Yes Bank offers home loans to suit the requirements of the customers at affordable rates of interest. The home loans can be availed for a loan repayment tenure of up to 35 years. The bank offers loans of Rs.10 lakh to Rs.5 crore for the purchase, self- construction, improvement, and top-up of a house property. The rates of interest start at 8.95% p.a.
|Age||23 years to 60 years|
|Employment Type||Salaried employees and self-employed individuals|
|Minimum income for salaried employees||Rs.25,000 per month|
|Minimum income for self-employed individuals||Rs.4 lakh per annum|
|Work experience for salaried employees / self-employed individuals||Minimum 2 years|
There are a number of factors on which the home loan eligibility dependent. You can use the home loan eligibility calculator of Yes Bank to find out the approximate loan amount that you will be eligible for. The figures mentioned will be based on the information that you provide.
For the loan amounts listed in the table below, the loan repayment tenure is assumed to be 30 years and the rate of interest is assumed to be 8.95% p.a.
|Monthly Income||Loan Amount|
Note: The figures mentioned above are indicative and are based on certain assumptions. The figures are subject to change on the basis of other relevant factors such as the age of the applicant, etc.
The maximum repayment tenure for Yes Bank Home Loans is primarily dependent on the age of the applicant. Getting a home loan earlier will make you eligible for the longest loan repayment term. The following list shows the maximum loan repayment tenure that an applicant will be eligible for on the basis of his or her age.
|Applicant Age||Maximum Eligible Tenure|
|23 years||35 years|
|24 years||35 years|
|25 years||35 years|
|26 years||34 years|
|27 years||33 years|
|28 years||32 years|
|29 years||31 years|
|30 years||30 years|
|31 years||29 years|
|32 years||28 years|
|33 years||27 years|
|34 years||26 years|
|35 years||25 years|
|36 years||24 years|
|37 years||23 years|
|38 years||22 years|
|39 years||21 years|
|40 years||20 years|
|41 years||19 years|
|42 years||18 years|
|43 years||17 years|
|44 years||16 years|
|45 years||15 years|
|Good||750 and above|
|Average||600 - 750|
As mentioned in the table above, a higher credit score will help you avail a home loan at a lower rate of interest. A higher CIBIL score also strengthens the possibility of your home loan application being approved.
Some of the factors which affect the home loan eligibility of Yes Bank are listed below:
As an applicant for home loan, you can avail up to Rs.5 crore under the home loan scheme of Yes Bank. The loan amount will, however, be decided on the basis of your loan repayment capability and a few other factors and will be as per the discretion of the bank.
No, Yes Bank does not offer home loan for the purchase of a new property. The bank offers home loans for the purchase of a vacant land for construction as well as construction of a building on an existing piece of land. It also offers loans for the extension and renovation of existing properties.
Yes, the bank allows its customers to switch from floating rates of interest to fixed rates of interest and vice versa for home loans. However, it should be kept in mind, that a fee of 0.5% of the balance principal amount is charged during the transition.
Yes, you can apply for a home loan through Yes Bank along with a co-applicant to increase the chances of your loan application approval. In addition to that, you are likely to get a lower rate of interest as well on your home loan when you apply for a loan along with a co-applicant.
In general, the housing property acts as a security in the case of home loans. The land or the building is mortgaged in this case.
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