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YES BANK Home Loan Interest Rates
A private little space for yourself, a place to call your own! Owning a home is everyone’s dream. But the skyrocketing real estate prices makes it out of reach for many. This is where carefully well thought home loan products prove to be the boon. Home loans equip us with the funds needed to purchase a house property, construction of a house, renovation or repairs of existing property and even purchase of lands for constructing a house.
The banking sector gives great importance to the home loan sector. With the rising real estate infrastructure and a great demand for housing, home loans are offered at very competitive prices. YES BANK has a wide range of solution for its customers looking for a home loan. It has a very low of interest and a high repayment tenure of 35 years. The interest rates range between 9.5% - 12.00%.
YES BANK latest Home Loan interest rate
As per RBI guidelines, all floating rate rupee loans are offered based on the latest MCLR rates. MCLR rates for YES BANK effective January 1st, 2019 are
| Tenor | MCLR % |
|---|---|
| Overnight | 8.40% |
| One month | 8.90% |
| Three months | 9.55% |
| Six months | 9.70% |
| One year | 9.85% |
| Loan | Interest rate | Processing fees |
|---|---|---|
| YES BANK Home Loan | 9.60% - 12.00% | 0.5% or Rs.10,000 (whichever is higher) |
| YES BANK KHUSHI Home Loan | 10.25% - 13.00% | 1% or Rs.10,000 (whichever is higher) |
Factors that affect the interest rates on Home Loans
The interest rate eligibility varies on a case to case basis. There are a lot of factors that the bank takes into account while fixing your loan amount and interest rate.
Credit Score :
Your credit score determines your creditworthiness. Banks prefer an individual with a higher credit score. It ensures that you are approved for a higher loan amount and a lower rate of interest. You can ensure a higher credit rating by maintaining a healthy repayment habit on your existing loans and credit card bills.
Quantum of Loan :
The interest rate would increase with a higher loan amount. A higher loan amount increases the risk for the lender and hence they charge a higher interest rate. Women applicants are given a concession on the interest rate.
Down payment :
Higher the down payment, lower the rate of interest. YES BANK provides loans up to 90% of the property purchase price. However, higher the down payment you are ready to make, the loan amount is lower and hence a lower interest rate.
Residential location :
If the property you purchase is located on an area where there are higher number of defaults, chances are higher that you may get higher interest rate. Similarly, metro, urban, semi-urban and rural locations may have different interest rates.
Type of Interest :
YES BANK provides the option of floating rates and fixed rate. Floating rate is bound to change as per market conditions. A fixed rate doesn’t change throughout the loan tenure. Banks offers additional benefits and offers for floating rates.
YES BANK Home Loans
YES BANK is ranked the 4th largest private sector bank in India. Their home loan products are designed keeping in mind the massive home buyer bloc in India. They strive to offer the highest loan amount eligibility to its customers for the longest repayment tenure and a low rate of interest. Some of the reasons to choose YES BANK for your home loan are:
- YES BANK gives the longest repayment period of 35 years to offer you a comfortable monthly EMI
- It has a high loan amount eligibility of up to Rs 500 lakhs to help you purchase your dream house
- It offers a loan amount of up to 90% of the purchase price
- Home loans offered to both salaried individuals and self-employed people
- Prepayment option of either full or partial pre-payment of your loan
- Moreover, NIL prepayment charges on either type of pre-payment (on floating rate loans)
- Doorstep service to give you the ease of banking from the comfort of your home
- Fast loan processing
- Balance transfer facility from other banks at attractive interest rates
YES KHUSHI - Affordable Home loans
YES BANK has introduced a unique product called YES KUSHI Home loans that aims at providing low quantum of loans for smaller loan requirements up to a maximum of Rs.35 lakhs. This product is designed for low income customers to assist them in achieving their dream of owning a home.
- Monthly income of Rs.9000 is sufficient to apply for this loan
- Well thought plan that offers minimal documentation
- Personal assistance throughout the loan process
- Doorstep service
- Large database of approved projects, throughout the country, for a quick and transparent processing
- Wide network of branches across the country for easy access
- Repayment tenure of up to 35 years for a comfortable monthly EMI
YES BANK Home Loan Eligibility
YES BANK home loans is available for
- All resident individuals
- Salaries and self-employed professionals or business owners
- Individuals can apply solely or jointly with spouse or other family members
How to apply for YES BANK Home Loans
YES BANK offers the convenience of applying for a home loan either offline or online
- Login to their website and click on the Click to Apply button to register your interest. Their representative will get in touch with you
- You can walk-in to the nearest YES BANK branch
- You can call them on their toll-free customer care number
- You can register your interest by sending them an SMS on the number available on their website
FAQs : YES BANK Home Loan Interest Rates
1. What types of home loans does YES BANK offer?
- You can apply for a YES BANK home loan for the following purposes:
- Purchase of a new/resale house property
- Renovation or repair of your existing property
- Top-up home loans – top-ups on your existing home loan with YES BANK for personal needs
- Balance transfer of your home loan with a different bank
2. What is a floater rate?
YES BANK offers floater interest rates on its home loans. Floater rates are based on the MCLR rates of the bank and is bound to change periodically, effecting a change in your existing interest rate too. YES BANK offers a fixed interest rate too. You can choose the type of interest rate you want at the time of loan application.
3. What is the maximum tenure I can avail under the YES KHUSHI home loans?
You can avail a maximum tenure of 35 years for salaried individuals and 30 years for self-employed individuals, subject to the age of borrower not exceeding 62 years and 65 years respectively at the time of loan maturity.
4. How will a higher down payment affect my interest rates?
YES BANK offers home loans up to 90% of the purchase price of the property, which means you have to bear the remaining 10% of the amount. However, if you can contribute more than 10% towards down-payment, resulting in a lower loan amount, you might be offered a lower interest rate. Lower the loan amount, lower is the risk for the lender and hence a lower interest rate.
5. Why does the bank look into my credit score?
Your credit score is an assessment of your creditworthiness. Higher the credit score, higher is the trust the bank will have on you regarding the repayment. Hence, banks look into your credit score to determine you home loan eligibility.
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