh||Above 75 Lakh|
|Kotak Mahindra Bank||6.55 onwards||6.55 onwards||6.55 onwards|
|PNB Housing Finance||6.99-12||6.99-12||7.15-12|
|Bank of Baroda||6.50-8||6.50-8||6.50-8.25|
|Union Bank of India||6.40-7.60||6.40-7.65||6.40-7.65|
|IDFC First Bank||6.90 onwards||6.90 onwards||6.90 onwards|
|L&T Housing Finance||6.75 – 7.75||6.75 – 7.75||6.75 – 7.75|
|LIC Housing Finance||6.75 – 7.85||6.70 – 8.05||6.70 – 8.05|
|Table of Contents|
Please Note: Yes Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
How to Use Paisabazaar’s Home Loan EMI Calculator?
Using Paisabazaar’s Home Loan EMI Calculator is easy. All you need to do is,
- Enter the desired loan amount
- Enter the applicable rate of interest
- Enter the tenure in which you would like to repay the loan
As soon as you fill in these details, the EMI will be displayed along with other information (total principal and interest payable). For the convenience of the users, the calculator will also show the amortization schedule. With the help of a housing loan EMI calculator, you will get a fair idea of the amount you can afford to borrow and the tenure until you can comfortably repay the loan on time.
How is Yes Bank Home Loan EMI Calculated?
The Yes Bank calculates home loan EMI using the monthly reducing balance method. The reducing balance method calculates interest on a reduced principal at the end of each month. As a result, if you pay an EMI (which includes both the principal and interest amount), the principal part is subtracted from the total outstanding. The interest is calculated on the deducted amount. For each EMI, the interest rate is reduced in this manner.
According to this method, the Yes Bank Home Loan EMI calculation formula is:
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
- EMI is the equated monthly instalment
- P is the principal or the amount that is borrowed as a loan
- R is the rate of interest
- N is the tenure of repayment (in months)
Mr X takes a housing loan of Rs. 50 lakh at a reducing balance interest rate of 9% p.a. for 240 months.
Monthly interest rate = Annual interest rate/ 12 = 8/12 = 0.75% per month
Monthly EMI payout for Mr. B = [5000000 x 0.0075 x (1+0.0075)^240]/(1+0.0075)^(240-1)] = Rs. 44,986
Yes Bank Home Loan EMI Calculation
With the help of the table, let us see how home loan EMIs change with the change in tenure, loan amount and interest rate.
From the above-given table, it is clear that:
- EMIs increase with an increase in loan amount even if the rate of interest remains the same
- EMIs decrease with an increase in tenure, but in return, the total interest payable increases
Therefore, if you are willing to decrease your EMIs and wish to avoid the interest amount, it would be wise to try and pay the maximum down payment to lower the principal amount. Part prepayment is another option to reduce home loan interest and reduce EMIs (provided you keep the tenure the same). A balance transfer is also an option to transfer your outstanding loan amount to another lender offering a lower home loan interest rate, longer tenure or both. A lower home loan rate will reduce your total interest payable and monthly payments, thus reducing the overall loan burden.
EMI Comparison of Popular Banks in India
Mentioned below are the EMIs of some of the most popular home loan providers in India:
|Home Loan Providers||Rate of Interest||EMI/Lakh*|
|Yes Bank Home Loan||8.95% p.a.||Rs. 801|
|Axis Bank Home Loan||6.90% p.a.||Rs. 658|
|LIC Home Loan||6.90% p.a.||Rs. 658|
|SBI Home Loan||6.70% p.a.||Rs. 646|
|HDFC Home Loan||6.75% p.a.||Rs. 648|
Note: The interest rates mentioned above are variable and dependent upon the bank’s sole discretion.
To calculate the per lakh EMI, the tenure used is 30 years.
How to Pay Yes Bank Home Loan EMI?
You can pay home loan monthly payments to Yes Bank through one of the following ways:
- Issue Standing Instructions (SI) to your banker to pay the instalments through ECS (Electronic Clearing System)
- Opt for direct deduction of monthly instalments by your employer
- Issue post-dated cheques from your salary account
Charges applicable on Non-payment of Yes Bank Home Loan EMI
|Delayed Payment of home loan||24% per annum i.e. @2% per month on the overdue instalment(s)|
How is Yes Bank Home Loan EMI Calculated?
Yes Bank home loan EMI can be calculated using Paisabazaar’s home loan EMI calculator. All you need to do is enter the values for the loan amount, rate of interest and tenure, and you will get your EMI calculated instantly.
How useful is the Yes Bank home loan calculator?
Yes Bank home loan calculator allows you to calculate EMIs instantly. Having an initial idea of the EMI amount can help you manage your finances efficiently.
How can I reduce the Yes Bank home loan interest rate?
To reduce Yes Bank Home Loan EMI, you can avail of the balance transfer facility of a new lending institution that offers a lower interest rate. However, one may also approach the existing lender to reduce the EMI.
What are the factors affecting Yes Bank Housing Loan EMI?
Your EMI is decided as per your loan amount, interest rate, and tenure for which the home loan has been taken.
Why should I calculate Yes Bank EMI before taking a loan?
You should calculate your EMI before taking a home loan to get an idea about the loan amount you can easily afford. Knowing EMIs beforehand also helps you to manage and plan your finances and plan your finances.