Yes Bank Home Loan Calculator

Buying your dream home is a significant financial decision. You’ll need to consider the cost of the home, the amount you can borrow, what your monthly payments might be, and how interest will impact the total price. Yes Bank’s home loan calculator makes it simple to quickly estimate monthly payments, helping you plan better for your dream home. Let’s see how it works

What is Yes Bank Home Loan EMI Calculator?

If you are a potential home buyer and you wish to calculate the amount you will be paying monthly as EMI- The Yes Bank home loan EMI calculator is for you. The calculator does complex calculations for you and helps you identify the loan amount, tenure, and interest rate. This home loan calculator makes it smooth for you to plan your financial journey as it tells you exactly how much to put aside each month for your monthly installments.

What is the Interest Rate of a Yes Bank Home Loan?

Yes bank offers a competitive interest rate of 9.00% -12.00% per annum

The interest rate changes depending on the loan amount, the rate of interest, your credit score, your credit history, and your tenure.  With the Yes Bank Home Loan Calculator, you can easily calculate how different interest rates affect your overall cost.

Types of Yes Bank Home Loans

Yes Bank provides various home loan options to cater to different types of customers.

• Home Purchase Loan (for both new and resale properties)
• Plot plus Construction or Self-Construction Loan
• Home Improvement/Renovation/Extension/Repair Loan
• Balance Transfer of Home Loan (from other banks and financial institutions, with the option to top-up)
• Top-Up Loan on an Existing Home Loan

Key Features and Benefits of Yes Bank Home Loan?

Here are key features that make Yes Bank home loans appealing to most potential buyers.

• Enhanced Eligibility: The flexible eligibility criteria of Yes Bank makes it possible for more applicants to qualify for loans.
• Balance Transfer Facility: Yes Bank allows you to transfer your current loan to Yes Bank and enjoy better interest rates.
• Flexible Loan Amount: Yes bank allows you to borrow money as per your property value and financial requirements.
• Flexible Tenure: Yes Bank allows you to choose a repayment period as per your convenience.

How to Use the Yes Bank Home Loan Interest Rate EMI Calculator?

To use the Yes Bank Home Loan EMI Calculator, go to the top of the page and enter the following loan details:

• Enter the loan amount you wish to borrow.
• Provide the interest rate applicable to your loan.
• Input the loan tenure or the period over which you plan to repay the loan.
• Add any pre-payment amount if you plan to make early payments.
• If applicable, enter the processing fee amount.

Calculate Your EMI: Once all the details are entered, the calculator will provide the following results:

• Monthly EMI
• Principal Amount
• Total Interest Payable (Principal + Interest + Pre-payment)
• Pre-payment (if any)
• Total Payment
• Loan Paid to Date

How to Calculate Yes Bank Home Loan EMI?

For those who prefer a hands-on approach, you can calculate your EMI using the following formula:

The EMI calculation is based on a standard mathematical formula:

Where:

• PPP is the principal loan amount
• r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
• n is the loan tenure in months (loan tenure in years multiplied by 12)

Explanation with an Example Let’s consider an example to illustrate the calculation:

• Loan Amount (P): ₹60,00,000
• Annual Interest Rate: 9%
• Loan Tenure: 25 years

Step 1: Convert the annual interest rate to a monthly rate:

Step 2: Convert the loan tenure to months:

n = 25 × 12 = 300

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹60,00,000 at an 9% annual interest rate over 25 years would be approximately ₹50,352.

Benefits of Using Yes Bank Home Loan EMI Calculator?

Using the Yes Bank Home Loan Calculator has its advantages, making it an essential tool if you are a prospective borrower:

• Accurate EMI Estimate: The calculations provided are accurate and they help you set realistic financial goals.
• Time-Saving: The Calculator gives quick results in seconds and saves manual calculation time and effort.
• Customisable: You can put different values to see how various interest rates and tenures change your EMI amount.
• Financial Planning: Once you have a clear picture of your finances it is easier to plan and structure your repayments.
• Risk Management: Knowing what your monthly payment is going to be helps you avoid taking up loans that you may not be comfortable paying off.

How to Apply for a Yes Bank Home Loan?

Applying for a Yes Bank Home Loan Is a simple process, here is how you can apply for it:

• Request a Call Back: You can submit your financial requirements on the Yes Bank website and a bank representative will give you a callback.
• Visit a Branch: You can apply for a home loan from Yes Bank by visiting the nearest branch. Carry all your necessary documents for a smoother process.
• Contact Customer Care: For more details on home loan applications, you can contact Yes Bank’s customer care by dialling 1800 1200.

Eligibility Criteria for Yes Bank Housing Loan

If you wish to apply for a home loan with Yes Bank, you need to pass the eligibility criteria which are as follows:

• Age: 23 to 60 years.
• Employment Type: Both salaried employees and self-employed individuals are eligible.
• Minimum Income for Salaried Employees: ₹25,000 per month.
• Minimum Income for Self-Employed Individuals: Rs. 4 lakh per annum.
• Work Experience: Minimum 2 years of work experience, whether you’re salaried or self-employed.

FAQs

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

No, customers can acquire a Home Loan through YES BANK for a variety of reasons, including the purchase of a plot plus construction thereon or self-construction on an already owned plot or for any extensions and renovations on existing properties.

What is a Floating Rate Home Loan?

Floating Rate Home loans or Variable Interest rate loans refer to loans where the interest applicable on the home loan varies with the change in the Bank's Benchmark rates such as Base Rate/MCLR/External Benchmark etc.

How can I switch to a Floating Rate Home Loan?

To switch from a floating rate to a fixed rate or vice versa, the customer can opt for it by paying the applicable switch fee as permitted by the Bank. However, if customers wish to switch from the Base Rate/MCLR to External Benchmark, no charges are applicable. Customers can do so by visiting the nearest YES BANK branch or writing to Yes bank.

How to foreclose a YES Bank Home loan?

You can foreclose your home loan by paying the outstanding amount, along with any applicable charges, at your nearest Yes Bank branch.

What is the minimum loan amount you can avail yourself of through YES Bank home loans?

The minimum loan amount typically varies but is often set at Rs. 1 lakh.

Is it possible to apply for a Yes Bank Home Loan along with a co-applicant?

Yes, Yes Bank allows co-applicants to enhance loan eligibility.

What is the security that has to be provided by an applicant to be eligible for the Yes Bank Home Loans?

Generally, the property being financed acts as the security for the loan.

What is the processing fee for a YES Bank home loan?

The processing fee typically ranges between 0.5% to 2% of the loan amount.

Is YES BANK good for loans?

Yes Bank offers competitive interest rates and flexible loan options, making it a popular choice for borrowers.

How long does it take to get a loan from YES Bank?

The loan approval process usually takes a few days, depending on documentation and eligibility.

How can I check my Yes Bank home loan status?

You can check your home loan status by contacting Yes Bank’s customer care or visiting the nearest branch.