YES BANK extends Home loans at to its customers at Interest rates ranging from 9.60% to 12.00%. These loans help an individual to buy his/her dream house. Yes bank home loan schemes are issued in association with Dewan Housing Finance Limited (DHFL). Yes Bank is the fourth largest private sector bank in India that offers financial solutions to its customers. The bank offers a variety of home loans to fulfil the needs and requirements of the consumers. These home loans help people to buy their dream house. As of Oct, 2018 Yes Bank operates and manages a network of more than 1000 branches and 1,800 ATMs. Now, let’s discuss further regarding the Yes Bank’s home loan features, benefits, fee and charges, eligibility, etc
YES BANK Home Loan Interest Rates 2018 |
|
| Interest Rate | 9.60% onwards |
| Processing Fee | 0.5% of the loan amount (minimum Rs. 10,000) |
| Loan Tenure | Up to 25 Years |
| Loan Amount | Rs. 5 crore |
| Cheque / Instrument Swap Charges | Rs.750 per instance |
| Prepayment or Foreclosure Charges | Nil if floating, 2.5% on the principal outstanding for fixed rate loans |
Key Features of YES BANK Home Loans
- These loans are extended to all applicants irrespective of them being salaried or self-
- It is a multipurpose loan and can be availed for various purposes such as a plot purchase, purchase of plot and construction thereon, self-construction on owned plot, purchase of ready house or flat, purchase of under construction property, extensions, improvement or renovations to existing houses or flats, or balance transfer of loans.
- The bank offers loan tenure of repayment which is up to 35
- The Yes Bank housing loans range depends on the applicant’s profile and lender’s discretion.
- The bank along with its well distributed banking channel and transparent loan processing techniques ensures easy disbursement of loans to the applicant.
- The bank follows a quick loan sanctioning process.
- A home loan executive is dedicated to the applicant in order to ensure correct guidance and easy completion of the loan formalities.
- The bank also provides doorstep banking facility to the applicants, if required.
- The bank offers Home Loan Protection plan in order to ensure the safety of the applicant’s property.
- The bank also gives an applicant the option of availing Balance Transfer facility. The balance transfer is a facility through which an applicant can transfer his/her existing home loans with other banks and financial institutions to Yes Bank at comparatively low prices.
- Yes Bank offers competitive home loan interest rates.
Yes Bank Home Loan Interest Rate, Processing Fees & Charges
| Charge Description | Charges/Fee** |
| Rate of Interest | 9.60% onwards |
| Part-Payment/Pre-payment Charges | Nil for floating rate loans, 2.5% on the principal outstanding for fixed rate loans |
| Processing Fee (Non-Refundable) | 0.5% of the loan amount (minimum Rs. 10,000) + GST, (Rs. 7500 Non-refundable) |
| Late Payment Penalty | 24% per annum, i.e. 2% p.m. on overdue EMI |
| Repayment Swapping Charges | Rs. 500/- |
| Instrument Return Charges | Rs. 750/- per instance |
| Charges for Amortization Schedule | Nil |
| Statement of Account | Rs. 100/- per request |
| Prepayment Statement Charges | Rs. 100/- per request |
| Duplicate NOC | Rs. 100/- per request |
| Loan Cancellation / Rebooking charges | Rs. 2000 /- (additionally franking / stamping norms as per actuals if applicable) |
| Legal, Repossession & Incidental charges | At Actuals |
| Document retrieval charges (per advice) (Photocopy/scanning, etc.) | Rs. 500/- |
| Switch charges (Floating to prevailing fixed rate only if the same is permitted by the bank at the time of request) | 0.5% of the loan amount outstanding |
| Switch charges (Fixed to prevailing floating rate only if the same is permitted by the bank at the time of request) | 1% of the loan amount outstanding |
| Conversion charges (Higher Floating rate to lower floating rate, only if the same is permitted by the bank at the time of request) | 0.5% of the loan amount outstanding |
| Conversion charges (Higher Fixed rate to lower Fixed rate, only if the same is permitted by the bank at the time of request) | 1% of the loan amount outstanding |
| EMI cycle date change | Rs 500/- |
| Equitable Mortgage Creation Charges | At Actuals |
| **GST Additional |
Fees and Charges:
The bank levies certain types of charges on all loans that it issues. The list of charges is given below:
- Loan Processing Charges: Also known as origination charges. These charges are levied as per the rate matrix in force. Processing Fee is 0.5% of the loan amount.
- Pre–payment Fees: Pre-Payment is a facility offered by the bank wherein, the applicant can choose to close his loan much before the stipulated time. The bank levies no foreclosure charge on loans issued under floating rate of method. However, the minimum amount of prepayment should be equivalent to the value of at least one EMI.
- Stamp Duty:These charges are levied as per the state law.
