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Are you planning to borrow a Home Loan of ₹40 Lakh to purchase your dream house? Before diving in, it’s important to understand Home Loan EMIs. Calculating Home Loan interest rate and EMI in advance will help with a better repayment plan and financial management. You can use a loan EMI calculator to check your EMI amount online. Let’s find out what is the EMI for ₹40 Lakhs Home Loan for different loan tenure.
At Kotak Mahindra Bank, you can opt for a loan tenure of up to 25 years. The longer the repayment tenure you select, the smaller the EMIs will be. So, enter these three variables in the spaces provided and get results within a flash second.
Resources to get the best out of your Home Loan and manage your finances prudently
EXPLORE NOWAt Kotak Mahindra Bank, you may obtain Home Loans at attractive interest rates. Let’s look at the ₹40 Lakhs housing loan EMI amounts for various loan tenures:
| Loan Amount | Interest Rate | Repayment Tenure | EMI Amount |
|---|---|---|---|
₹40 Lakh |
8.70%* |
5 Years |
₹ 82,452 |
₹40 Lakh |
8.70%* |
10 Years |
₹ 50,023 |
₹40 Lakh |
8.70%* |
15 Years |
₹ 39,859 |
₹40 Lakh |
8.70%* |
20 Years |
₹ 35,220 |
₹40 Lakh |
8.70%* |
25 Years |
₹ 32,749 |
*T&C Apply
You must fulfil a few eligibility conditions and documentation requirements to qualify for a ₹40 Lakh Home Loan at Kotak Mahindra Bank. Here’s an overview:
| Criteria | Salaried Applicants | Self-employed Applicants |
|---|---|---|
Age |
Applicants should be between 18 and 60 years old |
Applicants should be between 18-65 years old |
Income |
Minimum Income of ₹20,000 per month for Delhi, Mumbai, Bangalore, Pune, and Chennai residents. Minimum Income of ₹15,000 per month for the residents of other cities. |
Minimum Income of ₹20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai. Minimum Income of ₹15,000 per month for the residents of other cities. |
Work Experience/ Continuity |
2 years of work experience and at least 6 months in the current organisation. |
Minimum 3 years in business or profession with the number of successful years in the business or profession. |
If you fulfil these home loan eligibility conditions, you must submit the following documents to apply for a ₹40 Lakh Home Loan at Kotak Mahindra Bank:
Applying for a Home Loan at Kotak Mahindra Bank is extremely easy. You can visit a nearby bank branch or the official website or download the mobile banking app to get the required amount. These are the steps to follow:
Choosing a tenure of 10 years may attract a bigger EMI for your Home Loan of ₹40 Lakh. Using a ₹40 Lakh loan EMI calculator, you will get the following results:
| Loan Amount | ₹40 lakh |
|---|---|
Interest Rate |
8.70%* |
Loan Tenure |
10 Years |
₹40 Lakh Home Loan EMI for 10 years |
₹ 50,023 |
Total Interest Payable |
₹ 2,002,779 |
Total Payable Amount |
₹ 6,002,779 |
*T&C Apply
Are you planning to borrow a ₹40 Lakh Home Loan for 20 years, your repayment structure would be similar to this:
| Loan Amount | ₹40 lakh |
|---|---|
Interest Rate |
8.70%* |
Loan Tenure |
20 Years |
₹40 Lakh Home Loan EMI for 20 years₹ |
₹ 35,220 |
Total Interest Payable |
₹ 4,453,020 |
Total Payable Amount |
₹ 8,453,020 |
*T&C Apply
25 years is the maximum Home Loan tenure you can choose at Kotak Mahindra Bank. Do you want to calculate your ₹40 Lakh Home Loan EMI for 25 years? EMI calculator will give the following results:
| Loan Amount | ₹40 lakh |
|---|---|
Interest Rate |
8.70%* |
Loan Tenure |
25 Years |
₹40 Lakh Home Loan EMI for 25 years |
₹ 32,749 |
Total Interest Payable |
₹ 5,824,992 |
Total Payable Amount |
₹ 9,824,992 |
*T&C Apply
To qualify for a Home Loan at Kotak Mahindra Bank, your minimum monthly salary should be ₹20,000 if you live in Delhi, Mumbai, Pune, Bangalore, or Chennai. It should be at least ₹15,000 if you live in any other city.
Using a home loan EMI calculator is the easiest and fast way to calculate your Home Loan EMIs. Enter your loan amount, interest rate, and tenure in the Home Loan calculator and get results instantly.
Both salaried and self-employed individuals can obtain a Home Loan at Kotak Mahindra Bank. However, the eligibility conditions and documentation requirements may vary. Please refer to the appropriate section for more details.
You must have a credit score of at least 750 to get the best deal on ₹40 Lakh Home Loan. Low-score individuals can also apply but must show a good income and strong repayment capacity to qualify.
You can get the latest updates about the Home Loan interest rate at Kotak Mahindra Bank from their official website. However, the final rate depends on your credit history, income regularity, professional stability etc.
Yes, a Home Loan balance transfer is possible if you wish to reduce your interest rate or get a better loan term.
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
To encourage women home buyers, Kotak Mahindra Bank offers affordable housing loans for women.
