Everything You Need to Know About Yes Bank Home Loans

Potential homeowners or buyers have the option of availing of home loans in order to finance their undertaking. Home loans also in some cases, benefit those who wish to renovate and revamp their homes. These home loans are secured loans that an individual would procure from any bank or other financial institution at a specific interest rate, which is to be paid back over a predetermined period in equated monthly instalments or EMIs. 

Yes Bank, in particular, has offered its customers a wide range of home loan options, in order to cater to their varying needs. Yes, Bank home loans aim to provide high-value loans at reasonable rates and feasible repayment tenures. Their goal is to make it easy for their customers to own their dream homes without having to stress over budget constraints. 

Some of the advantages of Yes Bank home loans are

• Attractive Interest Rates
• Home Loan programs tailored for Self-Employed individuals to ensure desired loan eligibility
• Balance Transfer Facility: Easy transfer of loan from the existing financier to Yes Bank at a lower rate of interest and top-up facility upon transferring.
• Longer Tenures: Yes Bank Home Loans repayment schedule includes longer tenures of up to 35 years, to ensure smaller EMIs
• Quick processing time for faster and more efficient procurement of loans.
• No Prepayment charges on floating rate Home Loan
• Convenient doorstep service 

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Types of Yes Bank Home Loans

1. Home Purchase Loan- Home loan offered for the purchase of a new home or resale property.

2. Home Improvement Loan- Loan provided for renovation or repair of your existing home.

3. Home Loan Top-up- A home loan is used to procure additional funding at Home Loan rates along with existing Home Loans on the same property.

4. Home Loan Transfer- Home loan to help balance transfer of home loans from other banks and Housing Finance Companies along with a top-up

5. Home Loans for Self-Employed- Tailor-made home loans for self-employed professionals or individuals.

6. Self-construction Loan- Loan procured for the purchase of a plot and construction of a home on said plot, or construction of a home on an existing plot.

Yes Bank offers two distinct home loan programmes which are the regular Yes bank home loans and the Yes Khushi Home Loan.

Under the regular yes bank home loan scheme, even non-resident Indians (NRI) can apply for a loan under their special Global Indian Banking Program. The Yes Khushi home loan scheme focuses on making the process of availing of a home loan even easier by way of minimal documentation requirement, reduced monthly family income requirement of just Rs. 9000, and loan amounts ranging from Rs.1 Lakh to Rs. 35 Lakhs. 

Yes Bank Home Loan Eligibility Criteria

The regular Yes Bank home loan eligibility criteria include the following-

• Must be between the ages of 21 and 70 (at loan maturity or retirement age whichever is earlier).
• Salary: INR 20,000 per month; self-employment: INR 4 lakhs per annum.
• Two years of work experience is necessary for salaried personnel (or one year for qualified individuals with degrees like CA or CS from top management institutes).
• 3 years of business stability for independent contractors
• Eligibility for loan amounts ranges from Rs. 10 lakhs to Rs. 10 crores.

Yes Bank Khushi home loan eligibility criteria include the following-

• The family’s monthly income must be greater than or equal to Rs.9000
• The property area must be a minimum of 200 sq. ft
• The loan amount ranges from Rs. 1 Lakh to Rs. 35 Lakhs

Yes Bank Home Loan Interest Rate

Regular Yes Bank Home Loan

Applicant Type	Interest Rate
Salaried Applicants	6.70% p.a. onwards
Woman Applicants	6.65% p.a. onwards

Yes Bank Khushi Home Loan

Minimum Interest Rate	10.25% p.a.
Maximum Interest Rate	12.00% p.a.

Comparing Yes Bank Home Loans with Other Banks and Financial Institutions

Name of Lender	Up to 30 Lakhs	30 Lakhs to 75 Lakhs	Above 75 Lakhs
SBI Home Loan	7.55%-8.55%	7.55%-8.45%	7.55%-8.45%
HDFC	7.55%-8.75%	7.55%-9%	7.55%-9.10%
Axis Bank	7.60%-12.50%	7.60%-12.50%	7.60%-8.05%
ICICI Bank	7.60%-8.20%	7.60%-8.35%	7.60%-8.45%
Kotak Mahindra Bank	7.50% onwards	7.50% onwards	7.50% onwards
PNB Housing Finance	7.50%–16.75%	7.50%–16.75%	7.60%–10.70%
Punjab National Bank	7.45%-8.85%	7.40%-8.55%	7.40%-8.50%
Bank of Baroda	7.45%-8.95%	7.45%-8.95%	7.45%-9.20%
Union Bank of India	7.40%- 9.15%	7.40%- 9.15%	7.40%- 9.35%
IDFC First Bank	7.50% onwards	7.50% onwards	7.50% onwards
L&T Housing Finance	7.70%-8.70%	7.70%- 8.70%	7.70%- 8.70%
Bajaj Housing Finance	7.20% onwards	7.20% onwards	7.20% onwards
Godrej Housing Finance	7.49%- 10.99%	7.49%- 10.99%	7.49%-10.99%
Tata Capital	7.75% onwards	7.75% onwards	7.75% onwards
LIC Housing Finance	7.50%- 8.60%	7.50%- 8.80%	7.50%- 9%

Yes Bank Home Loan Fees and Charges

Type	Charges/Fee
Yes Bank Home Loan Processing Fee	2% or Rs. 10,000 whichever is higher (Rs. 7,500 is non-refundable in case the loan disbursal has not been availed)
Part-Payment/Prepayment/Loan Pre-closure/Foreclosure Fees	None for floating rate loans2.5% on the principal outstanding for fixed-rate loans
Late Payment Fees	2% per month on the overdue instalment(s)
Additional Interest	2% p.a. over the applicable interest rate on the loan outstanding
Repayment Mode / Cheque Swap Charges	Rs. 500
Cheque Bounce / Return Charges	Rs. 750
Statement of Account /Amortisation Schedule	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 (additional franking/stamping norms as per actuals, if applicable)
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 the request	0.5% of the outstanding loan amount
Switch charges- Fixed to prevailing floating rate only if permitted by the bank	1% of the outstanding loan amount
Conversion charges- Higher Floating rate to lower floating rate, only if permitted by the bank	0.5% of the outstanding loan amount
Conversion charges- Higher Fixed rate to lower Fixed-rate, only if permitted by the bank	1% of the outstanding loan amount
EMI cycle date change	Rs. 500

Yes Bank Home Loan Documents Required

For self-employed applicants:

• Aadhar Card
• PAN Card or Form 60
• Fully-filled application along with passport sized photographs
• Bank statement for the past 6 months from operative account
• Signature proof
• For the last two years IT returns with income computation, an audited balance sheet, a profit and loss account, and, if appropriate, a tax audit report as well as evidence of turnover from the most recent sales/service tax returns.
• Qualification proof

For salaried applicants:

• Fully-filled application along with passport sized photographs
• Aadhar Card
• PAN Card or Form 60
• Bank statement for the past 6 months from operative account
• Signature proof
• IT returns/ form 16 and the last two years’ salary slips

Yes Bank Home Loan EMI Calculator

Your Yes Bank home Loan EMI (equated monthly instalments) can be calculated easily with the help of the Yes Bank EMI calculator.

Yes Bank Home Loan Customer Care Details

Customers can contact Yes Bank at the numbers listed below with any questions they may have regarding home loans-

Text “YES HL” to 9223390909 or dial 1-800-419-1717

FAQ's