- Penal Interest for late payment: The applicant must make sure to make payments towards his/her EMI’s on time within the specified due date. If he/she fails to do so, the bank levies a penal interest standing at the rate of 2% per month on the due amount.
- Cheque Swap Charges: The bank charges Rs. 500 for every cheque swap instance.
- Cheque Return Charges:The bank levies a penalty of Rs.750 per instance of cheque dishonou
- Charges for Amortization Schedule:The bank also issues an amortized schedule of the applicants loan account. Such an amortized schedule contains a chronographic detail of the applicant’s loan account. The bank charges Rs. 500 per amortization schedule.
- Account Statement Charges:The bank levies a statement charge Rs. 100 for every account statement that it issues.
- Prepayment Statement Charges:The bank issues a prepayment statement by taking a charge of Rs.100 from the applicant.
- Duplicate NOC Issuance Charges:The bank also issues copies of NO Objection Certificate on customer’s demand. However, A charge of Rs. 100 will be taken from the applicant for every duplicate NOC that the bank issues.
- Loan Cancellation and Rebooking Charges:The applicant can also opt for cancelling his/her loan with the bank before the entire disbursement of the loan has been done. However, the charge for this facility stands at Rs. 2000, as applicable from the date of the first loan disbursement till the cancellation request date.
- Legal, Repossession and Incidental Charges:These charges are levied on actual basis.
- Document Retrieval Charges:The bank charges Rs. 500 for retrieval of property documents.
- Switch Fees:The applicant can also opt to switch from floating rate of interest type loan to fixed interest type and from fixed interest type of loan to floating rate of interest type of loan by paying a charge of 0.5% on the principal outstanding loan amount.
- Conversion Charges:The bank levies a conversion charge standing at the rate of 0.5% on the principal outstanding loan amount.
- EMI Cycle Change:The applicant can also opt for a change in his/her existing EMI date to a suitable date by bearing a minimal charge of Rs. 500
- Creation of Charge with ROC:These charges are levied on actual basis.
- Valuation Charges:These charges are levied on actual basis.
- Legal Charges:These charges are levied on actual basis.
The above mentioned charges are exclusive of applicable taxes. Service tax and other statutory taxes as applicable will be levied over and above the mentioned charges.
YES BANK Home Loan Eligibility and Documentation
- Proof of Identity and Signature
- Proof of Address (Office and Residence)
- Income Documents:
- In case of salaried individual: 2 Latest Salary Slips and Income Tax Returns / Form 16 for last 2 years
- In case of Self Employed Professionals: Last 2 years Income Tax Returns with computation of income, audited Balance Sheet and Profit and Loss account, including tax audit report if applicable and proof of turnover such as latest sales receipts / service tax returns
- Self Employed Businessmen / Retail SME Enterprises Last 2 years Income Tax Returns with computation of income, audited Balance Sheet and Profit and Loss account, including tax audit report if applicable and proof of turnover such as latest sales receipts / service tax returns
- Bank Statement of Salary / Main operating bank account for last 6 months
- Details of any existing loans
- In case of partnership firms, a partnership deed is required
- Additional Documents in case of Private / Public Limited Company: Memorandum and Article of Association and List of Directors and Shareholders
- Copies of all property documents
Yes Bank NRI Home Loans
Yes Bank also extends Home Loans to Non Resident Indians (NRIs). Yes Bank home loan offers a special Global Indian Banking Program for Non Resident Indians.
NRI Yes Bank Home Loan Eligibility
- These housing loan schemes are available only to salaried applicants.
- An applicant can avail loans up to 80% of the value of the property. However, in case of purchase of plot only 75% of the value of the property can be availed as loan.
- The bank offers a variety of value added services and customized solutions for an NRI applicant’s every banking need.
Yes Bank Khushi Home Loans
Yes bank offers khushi home loan at 10.25% to 13.00% interest rates for lower and middle income group. Under this people can avail loan amount starting from Rs 1* lac for smaller loan requirements and maximum loan amount upto Rs 28 lacs. Monthly family income of Rs 9000 is sufficient enough to apply for a Home loan with us. The maximum tenure under KHUSHI Home Loans is 35 years for salaried and 30 for self-employed customers.
Yes Bank Home Loan EMI Calculator
Paisabazaar offers access to its home loan EMI calculator for the convenience of its applicant at no cost. The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know that how much saddle the upcoming loan EMI is going to put on their monthly budget.
Any Interested applicant may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details, such as loan amount, rate of interest and tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the home loan. Customers can also check their eligibility through home loan eligibility calculator.
How to Apply for Yes Bank Home Loan Online
These days it has become extremely easy for the customers to apply for a YES BANK home loan online. The customer can easily log on to the Paisabazaar.com website to apply for a YES BANK home loan in few easy steps. All the customer needs to do is to log onto Paisabazaar.com. Go to the loan section select YES BANK housing loans and the customer will be landed on the following page where the customer will be required to fill up his/her personal details like name, address, and the contact details. The customer is also required to give the information about the loan he/she will take, the amount of loan required, duration of loan, monthly net income, any EMI’s he/she is paying currently.
