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EMI and Interest rates for Home Loan of ₹45 Lakh
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A Home Loan of ₹45 Lakh can be a great financial boost if you’re planning on buying a house without using up all or most of your savings. With Kotak Mahindra Bank’s housing finance, you can get up to 90% of the property’s value and repay it in easy Equated Monthly Instalments (EMIs) over a period of up to 25 years. While a longer repayment period means smaller EMIs, it could also translate to paying more interest overall. This is why it’s so important to find a suitable EMI plan for your ₹45 Lakh Home Loan. You can do this quite easily with the help of Kotak Mahindra Bank’s Home Loan EMI calculator. Once you’re clear on this, you can apply for your Home Loan and get a sanction letter in less than 10 minutes from Kotak Mahindra Bank.
Knowing the EMI for your ₹45 Lakh Home Loan will help you settle on an appropriate loan tenure and chart out a stable repayment plan that sits well within your budget.
Just enter the amount you need, the interest rate you prefer, and the period of time you’d like to pay your Home Loan over. The calculator will render an estimate of the EMIs you’ll stand to pay. It just takes a few seconds of your time to make an informed decision.
Using the Home Loan EMI calculator for a ₹45 Lakh Home Loan will help calculate different monthly EMI amounts, along with the total loan cost and interest outgo. Based on the results, you can decide which loan tenure is ideal.
Resources to get the best out of your Home Loan and manage your finances prudently
EXPLORE NOWAre you planning to apply for a Home Loan of ₹45 Lakh? Knowing EMI plans for various loan terms is crucial to making the final decision. Here is an outlook.
| Loan Amount | Interest Rate | Repayment Tenure | EMI Amount |
|---|---|---|---|
| ₹45 Lakh | 8.70%* | 5 Years | ₹92,758 |
| ₹45 Lakh | 8.70%* | 10 Years | ₹56,276 |
| ₹45 Lakh | 8.70%* | 15 Years | ₹44,842 |
| ₹45 Lakh | 8.70%* | 20 Years | ₹39,623 |
| ₹45 Lakh | 8.70%* | 25 Years | ₹36,843 |
*T&C Apply
Before applying for a Home Loan of ₹45 Lakh at Kotak Mahindra Bank, you must know about the eligibility criteria and documents required. These are as follows:
| Eligibility Criteria | For Salaried | For Self-Employed |
|---|---|---|
| Age | 18-60 years | 18-65 years |
| Minimum Gross Income | Monthly salary of ₹20,000 if you live in Delhi, Mumbai, Pune, Chennai, and Bangalore Monthly salary of ₹15,000 if you reside in other cities |
Minimum three years of business experience with a net income of ₹2,40,000 per annum for companies in Delhi, Mumbai, Pune, Chennai, and Bangalore, and ₹1,80,000 per annum for companies in other cities |
| Years of Services | Minimum 2 years | The business should have been existing for a min. of 3 years |
If you fulfil these requirements, submit the scanned copies of the following documents through the Kotak Mahindra Bank website or mobile banking app:
Are you planning to apply for a Home Loan of ₹45 Lakh with Kotak online? These are the steps to follow:
Again, if you’re planning to take a Home Loan for 10 years, use a loan EMI calculator to know your EMIs. This is how they will look for 10 years:
| Loan Amount |
₹45 Lakh |
|---|---|
| Interest Rate | 8.70%* |
| Loan Tenure | 10 Years |
| ₹45 Lakh Home Loan EMI for 10 years | ₹56,276 |
| Total Interest Payable | ₹2,253,126 |
| Total Payable Amount | ₹6,753,126 |
*T&C Apply
Here is what your EMI for a ₹45 Lakh Home Loan taken for a tenure of 20 years will look like:
| Loan Amount |
₹45 Lakh |
|---|---|
| Interest Rate | 8.70%* |
| Loan Tenure | 20 Years |
| ₹45 Lakh Home Loan EMI for 20 years | ₹ 39,766 |
| Total Interest Payable | ₹5,009,647 |
| Total Payable Amount | ₹9,509, 647 |
*T&C Apply
Your ₹45 Lakh Home Loan EMI will include the following over the course of 25 years:
| Loan Amount |
₹45 Lakh |
|---|---|
| Interest Rate | 8.70%* |
| Loan Tenure | 25 Years |
| ₹45 Lakh Home Loan EMI for 25 years | ₹36,843 |
| Total Interest Payable | ₹6,553,115 |
| Total Payable Amount | ₹11,053,115 |
*T&C Apply
A Home Loan EMI calculator will help you calculate the EMIs based on your Home Loan interest rate, loan amount, and loan tenure. Enter the variables in the online tool and get quick results.
Your minimum salary should be at least ₹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.
Yes, co-application is a useful strategy that increases your chances of approval and helps you grab a better deal.
Yes, you can easily get a housing loan both offline and online right here with Kotak Mahindra Bank. You can easily apply online if you fulfil the eligibility and documentation requirements.
Salaried employees' age should be between the age of 18 to 60 years, and self-employed professionals' age should be between 18 to 65 years to apply for a ₹45 Lakh Home Loan with Kotak Mahindra Bank.
Yes, you can get an instant Home Loan up to ₹45 Lakh on a low Home Loan interest rate in Mumbai. However, your minimum salary requirement can be higher than applicants from most other cities. Remember, having a good credit score and solid repayment history can certainly help you get a loan on more favourable interest.
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.
