YES Bank Home Loan EMI Calculator
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YES Bank is a great option for home loans, offering competitive interest rates based on your ability to repay. The EMI is calculated by considering the interest rate, loan amount, and tenure. To check your monthly repayments in advance, use an online EMI calculator. This tool gives you an idea of your monthly payments based on the loan amount you want to apply for, helping you plan your finances better.
How to Use Wishfin YES Bank Home Loan EMI Calculator?
You can check your monthly installment on the loan with the help of the Wishfin loan EMI calculator by entering the loan amount, interest rate, and tenure. Additionally, you can view the total interest outgo and the overall repayment amount in the amortization schedule.
At YES Bank, the maximum tenure available for home loans is 30 years, with flexible options. You can select the tenure that best suits your needs, ensuring your other financial obligations remain unaffected.
YES Bank Home Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Let’s take the example of a borrower who takes out a loan of ₹56,00,000 at an annual interest rate of 9.40% for a term of 30 years. Here's how the calculation is done:
Principal Amount (P): ₹56,00,000
Annual Interest Rate (R): 9.40%, (which translates to 9.40/12/100 = 0.00783 per month)
Loan Tenure (n): 30 years, or 360 months
[56,00,000 x 0.00783 x (1 + 0.00783) ^ 360]/[(1+0.00783 ^360 -1] = 46,680
So, the monthly EMI required to be paid is ₹46,680
YES BANK Home Loan Amortisation Schedule
Below is an example showing the monthly installments of the loan you pay for the loan amount, tenure, and rate of interest as mentioned in the table.
Let's consider Pulkit Sharma, a 30-year-old Senior Manager, who is seeking a home loan of INR 20 Lakh. YES Bank has reviewed his profile and offered him a loan with an interest rate of 9.35% for a tenure of 10 years. Before finalizing the loan, Pulkit wants to know his exact monthly installments. To find out if the EMIs fit his budget, he used an online EMI calculator. Here are the details of his calculations to determine if the EMIs are manageable for him.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 9.35% | 1 | ₹ 1,75,228 | ₹ 1,02,733 | ₹ 21,02,733 |
| ₹ 20,00,000 | 9.35% | 2 | ₹ 91,691 | ₹ 2,00,584 | ₹ 22,00,584 |
| ₹ 20,00,000 | 9.35% | 3 | ₹ 63,926 | ₹ 3,01,327 | ₹ 23,01,327 |
| ₹ 20,00,000 | 9.35% | 4 | ₹ 50,103 | ₹ 4,04,950 | ₹ 24,04,950 |
| ₹ 20,00,000 | 9.35% | 5 | ₹ 41,857 | ₹ 5,11,436 | ₹ 25,11,436 |
| ₹ 20,00,000 | 9.35% | 6 | ₹ 36,399 | ₹ 6,20,762 | ₹ 26,20,762 |
| ₹ 20,00,000 | 9.35% | 7 | ₹ 32,535 | ₹ 7,32,901 | ₹ 27,32,901 |
| ₹ 20,00,000 | 9.35% | 8 | ₹ 29,665 | ₹ 8,47,823 | ₹ 28,47,823 |
| ₹ 20,00,000 | 9.35% | 9 | ₹ 27,458 | ₹ 9,65,490 | ₹ 29,65,490 |
| ₹ 20,00,000 | 9.35% | 10 | ₹ 25,716 | ₹ 10,85,865 | ₹ 30,85,865 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,26,934 | ₹ 1,81,652 | ₹ 18,73,065 |
| 2 | ₹ 1,39,325 | ₹ 1,69,261 | ₹ 17,33,740 |
| 3 | ₹ 1,52,925 | ₹ 1,55,661 | ₹ 15,80,815 |
| 4 | ₹ 1,67,852 | ₹ 1,40,734 | ₹ 14,12,962 |
| 5 | ₹ 1,84,237 | ₹ 1,24,349 | ₹ 12,28,725 |
| 6 | ₹ 2,02,220 | ₹ 1,06,366 | ₹ 10,26,504 |
| 7 | ₹ 2,21,960 | ₹ 86,626 | ₹ 8,04,544 |
| 8 | ₹ 2,43,626 | ₹ 64,960 | ₹ 5,60,917 |
| 9 | ₹ 2,67,407 | ₹ 41,179 | ₹ 2,93,510 |
| 10 | ₹ 2,93,708 | ₹ 15,077 | ₹ 0 |
The Minimum EMI Offered by YES Bank on Home Loans
Below are the monthly EMI payments for different home loan amounts from YES Bank, calculated with interest rates of 9.40% and 11.50% over a 20-year term:
|
Interest Rate of 9.40% |
Interest Rate of 11.50% |
|---|---|
|
10 lakh loan amount - ₹9,256 p.m. |
10 lakh loan amount - ₹10,664 p.m. |
|
12 lakh loan amount - ₹11,107 p.m. |
12 lakh loan amount - ₹12,797 p.m. |
|
15 lakh loan amount - ₹13,884 p.m. |
15 lakh loan amount - ₹15,996 p.m. |
|
17 lakh loan amount - ₹15,735 p.m. |
17 lakh loan amount - ₹18,129 p.m. |
|
20 lakh loan amount - ₹18,512 p.m. |
20 lakh loan amount - ₹21,329 p.m. |
The Main Advantages of Using YES Bank Home Loan EMI Calculator
Here are the main benefits of using the YES Bank home loan calculator:
-
Accurate Estimates:
Get precise monthly installment amounts tailored to your loan specifics, helping you plan your finances better.
