YES Bank Home Loan Customer Care

What is a home loan?

Buying a home is a huge financial decision which requires substantial cash outlay. Often, individuals avail a loan from banks, financial institutions or other unorganized sources to fund their dream of buying a home. These loans are termed as home loans, they are offered by banks and other financial institutions for a tenure ranging between 5 years – 30 years and at an interest rate based on prevalent market interest rates. The home loan needs to be repaid by the borrower on a monthly installment basis, also called equated monthly installment (EMI). EMI constitutes principal and interest. The interest rate could be fixed, floating or hybrid over the tenure of the home loan, the customer has the discretion of choosing the tenure and the type of interest rate.

YES BANK 24*7 customer care

The customer care service can be accessed through many channels, there is a dedicated team which provides consistent and accurate information to the clients. These are popular channels to contact the customer care team –

Via Phone – The phone banking service of YES BANK is called YES TOUCH, this is available for customers who are residents of India and residents outside India. The toll free number to access if the customer is a resident Indian is 1800 2000. The number can be accessed via landline and mobile phones. Foreign nationals or non-resident Indians (residents outside India) can reach the customer care desk using the number +91 22 30993600 

Via email – Another method of reaching out to the customer care team is via email. The responses will not only be documented (written), there will be required amount of elaboration as well. The email ID used to get in touch with the team about home loan queries isyestouch(at)yesbank(dot)in. Typically, the team will respond within 48 hours.

Via SMS service: In a world where customers have limited time, there is a need for banks to cater to queries through other means. SMS service was introduced from this perspective. The SMS service is however, extended to existing home loan customers. The self-help menu can be accessed via SMS by sending a text to +91 92233 90909.

YES BANK’s customer response mandate

The bank shall provide the best-in-class service, it proposes to be responsive, fair, expeditious and customer centric in their response management procedures to all existing and prospective customers. They have a mandate which is followed to ensure that they provide consistent and superior service experience to the customers. The bank’s mandate includes the following standards –

• Ensure accessibility of complaint handling process for all complainants
• Accessibility to grievance redressal policy to customers
• Transparent and uniform professional approach to managing complaints
• Customer centricity and objectivity in complaint handling process
• Establishing prompt, pro-active and responsive complaint resolution system
• Ensure confidentiality of complainants information
• Accountability for timely resolution and documented reporting of complaints
• Adherence to all regulatory and statutory requirements as mandated by RBI
• Continuous improvement of grievance redressal policy based on proactive evaluation and customer feedback
• Adherence to compensation policy as defined by the bank

YES BANK grievance redressal mechanism

YES BANK has a 3 level grievance redressal mechanism, the same is explained in detail below –

The typical turn around for grievance redressal is 7 working days, this turnaround mandate is also mentioned in the bank’s official website which is publicly accessible. A complaint reference number is generated for all complaints registered with the bank and this is used to track the complaint raised by the customer.

The bank is also covered under the Banking Ombudsman Scheme, 2006 of RBI, if any grievance goes unaddressed by the bank within the stipulated 30 day period, the same can be escalated to Banking Ombudsman in the particular city.

Home loan features and benefits - Yes Bank

The key features and benefits on home loan offered to purchase residential property by Yes bank are stated below –

• Interest rate – 9.6% to 12%
• Fee – Processing fee - 0.5% of the loan amount or Rs 10000 whichever is higher (GST additional)
• No guarantor required for home loans
• E-approval for home loans available
• Pre-closure / Part closure penalty – Nil for floating rate loans; 2.5% on principal outstanding for fixed rate loans
• High loan amount offered at very attractive interest rates
• Balance transfer facility available and top-up loan on existing projects available with minimal documentation
• Maximum tenure of 35 years available for salaried applicants and 30 years for self-employed applicants
• Other benefits include – doorstep service, faster processing, 24X7 customer care support

Home loans offered by YES BANK

YES BANK offers the below mentioned types of home loans –

• Home purchase loan
• Home improvement loan: for renovation and repair of existing home
• Home loan top-up – additional home loan on property which already has home loans
• Home loan transfer – switching of existing loan from a bank to another due to lucrative interest rates or any other benefit
• Home loans for self-employed – customized home loans available for self-employed and individuals with businesses (no established consistent income source)

Home loan is also offered by YES BANK under a new scheme which is named as ‘YES KHUSHI’. The home loan is extended on affordable projects, one can avail home loans for purchase of ready-to-move-in property, under construction, second buy (resale), plot + construction, repair, extension and renovation of existing property, top-up loan. Balance transfer is also allowed under this scheme. The home loan is extended on property with minimum area of 200 sqft. The interest rates are attractive, considering that they are specifically designed for the under privileged or lower income group.

How to apply for home loan with YES BANK?

Applying for home loan with YES BANK is quite easy, they have simplified the process to a large extent by providing the application online. There is also e-approval available for applicants. The documentation requirement is minimal, the applicant is required to provide an identity proof, income proof and address proof of existing residence. One can also apply for home loan as a single property owner, joint property owner or co-applicant.