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Home Loan

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YES BANK provides wide-ranging solutions to customers for financing the purchase of residential property.

Interest Rate:

Ranging from 9.85% to 12.00%

Fee:

Processing Fee: 1% of the loan amount or Rs 10000 whichever is higher (GST additional)

For further details on the product please SMS YES HL to 9223390909 or call us at 1800-419-1717

Interest rates and Schedule Of Charges

List of Approved Projects

Credit Linked Subsidy Scheme under PMAY

 

What is a home loan?

A home loan is an amount of money an individual borrows from any bank or a money lending company at a given rate of interest to be paid back with an easy monthly instalment (EMI) every month. YES BANK’s home Loan help you realize your dreams without having to worry about financial constraints. We offer flexible loan tenures at competitive home loan interest rates, which enable you to meet your financial requirements. YES BANK provides home Loan for all customers, including those from low income groups and high net worth individuals.

If you wish to determine the amount of home loan, use our home loan calculator. The home loan eligibility and home loan amount you can receive varies on several factors including:

  • Repayment capacity

  • Age

  • Income of loan seeker

  • Number of depends

  • Individuals can avail a home loan not only for the purchase of a new home but also for home improvement or reconstruction. Use our home loan calculator to determine your amount.

  • Home Loan can be offered to salaried individuals, professionals or businessmen or self-employed individuals and NRI’s. Our home loan calculator will help you determine your eligibility.

 

Features of Home Loan offered by YES BANK

YES BANK offers a variety of home Loan to help suit your financial needs for the purchase of a property. The types of Home Loan offered by YES BANK include:

  • Home Purchase Loan: Loan for the purchase of a new home or property

  • Home Improvement Loan: Loan for renovation and repair of your existing home

  • Home Loan Top-up: Loan to help secure additional funding at the Home Loan rates along with existing Home Loan on the same property

  • Home Loan Transfer: Loan to help balance transfer of home Loan from other banks and Housing Finance Companies

  • Home Loan for Self Employed: Tailor-made home Loan for self-employed professionals or non-professionals.

YES BANK offers all the above home Loan with several features and advantages:

  • Tax Benefit:

    • The property to be purchased is the security and it is mortgaged to the bank till the loan is repaid.

    • Both the principal amount as well the interest of the home loan is eligible for tax benefits.

    • As part of the Income Tax Act 1961 rules, the currently applicable exemption under section 24(b) is Rs. 2,00,000 for the interest amount paid in the financial year. Additionally, up to Rs. 1,50,000/- (under section 80C) for the principal amount repaid in the same year is also exempted.

    • Amounts are subject to change as per the Income Tax Act.

  • Lucrative rates of interest ranging from 9.60% to 12.00%.

  • Processing Fee applied by YES BANK is 0.5% of the loan amount or Rs. 10,000 whichever is higher along with GST.

  • Balance Transfer Facility: All YES BANK home loan customers are also eligible for a balance transfer facility with top ups. Through this, an applicant can transfer existing home Loan with other banks and financial institutions to YES BANK at low prices.

  • Long Tenures: YES BANK enables customers to avail Home Loan for longer tenures of up to 35 years, to help you obtain smaller EMIs and reducing pressure on your monthly budget

  • Quick processing time to help you obtain a home loan faster and more efficiently

  • Nil (Full or Partial) Prepayment charges for floating rate Home Loan

  • Doorstep service for your convenience

 

Pradhan Mantri Aawas Yojana - PMAY

What is the PMAY?

The PMAY is an initiative launched by the government to provide home Loan to help provide affordable housing to the economically weaker sector (EWS) in India. The mission intends to provide more than two crore homes by 2022. Initially the project aims to provide affordable housing in selected towns and cities, while also ensuring these homes are eco-friendly.

The PMAY has been designed to be implemented in three phases:

  • Phase 1 of the programme is expected to run for two years and will cover about 10 cities. The cities will be prioritised according to the housing requirements and the urbanisation ratio for advancing home Loan.

  • Phase 2 will cover housing development in 200 cities and will be implemented two years post the implementation of first phase.

  • By March 2022, and after the completion of the third phase, the housing ministry hopes to provide housing facilities for every Indian.

