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The process of availing for a home loan comes with common questions like what would be my EMI and on what basis would this be calculated? We’ve just made your hustle easier! A home loan EMI calculator is the simplest tool to understand what your monthly payment will look like.
How do you use the Home Loan EMI Calculator?
Certain factors that this algorithm depends on are your home loan amount, the interest rate in question and the tenure you are looking at. The amortization schedule can be yearly or monthly, the details of which can be understood by simply contacting us.
As mentioned already, the home loan EMI Calculator makes use of the parameters enlisted below.
The home loan EMI Calculator will provide you with the EMI figures in seconds!
What are the processing fees applicable on a Home Loan?
At Kotak, the processing fees associated with home loans are charged at a nominal amount. We charge zero processing fees for online applications. Know more about the fees and charges associated with Kotak Home Loans.
What are the documents required for a Home Loan?In order to keep the process of Home Loan application quick and hassle free, we have mandated a set of verification documents, thus preventing you from spending undue time on gathering copies.
You need to submit the home loan application form along with the following documents,
You can find all the other relevant details related to the documents required for home loan.
What are the various repayment options available?
We provide various customizable options when it comes to your home loan repayment. You may choose a loan period of up to 20 years or outstanding tenure of the proposed loan to be taken over, whichever is lower. The same can vary depending on your profile.
Why apply for a Kotak Home Loan?
Kotak Home Loans are available at attractive interest rates are designed to reduce the pressure of getting loans approved for customers. It comes with insurance options to cover the loans at affordable premiums and has a quick turnaround time. It is the sweetest pathway that leads you a step closer to your dream home!
Explore a world of endless possibilities with Kotak Home Loans.
You can opt for a loan period of up to 20 years or outstanding tenure of the proposed loan to be taken over whichever is lower and can vary depending on your profile.
Yes. Borrower can claim tax benefits on the availed home loan as per below details.
Summary of tax benefits on principal and interest paid is as below
|Tax Benefits||On Principal Repaid||On Interest Paid|
|First Home – Self Occupied||Actual principal repaid subject to a maximum of Rs. 1,50,000 (Rs. 2 lakh for senior citizens) can be claimed as investment eligible for tax deduction under section 80C.||Actual home loan interest paid subject to a maximum of Rs. 2 lakh (Rs. 3 lakh for senior citizens) if house construction completed within 5 years from the end of the financial year in which loan is taken
If construction of house not completed within five years then Rs. 30,000 is tax exempt
Additional exemption of upto Rs. 50,000 on interest paid for loans upto Rs. 35 lakh with cost of home upto Rs. 50 lakh.
|First Home – Rented/ Vacant (deemed to be let out property)||Upto Rs. 1,50,000 (Rs. 2 lakh for senior citizens) eligible for tax deduction under Section 80 C. The deduction is available only if the property owner is staying in a different city for work.||Exemption on interest is capped at lower of two, a) Rs. 2,00,000 or b) actual interest paid for all properties owned by a tax payer.|
|Second Home or Additional Property||None||Exemption on interest is capped at lower of two, a) Rs. 2,00,000 or
b)actual interest paid for all properties owned by a tax payer
|Under Construction Property||None||The interest paid can be claimed in equal parts in five financial years post completion or handing over of property within the overall annual limit of Rs. 2 lakh.|
Yes, Prepayment is allowed on Home Loan.
Prepayment / foreclosure is allowed on Home Loan without any charges.
A Housing Loan EMI Calculator helps you to calculate the monthly installment amount and decide whether you can afford the financial commitment of a home loan in the long term. If you want, you can change your EMI amount depending on the amount of loan you are taking and the time period for which you'll be paying the EMIs
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
* Rs. 5,000 Flat processing fee applicable for women applicants.