Based on the information provided by the customer, he/she will be provided with the various available options where he/she can compare the various parameters and choose the best suitable option.
FAQ’s of YES BANK Home Loan
- What is the eligibility criterion for applying YES BANK Home Loan?
Home loan available at YES BANK is for everybody be it salaried or self-employed individual.
- YES BANK home loan can be utilized for what all purposes?
The YES BANK home loan can be utilized for the various purposes like purchasing of plot, purchasing of plot with constructions thereon, self-construction on the owned plots, purchase of ready flats and houses, purchase of under construction property, extensions or renovations of the existing property and can also be utilized to repay the existing loan. Therefore this loan can also be called a multidimensional loan.
- What is YES BANK home loan repayment tenure ?
The loan repayment tenure allotted for the YES BANK home loan can be maximum upto 35 years.
- How much amount of home loans sanctioned by the YES BANK?
The YES BANK home loan amount offered depends on the applicant’s profile.
- What is the other facility provided by the bank to ensure safety of the applicant’s property?
The YES BANK home protection plan is offered by the YES BANK to ensure safety of the applicant’s property.
- What is the balance transfer facility that YES BANK offers to the home loan applicants?
The YES BANK home loan transfer facility is the facility that allows the applicant to transfer his/her existing home loan with other banks to the YES BANK at comparatively low prices.
- What are the loan processing charges taken by the YES BANK?
Processing fees is taken as per the rate matrix in force
- Are there any pre-payment charges?
The YES BANK does not levy any foreclosure or pre-payment charges under the floating rate of interest however the minimum amount of prepayment should be equivalent to at least one YES BANK home loan EMI (Equated Monthly Instalment) amount.
- What isthe penalty charges levied for the late payment of the instalment amount?
The bank charges penalty charges for non-payment or late payment of the instalment on the due date.
The penalty interest taken is @ 2% per month on the due amount.
- What are cheque swapping charges?
The bank takes Rs. 500 for every cheque swapped.
- What is the penalty amount for cheque dishonour?
The bank charges Rs. 750 for each cheque which is dishonoured.
- What is amortization schedule?
The amortization schedule includes the chronographic details about an individual’s home loan.
- What are the charges taken for issuing anamortization schedule?
The YES BANK charges Rs. 500 for every amortization schedule issued by the bank on request of the applicant.
- What are account statement charges?
Rs. 100 is chargeable for every account statement the bank issues.
- What are the duplicate NOC issuance charges?
The bank issues copies of NOC on the customer’s demand therefore the bank charges Rs. 100 for every duplicate NOC it issues.
- What are loan cancellation and rebooking charges?
The applicant may opt for the loan cancellation before the entire loan amount is disbursed by the bank. The bank charges Rs.2000 as applicable from the date of first disbursement of the loan till the date of the request for cancellation.
- How much does the YES BANK charges for document retrieval?
The bank charges Rs. 500 for the retrieval of the property document.
- What are the switching charges taken by the bank?
The applicant can change from floating YES BANK home loans interest rate to the fixed rate of interest by paying a switching charge of 0.5% on the principal outstanding loan amount.
- What amount of legal charges is taken by the YES BANK?
The amount of legal charges taken is as Actual.
- How much amount is taken for the valuation?
The amount taken as valuation charge is as Actual.
- Does the YES BANK extend Home loans to NRI?
Yes, the bank extends home loans to the NRI’s.
- Which company in collaboration with the YES BANK offers home loans to the NRIs?
The Dewan Housing Finance Limited (DHFL) in association with the YES BANK offers Home Loans to NRIs.
- To whom are the NRI home loans available?
The NRI home loans are available only to the salaried individuals.
- How much home loan from YES BANK is available to the applicant?
The applicant avail home loans up to 80% of the valuation of the property, in case of the purchase of the plot only 75% of the value of the property can be availed.
- What is the method of applying for YES BANK housing loan?
The YES BANK housing loan can be applied online.
The Policy of Collection of Dues and Repossession of the Security:
- Introduction:
The debt collection policy of the YES BANK is made keeping in mind the dignity and respect of the customers. The bank does not take any such steps that malign its image or follow any such policies that are totally against the customer benefits or is against the welfare of the same. The policy is so made that they are fair by all means. The policy is made around the thumb rule of grace, conviction and fairness.
The YES BANK believes in maintaining a clean image and thus follows the clear and clean policies for collection of dues and repossession of the property and therefore not hurting the beliefs and sentiments of the customers which also helps in holding a fair share of the financial market.
