Home Loan EMI Calculator

Calculate Home Loan EMI

Applying for a home loan could get tricky, considering all the calculations involved. To make things simpler, our home loan EMI calculator helps you calculate your monthly payments and understand how various parameters govern them. From the comfort of your couch, you can now choose the right plan for yourself. After all, home loans should be hassle-free, rather than being a time-consuming, way to fulfill your dream.

Home Loan Calculator Features and Benefits

The home loan EMI calculator at Kotak Mahindra Bank’s website allows you to calculate the exact amount of your monthly EMI with a few clicks. Paying the home loan EMI is a significant expense and to know whether you will be able to bear that burden on your current income, it is essential that you calculate the amount of your monthly emi using home loan EMI calculator. Here are the benefits you can enjoy with Kotak Mahindra Bank’s housing loan EMI calculator:

• Easy to use- It is a simple and user-friendly home loan EMI calculator anyone can use.
• Accurate- The home loan interest calculator helps you find out the exact amount of interest.
• Comparison- The home loan interest rate calculator helps you compare the interest rates and tenure.

How to use Kotak Mahindra Bank’s Home Loan Calculator?

Kotak Mahindra Bank’s home loan EMI calculator is designed to bring ease to the process of home loan EMI calculation.  You can calculate the amount of your EMI and find out the loan you can afford to avail of, using the home loan interest calculator. It is an excellent tool to plan your home loan. The home loan EMI calculator uses information provided by you to give accurate results. Following are some steps that will help you calculate the EMI using the home loan EMI calculator:

• Visit Kotak Mahindra Bank’s website
• Go to the home loan EMI calculator page
• Enter the required values like home loan amount, interest rate, tenure, etc.

How is EMI on Home Loan Calculated?

Using an online housing loan EMI calculator is the easiest and fastest way to get the exact EMI amount. The mathematical formula for calculating the EMI amount on a housing loan is:

EMI= [P x R x (1+R)^N]/[(1+R)^N-1]

Where P = Loan’s principal amount

            R = Monthly rate of interest

            N = Tenure of the loan (in months)

For example:

For a home loan amount of 50,00,000 INR for 20 years and the yearly rate of interest of 6.55%, the EMI amount will be computed as follows:

EMI = [50,00,000*0.005*(1+0.005) ^240]/[(1+0.005)^240-1] = 37,426 INR

Disclaimer: The calculator and the table above are generated based on the details provided by you. We do not guarantee the correctness or the absoluteness of the data, and it may vary as per different circumstances. Customers should exercise due care and caution before taking any decision.

How To Reduce EMI Amount On A Home Loan

Once the home EMI calculator shows you your EMI amount you will have a clearer picture of your home loan. To reduce your EMI amount on a home loan follow these tips:

• Choose a higher down payment- A higher downpayment gives you a lesser principal amount on which the EMI is calculated. If the principal amount is low the EMI will also be lower.
• Choose a long repayment tenure- Long repayment tenure give your more time to repay your loan and hence the EMI is also reduced.
• Take a balance transfer loan- These loans are offered at lower rates of interest.

Features & Benefits of Kotak Bank’s Home Loan

1. Apply for a housing loan with an affordable home loan interest rate
2. Home loans are connected to external benchmarks, including the RBI repo rate.
3. Get a large top-up credit based on your eligibility in case you transfer your existing home loan amount to Kotak Mahindra.
4. Repayment alternatives that are flexible, with terms of up to up to 20 years.
5. Documentation is kept to a minimum, and processing and disbursement are completed quickly.
6. There are no prepayment or foreclosure penalties for people who possess housing loans with floating interest rates.

         Access to dedicated RM to assist you with the application and digital sanction process