YES BANK Home Loan EMI Calculator

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.

Using Paisabazaar’s Home Loan EMI Calculator is easy. All you need to do is,

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.

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)]

Where,

Example: Mr X takes a home 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

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:

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.

You can pay home loan online or offline monthly payments to YES BANK through one of the following ways:

Charges applicable on Non-payment of YES BANK Home Loan EMI