The repayment schedule of the YES BANK is so designed keeping in account the cash flow pattern and repaying pattern of the borrower. The YES BANK explains in advance the method of calculation of the EMIs or explains if any other method of repayment is available based on the principal and the interest amount. The bank expects that the customer abide by the rules laid down and comply with them.
YES BANK’s repossession of the property is based on the default in repayment of the Equated monthly instalments and does not believe in creating an embarrassing situation for the customer. The policy is based on fairness and transparency of the policy and all the practices adopted by the YES BANK for follow up and repossession of the property rests on fairness, and abides with the law.
- General Guidelines:
All the staff member who are the representative of the YES BANK have to follow the general rules and regulations laid down by the bank for the collection of dues and repossession of the property.
- The customer can only be contacted at the choice of his/her place and in the absence of any specified place as declared to the bank the person can be contacted at his/her residence and if he/sheis found unavailable at that place he/she can be approached at his/her business or working place.
- The first and foremost information that the YES BANK needs to deliver the customer is the identity and the authority of persons appointed for the collection of the over dues. The YES BANK staff or any other person who is representing the YES BANK for the collection of dues or security repossession has to identify himself to the customer with the proper documents and should display the authority letter issued by the YES BANK on being requested by the customers to do so.
- YES BANK holds the responsibility of respecting the privacy of the borrowers.
- YES BANK has to make commitment to the borrower that all the negotiations made whether written or verbal will be in the simple business language and they will follow the strict code of conduct and would not misbehave or use any abusive means with the customers for the collection of their dues. And will adopt civil manners in all kind s of interaction with the borrower.
- Normally the officials of the YES BANK can contact the borrower between 7 hoursand 19 hours, but under some special circumstances if the borrower cannot be contacted within that time the bank officials are allowed to contact him/her any other time as possible.
- Borrower’s request to avoid making calls at certain time or place will be taken into consideration by the bank officials during the process.
- YES BANK will be required to maintain all the documents for YES BANK housing loans reflecting all kinds of communication made by the bank with customers, copies of communication sent by the bank to the customers for the recovery of the dues will also be kept in records for the future correspondence.
- All assistance will be provided to the customers by the bank for resolving all the issues related to the decision taken and recovery of dues will be basedon the mutual consent of both the parties.
- The YES BANK has to make sure that the customer is not harassed or contacted during time of any contingencies at his/her place any such occasions involving any calamity at the borrower’s place the bank officials should avoid making calls or visits.
- Giving Notice to the Borrowers:
All kinds of written communications, telephonic reminders or visit by the YES BANK officials to the borrower’s place will be taken as a follow up procedures by the bank. Any kind of recovery process and repossession of the security or the property can be initiated only by giving a prior legal notice in writing to the borrower. The YES BANK has to strictly follow all the laid down policies by law for the recovery and reclamation of the property.
- Repossessionof the Security:
The repossession of the property is only initiated with an aim of recovering of dues from the borrower not for depriving him from his property. The YES BANK follows the certain process of recovery of dues which involves valuation of the property and realization of the security through appropriate means. All the process of recovery followed is fair and transparent by all means. The repossession will be done only after giving a proper legal notice as detailed above. The legal process will be followed while making any kind of repossession of the property. The YES BANK has to ensure the borrower that they will take a due care of the property they have repossessed by the borrower.
- Valuation and Sale of the Property:
Valuation and sale of the property repossessed by the YES BANK will be carried out in a fair and proper manner. YES BANK has every right to recover from the borrower the amount due on his account by selling off his property repossessed by the bank. YES BANK exercise every right to settle its account and lien , irrespective of any other lien or charge that exist on the property or on the deposits or on all accounts of the account holder with YES BANK, whether the holding is in single name or held jointly the bank can sell the same for recovering all the outstanding. For the purpose the YES BANK prematurely close all the deposits and also levy the penal charges on the outstanding amount. The lien of the bank will be valid and binding on the borrower until the repayment of all the money due to the bank is paid off. Excess amount if any realized by the bank on selling of the property of the borrower and after settling all the claims and interest of the YES BANK is totally settled is paid back to the borrower provided YES BANK does not have any claims and expenses unpaid.
- Opportunity for a Borrower to take back Property:
As cleared before by the YES BANK to the customer that the bank will only fall back for the repossession of the property or the security of the customer to recover its outstanding amount and not to deprive him from his property. The YES BANK takes into consideration of the request of the borrower of handing over the property under repossession after repossession and before the selling off process of the property if provided the bank dues are cleared in full within the stipulated time given by the bank. If the bank satisfies itself with the genuineness of the borrower for the inability of non-payment of the instalment on the due date which resulted in repossession of the property, it is totally upon the YES BANK that it can consider handing over the property to the borrower after receiving the total arrears due. But the borrower should convince the YES BANK that he/she will be paying the instalments due in future on time as specified by the bank.