Apply for Home Loans @ Lowest Rate
*Offers are from Paisabazaar's partner Banks & NBFCs.
| Yes Bank Home Loan Details – 2020 | |
| Interest Rate | 9.85% onwards |
| Loan Tenure | Up to 35 years |
| Processing Charges | 2% or Rs. 10,000 (whichever is higher)+ GST |
Yes Bank offers attractive home loan solutions at attractive interest rates with high flexibility in terms of loan amount and loan tenure. Customers can opt for Yes Bank home loans for various home-related purposes, such as home improvement, home construction, home purchase, etc.
Yes Bank Home Loan rate of interest is directly linked to external benchmark i.e. 6 Month Certificate of Deposit Rate, as published by FBIL. This external benchmark rate as on June 1, 2020 is 3.88%. The effective rate of interest applicable on Yes Bank Home Loan is the combination of external benchmark and spread.
| Variant/Reset Frequency | Rate of Interest |
| Margin based /Loan takeover- Income/RTR based | 9.85% onwards |
| Surrogate Programs/Top-up | 10.39% to 12.50% |
| Particulars* | Charges/Fee |
| Processing Fee | 2% or Rs 10,000 whichever is higher (Rs 7,500 is non-refundable in case the disbursal has not been availed) |
| Part-Payment/Pre-payment/Loan Pre-closure/Foreclosure Fees | Nil for floating rate loans 2.5% on the principal outstanding for fixed-rate loans |
| Late Payment Fees / Penal Interest Rate (Default Interest Rate) | 24% per annum i.e. @2% per month on the overdue instalment(s) |
| Additional Interest | 2% p.a. over and above the applicable interest rate on the loan outstanding |
| Repayment Mode / Cheque Swap Charges | Rs 500- |
| Cheque Bounce / Return Charges | Rs 750 per instance |
| Statement of Account /Amortisation Schedule (on registered e-mail id) | Nil |
| Statement of Account /Amortisation Schedule (Physical mode or via Branch) | Rs 100 per request |
| Prepayment Statement Charges | Rs 100 per request |
| Duplicate No Objection Certificate (NOC) | Rs 100 per request |
| Loan cancellation/Rebooking | Rs. 2,000- (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 outstanding loan amount |
| Switch charges (Fixed to prevailing floating rate only if the same is permitted by the bank at the time of request) | 1% of the outstanding loan amount |
| 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 outstanding loan amount |
| 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 outstanding loan amount |
| EMI cycle date change | Rs 500 |
| Equitable Mortgage Creation Charges/Stamp Duty | At Actuals as per state laws applicable from time to time |
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Mentioned below is the eligibility criteria that a customer must satisfy to avail home loan from Yes Bank.
| Age | Must be between 23-60 years |
| Income | ● Salaried: Rs. 25,000 p.m. ● Self-Employed: Rs. 4 lakh p.a. |
| Work Experience | ● Salaried: 2 years ● Business stability/Self-employed individuals: 2 years |
| Loan Amount | Rs. 10 lakh to Rs. 5 crore |
Following are the documents required to successfully apply for a Yes Bank Home Loan.
| Document | Salaried | Self-Employed |
| Application with photograph | Yes | Yes |
| Aadhaar Card (non-mandatory for NRIs) | Yes | Yes |
| KYC | ● Address Proof ● Identity Proof ● Signature Proof | ● Address Proof (office and residence) ● Identity Proof ● Signature Proof |
| Pan Card/Form 60 | Yes | Yes |
| Proof of Income | Last 2 years’ Salary Slip and IT returns/ Form 16 | Last 2 years’ IT returns with computation of income, audited Balance Sheet and Profit & Loss account including tax audit report if applicable and proof of turnover vide latest sales/service tax returns |
| Qualification Proof | Not applicable | Yes (applicable for Self-Employed Professionals) |
| Bank Statement | Last 6 months from the account where salary is credited | Last 6 Months from the operative account |
Yes Bank also offers home loans under the Pradhan Mantri Awas Yojana scheme to meet the housing needs of EWS/LIG/MIG segment (first time home buyers) by way of a subsidy on the Home loan. Let’s learn a bit more about this scheme.
Features & Benefits
Key Norms for Credit Linked Subsidy Scheme (CLSS)
| Scheme Details | EWS/LIG | MIG I | MIG II |
| Family1 Income (INR) | Up to 6,00,000 | 6,00,001-12,00,000 | 12,00,001-18,00,000 |
| Loan Purpose | Purchase/Self-Construction/Extension | Purchase/Self-Construction | Purchase/Self-Construction |
| Carpet Area (Max) | Not exceeding 60sqmts2 | Not exceeding 160sqmts | Not exceeding 200sqmts |
| Woman Ownership | Mandatory | Not Mandatory | Not Mandatory |
| 1st Property | Family should not own any pucca dwelling unit in any part of India | ||
| Max Subsidy Benefit (INR) | Rs. 2.67 lakh | Rs. 2.35 lakh | Rs. 2.30 lakh |
| Scheme Validity | 31/03/2022 | 31/03/2020 | 31/03/2020 |
Note: The PMAY/CLSS is at the sole discretion of the Government of India. The contents given in the table are parameters as mentioned under the scheme.
PMAY Eligibility Criteria
Details
Yes Bank Home Loan EMI calculator can be found at www.paisabazaar.com. It facilitates easy calculation of monthly installment to be paid towards the repayment of the availed loan amount within the selected tenure. Knowing the EMI in advance helps to plan the finances better. Some of the points that affect the EMI are interest rate, loan tenure, principal amount or the amount to be borrowed and credit score.
Customers can apply online for Yes Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
Soon, one of the Paisabazaar representatives will contact you on the provided contact number to process your application.
Customers can reach out to Yes Bank on the below-mentioned details to get their home loan- related queries addressed.
Q1. How is the loan amount eligibility calculated by Yes Bank?
The home loan eligibility and the loan amount you can receive depend on the below-mentioned factors:
Q2. Is there any facility provided by Yes Bank to ensure safety of the applicant’s property?
Yes Bank offers Yes Bank home protection plan to ensure safety of the applicant’s property.
Q3. What is balance transfer facility?
This facility allows the applicant to transfer his/her existing home loan with other banks to Yes Bank at comparatively lower prices.
Q4. Who can join the loan as a co-applicant?
You can include your spouse or family members as a co-applicant for the loan. However, all co-owners of the property should necessarily be the co-applicant.
Q5. Can I switch to a Floating Rate Home Loan from a Fixed Rate Loan?
Yes. To switch from a floating rate to a fixed rate or vice versa, a fee equivalent to 0.5% of the remaining principal amount will be levied. However, if customers wish to switch from the Base Rate/MCLR to External Benchmark, no charges are applicable. Customers can do so by visiting the nearest Yes Bank branch or writing to yestouch@yesbank.in.
