90 Lakh Home Loan Yes Bank

Securing a home loan is now even more simplified by Yes Bank with its 90 Lakh Home Loan. Yes Bank enhances this experience by offering attractive interest rates, feasible EMIs, and straightforward eligibility criteria. This ensures the Yes Bank 90 Lakh Home Loan package is an ideal solution for future homeowners. The bank's EMI calculator further helps the financial planning process, allowing borrowers to easily understand how loan tenure and interest rates affect their monthly expenses. By assisting borrowers comprehensively, Yes Bank makes achieving the dream of owning a home more accessible. Keep reading to learn more about this loan scheme. 

90 Lakh Home Loan Yes Bank – Highlights

Here are the salient features of Yes Bank 90 Lakh Home Loan:

90 Lakh Yes Bank Home Loan EMI for 10 & 20 Years

To calculate the Equated Monthly Installment (EMI) for a home loan, we use the formula:

EMI= (1+R) N − 1P × R × (1+R) N​

Where:

• ( P ) is the principal amount (the loan amount)
• ( R ) is the monthly interest rate
• ( N ) is the number of monthly instalments (loan tenure in months)

For Yes Bank, let’s assume an interest rate of 9.5% per annum for our calculation. Here’s how the EMI calculation would look for ₹90 Lakh for 10 years (120 months) and 20 years (240 months):

EMI for 10 years:

• Principal (( P )): ₹90,00,000
• Annual Interest Rate: 9.5%
• Monthly Interest Rate (( R )): ( \frac{9.5%}{12} )
• Tenure (( N )): 120 months

EMI for 20 years:

• Principal (( P )): ₹90,00,000
• Annual Interest Rate: 9.5%
• Monthly Interest Rate (( R )): ( \frac{9.5%}{12} )
• Tenure (( N )): 240 months

Using the above formula, the EMI for 10 years is approximately ₹1,16,172, and for 20 years, it’s approximately ₹82,775.

Here’s a table summarising the EMIs:

90 Lakh Yes Bank home loan – Fees and Charges

For a home loan of ₹90 Lakh from Yes Bank, here are the fees and charges you can expect:

• Interest Rate: Ranges from 9.40% to 12.50% per annum, depending on the loan scheme and eligibility.
• Processing Fee: Up to 1.5% of the loan amount or ₹10,000, whichever is higher, plus applicable GST.
• Prepayment Charges: There may be charges for part-payment, pre-payment, loan pre-closure, or foreclosure, depending on the loan terms.

90 Lakh Yes Bank home loan – Documents Required

Employees:

• Complete Application: With a recent photograph.
• Identity Check: An Aadhaar Card is needed (NRIs exempt).
• KYC Collection: Address, identity, and signature verifications.
• Mandatory Pan/Form 60: For all applicants.
• Income Verification: Salary slip and Form 16 required.
• Bank Statement Overview: Last 6 months’ salary transactions.

Business Owners:

• Application Requirement: Must include a photo.
• Aadhaar Policy: Mandatory for residents, not for NRIs.
• KYC Criteria: Address, ID, and signature proofs are needed.
• Pan Card/Form 60: Essential for tax purposes.
• Financial Proofs: Includes P&L, B/S, and ITR.
• Operative Account Review: Bank statement from the last 6 months.

90 Lakh Yes Bank Home Loan – Eligibility Criteria 

Eligibility for a 90 Lakh Home Loan from Yes Bank involves:

• Age: 21 to 70 years
• Income: Stable income source, with specific requirements varying for salaried and self-employed individuals
• Credit Score: A good credit score, typically 750 or above
• Employment/Business Stability