Home Loan EMI Calculator
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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
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.
You can avail a Personal Loan from Kotak with the same documentation to meet unexpected expenses.
To ensure timely Home Loan repayments and ensure extended benefits, open a Savings Account from Kotak.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
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.
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