Yes Bank Home Loan

Fulfill your dream of owning a home with Yes Bank. Yes Bank Home Loans help you make your dream a reality without having to worry about financial constraints. It offers flexible loan tenures at competitive interest rates, which enables you to meet your financial requirements. It provides Home Loans to all the customers, including low-income groups and high-net-worth individuals.

Features and Benefits of Yes Bank Home Loans

• Tax Benefit:

  • The property you purchase lies as the security and is mortgaged to the bank until the loan is repaid.

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

  • As part of the Income Tax Act, 1961, the currently applicable exemption under section 24(b) is Rs. 2,00,000, and under section 80C, an additional amount of up to Rs. 1,50,000/- for the principal amount repaid in the same year can also be exempted. These amounts are subject to change as per the Income Tax Act.

• Balance Transfer Facility: Yes Bank offers the Balance Transfer facility with top-ups, which helps the applicants to transfer existing Home Loan with other banks and financial institutions at low prices.

• Long Tenures: Yes Bank offers Home Loans for longer tenures of up to 35 years, which helps in reducing the EMIs.

• Loans offered to low-income groups with a monthly income of Rs. 9000/-.

• Quick processing time to help you get the home loan faster.

• Nil Prepayment charges for floating rate Home Loan.

• Convenient doorstep service.

Interest Rates and Other Fees

• Interest rate - Yes Bank offers lucrative interest rates ranging from 9.60% - 12.00%.

• Processing Fee - Yes Bank applies a processing fee of 0.5% of the loan amount or Rs. 10,000, whichever is higher, and GST.

• Technical and Legal Charges - Yes Bank charges technical and legal charges which will be explained to the customer during the loan process. 

• Prepayment Charges - If you decide to foreclose/transfer your housing loan to another bank, you must submit an application for the same. As per RBI, banks must not collect the prepayment charges on floating rate home loans. 

Eligibility Criteria for Yes Bank Home Loans

Yes Bank offers Home Loans for both salaried and self-employed individuals. In addition, it also offers Home Loans to Non-Resident Indians (NRIs) as a part of the special Global Indian Banking Program for Non-Resident Indians. Yes Bank evaluates your eligibility for sanctioning a home loan on the basis of the following criteria:

Eligibility Criteria	Details
Age	21-60 years
Minimum Work Experience	3 years
Minimum Income	Rs. 25,000
Minimum years of business existence	3 years
Loan Amount	Rs. 10 lakh to Rs. 5 Crores
Loan to Value Ratio	Up to 70%
Minimum Credit score	650  and above

Types of Yes Bank Home Loans

YES BANK offers a wide range of home loan to help suit your financial needs for the purchase of a property. Here is the list of the different types of Home Loans offered by Yes Bank:

Home Purchase Loan

As the name suggests, Home Purchase Loan helps you to purchase a new home or property.

Home Improvement Loan

Home Improvement Loan helps you to renovate or repair your existing home.

Home Loan Top-up

Home Loan Top-up helps to secure additional funding at home loan rates along with the existing Home Loan on the same property.

Home Loan Transfer

Home Loan Transfer will help you transfer the balance home Loan from other banks or Housing Finance Companies.

Home Loan for Self Employed

It is a tailor-made home Loan offered only for self-employed professionals and non-professionals.

Yes Khushi-Affordable Home Loan

YES KHUSHI Home Loan makes your Housing dream come alive. The loan amount offered is between 1 lakh and 28 lakhs. The Interest rate ranges from 10.25%-13.00% and the processing fee is 2% of the loan amount/Rs. 15000 whichever is higher + GST.

How to Apply for Yes Bank Home Loan

Online Method(Through Yes Bank Home Loans Portal)

• Open the online form.

• Fill in the required details such as your name, type of loan, city, and mobile number.

• You will get an instant call back from Yes Bank officials and they shall guide you through the process.

Online Method(Through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.

• Fill in requested credentials and submit.

• Our customer care executive will get in touch with you and give you the best and the lower interest rate schemes.

• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.

• After verification, your loan will be approved.

Offline Method(Through SMS or Call)

• Call on 1800-419-1717 or SMS ‘YES HL’ to 9223390909.

• You will get an instant call back from Yes Bank officials, who will guide you through the process.

Offline Method(Through Branch)

• Visit the nearest Citibank Branch.

• Fill in the Home Loan Application form.

• Submit the form along with the required documents.

• Your documents will be verified by the bank.

• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Documents Required for Processing Your Yes Bank Home Loan

For Salaried Employees

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • 3 months pay slip

  • Latest Form 16 and IT Returns

  • 6 months bank statement showing salary credits

• Property related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Own Contribution Proof

  • Employment Contract/Appointment Letter if current employment is less than a year old.

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • 6 months Bank Statements that show the repayment of any ongoing loans.

  • A cheque for processing fee favoring Citibank.

For Self-employed

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • Income Tax Returns along with computation of income for the last 3 Assessment Years (of the individual and the business entity attested by a CA)

  • Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of the individual and the business entity attested by a CA)

  • 6 months Savings Account Statements of the individual.

  • 6 months Current Account Statements of the business.

• Property related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Latest Form 26 AS

  • Own Contribution Proof

  • Business Profile

  • Partnership deed for a business entity that is a partnership firm

  • Memorandum and Articles of Association of the Company

  • List of Directors and Shareholders with their individual shareholding that is certified by a CS/CA in case of the business entity being a company

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across

  • Details of ongoing loans of the business entity and the individual including the installments, outstanding amount, security, purpose, balance loan term, etc.

  • A cheque for processing fee favoring Yes Bank

Yes Bank Home Loan Eligibility Based on the Value of Property

The maximum home loan that can be sanctioned based on the value of the property by Yes Bank Home Loans is as follows:

• For any value of the property, 70% of the amount can be sanctioned for salaried and self-employed men.

Yes Bank Home Loan Eligibility Based on the Salary

The table given below shows the approximate loan amount that can be sanctioned based on the age, and maximum loan tenure. The EMI amount is between 40-65% of the Net Income or in-hand income. In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 9.6%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	25 years	18.45	36.90	55.35	73.80
30 years	25 years	18.45	36.90	55.35	73.80
35 years	25 years	18.45	36.90	55.35	73.80
40 years	20 years	17.31	34.62	51.93	69.24
45 years	15 years	15.47	30.94	46.41	61.88
50 years	10 years	12.50	25.01	37.51	50.02

How to Calculate Yes Bank Home Loan EMI?

You can calculate the Home Loan EMI here at mymoneykarma.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST (it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL