Purchasing or constructing a new house is certainly the costliest endeavour that a person goes through in his lifetime. It gets difficult for people to finance the entire house cost by themselves. That’s why home loans are there to cover the finance of the house so that the savings of the customer is not affected much. But some home loans can be taxing due to the high interest rates they carry. This is where YES Bank Home Loan Interest Rate the come into the pictures. Yes Bank provides one of the lowest interest rates in the market. Certainly, one of the most affordable. Want to know how much? YES Bank Home Loan interest ranges between 9.85% to 12.00% per annum.
Factors that Impact your YES Bank Home Loan Interest Rate:
Location of the Property: The location where you are buying or constructing your new house plays a crucial role in determining the YES Bank Home Loan Interest Rate. If the property is located in an area where the amenities are good enough or in an area close to the metro station, grocery stores, shopping malls, etc., then chances are you can bag a low interest rate form Yes Bank on the home loan deal.
Credit Score: Your credit score plays an important role in determining your interest rate. A good credit score translates into bagging a lower interest rate from Yes Bank. Alternatively, a bad credit score can put you on the brink where you have to pay really high interest rates. Thus, it is advisable to keep a credit score of 750 and above. You just need to service your past debts properly (by paying your credit card dues on time and EMI payments for previous loans).
Net Monthly Income: Yes Bank has a close look at your bank statements and salary slips to see whether you have a regular flow of the minimum net monthly income required. If you have the desired net monthly income constantly flowing into your account, you can ask the bank to give you the lowest interest rate. More than having a high monthly income, Yes Bank looks for a consistent flowing income in your account every month. If it finds the same, chances are that you might get a low interest rate on your home loan.
Relationship with Yes Bank: If you have taken any kinds of loan from Yes Bank in the past, this can prove to be an edge while procuring low rates of interest. Yes Bank will do a thorough check on your past loans and how well you’ve been able to service it, basis which the interest rates will be decided for the home loan you are going to take.
Market Lending Rates: Certain factors are not in your control, but it still has an impact on your interest rates. Change in the policies of the Reserve Bank of India (RBI) can affect your interest rate. For example, if the repo rate has gone down, the MCLR (Marginal Cost of Lending Rate) of banks and NBFCs also come down. As a result, even you’ll get to enjoy low Yes Bank Home Loan Interest Rate.
Keep these five factors in check before applying for a home loan with Yes Bank.