-
Saves Time:
Instantly calculate EMIs without the hassle of manual computations.
-
Budget Planning:
Know your EMI in advance, which makes it easier to manage your monthly budget and expenses.
-
Clear Financial Picture:
Understand your monthly repayment obligations clearly, ensuring no surprises down the line.
-
Informed Decisions:
Make better loan choices by comparing various scenarios and selecting the most suitable option.
- Convenient Access: Use the calculator anytime, anywhere, for quick and easy financial planning.
YES Bank Home Loan Eligibility
Here are the eligibility criteria you need to fulfill when applying for a home loan with YES Bank:
|
Age |
23 to 60 years |
|
Employment type |
Salaried employees and self-employed individuals |
|
Minimum income for salaried employees |
₹25,000 per month |
|
Minimum income for self-employed individuals |
₹4 lakh per annum |
|
Work experience for salaried employees / self-employed individuals |
Minimum 2 years |
Factors that Affect YES Bank Home Loan EMIs
Here are the key factors that affect YES Bank home loan EMIs:
-
Down Payment Amount
: A higher down payment reduces the principal loan amount, leading to lower EMIs.
-
Additional Fees
: Charges like processing fees, administrative costs, and insurance premiums can affect the overall EMI.
-
Market Conditions
: Economic factors and market conditions can impact floating interest rates and subsequently the EMI.
-
Prepayment Options
: The ability to make prepayments can reduce the loan tenure or EMI, depending on the bank's policies.
-
Loan Tenure
: The duration of the loan repayment; longer terms lower the EMI but increase total interest, whereas shorter terms raise the EMI but reduce the total interest paid.
- Credit History : A good credit score can help secure a lower interest rate, thereby reducing the EMI.
Fees and Charges Associated with YES Bank Home Loans
Below are the fees and charges related to YES Bank home loans:
|
Particulars |
Fee Type |
|---|---|
|
Processing Fee |
1.5% or Rs. 10,000, whichever is higher (₹7,500 is non-refundable if the disbursal is not availed) |
|
Part-Payment/ Pre-payment/Loan Pre-closure/Foreclosure Fees |
No charge for floating rate loans 2.5% of the outstanding principal for fixed-rate loans |
|
Late Payment Fees / Penal Interest Rate (Default Interest Rate) |
24% per annum i.e. @2% per month on the overdue instalment(s) |
|
Additional Interest |
2% per annum in addition to the applicable interest rate on the outstanding loan amount |
|
Repayment Mode/Cheque Swap Charges |
₹500 |
|
Cheque Bounce/Return Charges |
₹750 per instance |
|
Statement of Account /Amortisation Schedule (Physical mode or via Branch) |
₹100 per request |
|
Prepayment Statement Charges |
₹100 per request |
|
Duplicate No Objection Certificate (NOC) |
₹100 per request |
|
Loan cancellation/Rebooking |
₹2,000 (plus franking/stamping fees as per actuals, if applicable) |
|
Legal, Repossession & Incidental charges |
At actuals |
|
Document retrieval charges (per advice) (Photocopy/scanning, etc.) |
₹500 |
|
Floating to the prevailing fixed rate |
0.5% of the outstanding loan amount |
|
Fixed to the prevailing floating rate |
1% of the outstanding loan amount |
|
EMI cycle date change |
₹500 |
|
Equitable Mortgage Creation Charges/Stamp Duty |
According to the current state laws and regulations. |
Limitations of Using YES Bank Home Loan Calculator
Here are the drawbacks of utilizing the YES Bank home loan calculator:
-
Does not factor in the borrower’s credit score, which can affect the actual interest rate offered.
-
Assumes a fixed interest rate, not accommodating potential variations in floating rates.
-
Doesn't include costs such as processing fees, administrative charges, or prepayment penalties.
-
Lacks customized advice based on the borrower’s unique financial situation.
- Does not account for changes in market conditions that could impact loan terms or interest rates
Frequently Asked Questions (FAQs)
How can I pay my YES Bank home loan EMI online?
Can we pay more than the EMI amount on a YES Bank home loan?
What happens if a YES Bank home loan EMI is missed?
Is it possible to renegotiate the interest rate on my YES Bank home loan?
Can I make prepayments on my YES Bank home loan?
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