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List of home loan interest rates across all banks in India
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%.
About YES Bank 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
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 :
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 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 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.
YES BANK home loans is available for
YES BANK offers the convenience of applying for a home loan either offline or online
1. What types of home loans does YES BANK offer?
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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