 

Credit Linked Subsidy Benefit

One of the biggest benefits under PMAY is the credit linked subsidy scheme. For people who form lower income group and middle-income group in India, interest subsidy up to Rs. 2.67 lakhs can be availed. While this scheme is constant for LIG (Lower Income Group), for the middle-income group, the subsidy on bank Loan is available till March 2019. This provides the MIG with enough time to avail the interest subsidies on their home Loan. The subsidiary amount availed by the beneficiary is credited directly to their loan account.

 

Who can avail the PMAY scheme?

The PMAY mission has been mainly developed for economically weaker communities and lower/middle income citizens. The scheme also targets women, Scheduled Castes and Scheduled Tribes, as well as citizens in the lower income group population apart from medium income group 1 and group 2.

 

Eligibility Criteria for Home Loan at YES BANK

Home Loan are available at YES BANK for both salaried or self-employed individuals. In addition to this, YES BANK also offers home Loan to Non-Resident Indians (NRIs) as a part of its special Global Indian Banking Program for Non-Resident Indians. YES BANK evaluates your eligibility for a home loan on the basis of the following:

  • Age: Must be between 21-60 years

  • Work experience required for salaried employees: 2 years

  • Business stability for self-employed individuals: 2 years

  • Loan amount eligibility: Rs. 10 lakhs to Rs. 5 crores

 

How to Apply for a Home Loan at YES BANK

Individuals can apply for a Home Loan at YES BANK in person at a branch or online.

  • To find out more details about applying for home Loan at YES BANK individuals can message YES HL to 9223390909 or call YES BANK at 1800-419-1717.

    • Customers can also fill out this online form, outlining their financial requirements to get an instant call back from YES BANK officials.

  • Customers can also apply for a Home Loan at their nearest YES BANK branch.

    • While YES BANK ensures a speedy approval process, customers can ensure they have the required documents.

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

 

How to calculate EMI for Home Loan

EMI’s stand for Equated Monthly Instalment, which is the amount payable to a bank or a lending institution until a loan is paid back in full. This monthly instalment comprises of both the interest as well as the monthly payable principal amount.

 

Home Loan Eligibility Calculator

YES BANK’s home loan eligibility calculator is a simple tool devised to help you determine the amount of home loan you will be eligible for based on some simple parameters. The home loan eligibility calculator can be accessed here. The calculator considers some fundamental aspects to help determine how much home loan you will be eligible for.

Once individuals input the above-mentioned details into YES BANK’s home loan eligibility calculator, they can not only find out the amount of home loan they will be eligible for, but also the rate of interest which will be applied on your loan, which can vary between 9.60% to 12.00%. Customers can also use the calculator to find out additional charges which are levied on their Loan, including, the processing fee, which can be either 1% of the entire loan amount or Rs. 10,000 whichever is higher.

 

Home Loan Interest Rates

  • YES BANK offers lucrative rates of interest ranging from 9.60% to 12.00%.

  • Customers can also avail a floating rate or variable interest rate loan, whereby, interest applicable on the home loan varies with the change in the Bank's Benchmark rates such as Base Rate/Marginal Cost of Funds based Lending Rate (MCLR).

  • Customers should also know that they can avail a home loan interest deduction which helps them reduce their taxable income by the amount of interest paid on the loan which has been secured for their principal residence. To do so customers should:

    • Claim interest on both home loan deduction and principal repayment:

      • Principal repayments can claim interest on home loan deduction under Section 80(C). However, the total amount allowed to be claimed is capped at Rs. 1.5 lakh.

      • The limit on the amount that you can claim as interest on your home loan deduction has been increased to Rs. 2 lakhs.

 

Frequently Asked Questions about Home Loan at YES BANK

1. Can I only avail a home loan on the purchase of new property?

Answer: No, customers can acquire home Loan through YES BANK for a variety of reasons, including for any extensions and renovations on existing properties. This includes constructing new rooms, repainting, acquisition of and upgrading to new furniture, fittings amongst others. Customers can also use YES BANK to initiate a home loan transfer from other banks or lending.

2. What is a Floating Rate Home Loan?

Answer: Customers can also avail a floating rate or variable interest rate loan, whereby, interest applicable on the home loan varies with the change in the Bank's Benchmark rates such as Base Rate/Marginal Cost of Funds based Lending Rate (MCLR).

