Customer Type |
Effective Rate Of Interest |
---|
Floating Category (Repo Rate: 6.50%)
|
For Salaried
|
8.70% onwards
|
For Self-employed
|
8.75% onwards
|
Connect with us to know more about current home loan interest rates and check out low-interest home loans available to you.
How to Calculate Interest on Home Loan?
- An error-free and easy way to calculate home loan interest rates and EMIs on a home loan is by the Kotak Home Loan EMI Calculator. Just enter the amount you want to borrow, the tenure you want, and the rate of interest you prefer.
- For manually calculating housing loan interest, you can use a mathematical formula:
Formula: EMI = [P x r x (1+r)^n]/[(1+r)^n-1], where P, R, and N are the variables. The EMI value will change each time you change any of the three variables. This way, you can calculate the home loan interest you’ll need to pay.
P = Principal Amount, R = Rate of Interest and N = Number of times interest is compounded per year.
Types of Home Loan Interest Rates
Home loan interest rates in India can be fixed or floating. Find out what this means and how these two types of house loan interest rates differ from one another.