Interest rates are typically lower than those of other banks, which means you’ll save more money in your pocket. With that said, there are several factors that come into play when determining the rate of your home loan.
Find out how these influence your potential monthly mortgage bill and how you can get the rate you need at a price that fits your budget.
What does the Yes Bank Home Loan Interest Rate Look like?
YES Bank Regular Housing Loan
|Applicant Type||Interest Rate|
|For Salaried Applicants||6.70% p.a. onwards|
|For Woman Applicants||6.65% p.a. onwards|
YES Khushi Home Loan
|Minimum Interest Rate||10.25% p.a.|
|Maximum Interest Rate||12.00% p.a.|
The interest rate you get on your home loan is not one specific rate. Instead, it’s composed of two parts: the interest rate on your loan and the margin. The margin is the difference between the interest rate charged on your loan and the rate at which the funds are deposited into the lender’s account.
This margin is typically around 1%. However, it can vary from lender to lender. So, if your lender has a high margin, you’ll likely pay a lower rate on your loan. Conversely, a low margin may cause you to pay more on your loan. Unfortunately, there are a number of factors that influence the rate you get on your home loan. Here are a few:
- Where you live – The cost of living varies throughout different areas of the country, which has a significant effect on the average salaries people in those areas earn. As a result, monthly mortgage repayments can vary greatly from one city to another.
- Your credit score – Your credit score is based on factors such as the number of times you’ve defaulted on payments, your debt-to-income ratio, and the age of your oldest debt. A high credit score indicates that you make payments on time, which leads lenders to offer you a better interest rate on your home loan.
Factors That Influence Yes Bank Home Loan Interest
- Your Loan Amount – Your loan amount will affect your monthly mortgage repayments. The larger your loan, the more interest you’ll pay.
- The Interest Rate – The interest rate on your home loan will be based on the loan you choose and how much you borrow. So, if your lender offers a lower rate than the standard rate, you’ll pay less on your loan.
- The Margin – The margin is the difference between the interest rate charged on your loan and the rate at which the funds are deposited into the lender’s account.
How to Get the Latest Yes Bank Home Loan Offer
There are many ways to get a home loan with the latest offer from Yes Bank. Below are a few methods you can use.
- Shop Around – The best way to get a lower home loan rate is to shop around. Compare the rates offered by multiple lenders to find the one that gives you the lowest rate.
- Shop Online – The best way to shop for a home loan is online. Not only can you compare rates easily and quickly, but you can also get free estimates from home loan lenders.
- Shop Offline – The best way to shop around for a home loan is in-person. You can do this by visiting different loan offices and talking with loan officers to compare offers.
- Get Pre-Approved – Pre-approving for a home loan through a credit union or building society can help you get the lowest rates.
Can You Switch from Another Bank to Yes Bank?
Yes, you can. Home loans are subject to stringent regulations that restrict the number of times you can change banks. The industry-standard is five bank account switches within 12 months.
However, there are a few exceptions. If you can get a loan from a different bank within the same financial institution, you can switch to the new lender and transfer your loan. You can also switch if you open a new business account with a different institution.
Should you get a home loan with the Union bank?
The Union Bank is a home loan provider owned by Yes Bank. The only advantage of getting a home loan with the Union Bank is that it has a special offer for customers who get a home loan with Yes Bank.
Under this offer, the customer gets a 0.50% discount on their interest rate on the home loan. However, you can get the same 0.50% discount by swopping to Union Bank. So, switching to Union Bank is not required.
Should you get a home loan with the ICICI bank?
The ICICI bank is a home loan provider owned by ICICI Bank Ltd. The only advantage of getting a home loan with ICICI Bank is that it is backed by the government of India.
Under this special offer, you get a 2% discount on your home loan. This 2% can be transferred as a gift to a family member or saved for your retirement. But, at the end of the day, it comes down to the same factors that influence your home loan rate: your loan amount, interest rate, and the margin.
How to Get a Lower ICIC Firm Home Loan Interest Rate
For home loans with a higher interest rate and longer repayment period, you should consider switching home loan providers. However, if you choose to stay with one bank, you can still get a lower interest rate on your home loan by shopping around.
The best way to do this is to compare rates at different lenders. Once you’ve found a lender that offers a lower rate, call and request a rate quote. If you’re approved for a rate, ask them to send a notice to your current bank.
Final Words: Is it worth switching banks for a lower interest rate?
If you’re looking to get a home loan with a lower interest rate, you can shop around for different lenders. However, it’s important to remember that the lender that offers the lowest rate may not be the best fit for you.
For example, if you get a lower rate on a home loan with a high-interest rate, you may end up paying more money in the long run. In this case, you may be better off switching home loan providers to find one that provides a better loan for your situation.
What is the interest rate of home loan in YES Bank?
YES Bank offers home loan @ 6.70% p.a. onwards for loan amounts of up to Rs 10 crore and for tenures of up to 35 years. It also offers 0.05% discount on interest rates to female home loan applicants.
How can I get loan from Yes Bank?
Visit the official website of a Yes Bank. Log in to your personal loan account using customer ID and password. Click on 'View statement'. For future reference, you can also download the loan statement.