3. How can I switch to a Floating Rate Home Loan?

Answer: 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 to MCLR or vice versa, no charges are applicable. MCLR is the benchmark rate below which the banks cannot provide Loan to the customers who are availing Loan linked to MCLR. Customers can do so by visiting the nearest YES BANK branch or writing to Loan@yesbank.in.

4. Do I have to go to a YES BANK branch to apply for a loan?

Answer: Customers can visit their nearest YES BANK branch to apply for a home loan, but one of the biggest advantages YES BANK offers its applicants is service at their doorstep, whereby, customers can avail personalized service and counselling about the entire home loan application process in the comfort of their own home.

5. What are the tax benefits of a home loan and how can I avail them?

Answer: Customers should know they can avail a home loan interest deduction which helps them reduce their taxable income by the amount of interest paid on the loan which has been secured for their principal residence. They can also avail the same on principal repayments under Section 80(C). However, the total amount allowed to be claimed is capped at Rs. 1.5 lakh. As part of the Income Tax Act 1961 rules, the currently applicable exemption under section 24(b) is Rs. 2,00,000 for the interest amount paid in the financial year. Amounts are subject to change as per the Income Tax Act. Customers can visit YES Tax Solutions to know more about how to save tax.

6. Do all co-owners of a property must be co-applicants for the home loan?

Answer: Individuals often apply for Loan with a co-applicant, such as a spouse or a partner. The income of a co-applicant is used to enhance the loan amount and improve the chances of your loan being sanctioned. However, it should be noted that this increase will again depend on the monthly income, employment status and other financial obligations of your co-applicant. However, all co-owners of the property must be the co-applicants on the loan.

7. What is the Pre-EMI interest?
Answer:
Before the full and final disbursement and commencement of EMI customers are required to pay interest only on the portion of the loan disbursed to them. This is also known as the pre-EMI interest rate and is payable every month from the date of each disbursement up to the date of commencement of the EMI.

8. How do I calculate how much home loan I will be eligible for?

Answer: Individuals can calculate how much home loan they are eligible for by entering details into YES BANK’s home loan eligibility calculator, including employment status, income, and details of co-applicant.

9. What type of Home Loan does YES BANK Offer?

Answer: There are a variety of home Loan on offer:
a) Home Purchase Loan
b) Home Improvement Loan: for renovation and repair of your home
c) Home Loan Top-up: additional funding at Home Loan rates along with existing Home Loan on the same property
d) Home Loan Transfer: balance transfer of home Loan from other banks and Housing Finance Companies
e) Home Loan for Self Employed: tailor made home Loan for self-employed professionals or non-professionals

10. What is EMI?

Answer: EMI (Equated Monthly Instalment) is the amount payable to the Bank till the loan is paid back in full. The Emi consists of Interest as well as Principal component.

11. Who can be a co-applicant to a loan?

Answer: You can include your spouse as a co-applicant for the Loan. His / her income can be added to enhance the loan amount. However all co-owners of the property should necessarily be the co-applicant.

12. What is pre-EMI interest?

Answer: Prior to full and final disbursement and commencement of EMI, you pay only interest on the portion of the loan disbursed to you. This is called as Pre-EMI. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI.

features and benefits

High loan amount

Higher loan amount with attractive rates

Balance Transfer facility

Balance Transfer facility with top-up available

EMI FACILITY

Longer Tenure of upto 35 years to ensure smaller EMIs

other benefits

View our hosts of other benefits

View our hosts of other benefits:

  • Nil (Full or Partial) Prepayment charges for floating rate Home Loans

  • Doorstep service

  • Faster Processing

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Have any other query?

Q. What type of Home Loans does YES BANK Offer?

A. There are a variety of home loans on offer:

a) Home Purchase Loan

b) Home Improvement Loan: for renovation and repair of your home

c) Home Loan Top-up: additional funding at Home Loan rates along with existing Home Loans on the same property

d) Home Loan Transfer: balance transfer of home loans from other banks and Housing Finance Companies

e) Home Loans for Self Employed: tailor made home loans for self employed professionals or non-professionals

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Q. What is EMI?

A. EMI (Equated Monthly Instalment) is the amount payable to the Bank till the loan is paid back in full. The Emi consists of Interest as well as Principal component.

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