Home Loan EMI Calculator

Home Loan Calculator

Kotak Mahindra Bank’s home loan calculator not only helps you easily calculate your housing loan EMIs, but also assists you in making informed decisions when it comes to owning your dream home. Our easy-to-use home loan interest rate calculator allows you to know your home loan EMIs, basis housing loan amount, rate of interest & much more within minutes. We at Kotak Mahindra Bank offer you home loans with EMIs starting at ₹849 per Lakh* & rate of an attractive interest rate so that you can buy your dream home without any hassles.

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.

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

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.

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.