Astounding Things to Know About a Home Loan Calculator | Kotak Mahindra Bank - Home Loan Stories

22 MARCH, 2022

Home loans are secured loans that can help you buy the house of your dreams. You can apply for the loan online through the lender’s website and get the loan amount in a few hours. Moreover, you can choose a tenure that suits your comfort and pay the loan amount in easy installments. However, it is helpful to know the amount of EMI you need to pay every month. While you can contact the lender to know the amount, you can easily do so with the help of an EMI calculator. 

 

If you have ever researched housing loans, you might have come across an EMI calculator. EMI calculators help plan the loan better and ascertain your affordability comfortably. Before you avail a home loan, it would be best to know about home loan EMI calculators.

 

What Is a Home Loan EMI Calculator?

 

Home Loan EMI calculator is an online computation tool that you can use to ascertain your monthly EMI. With an EMI calculator, you can find your monthly EMI, interest component of the loan, and the total repayment amount. It helps you know the loan details and plan your loan and finances in a better manner. This online calculator works on the following mathematical formula:

 

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

 

Where,

E -EMI,

P - Principle,

R - Rate of Interest every month.

N -Tenure of the home loan.

 

Details about Home Loan EMI Calculator You Must Know

 

  • It is free and easily accessible

Home loan calculators are available on lenders and aggregators' websites for free. You can find it easily online and can use it any time of the day. You can use it any number of times to find the best results for you. Moreover, it is quick and gives results instantly.

 

  • It shows indicative figures

While an EMI calculator can help you in planning your finances significantly, you must know that the figures on the calculator are indicative. The lenders can change the EMI and loan repayment amount based on your home loan eligibility.

 

  • It takes into account fixed interest rates

The calculator gives the EMI amount based on the fixed interest rates. However, if you opt for floating interest rates, the results can differ based on prevailing market rates and changes in base rates.

 

  • It requires no personal details

You need not provide any personal loan details to use this calculator like name, age, number, email id, etc. All you need to do is input your loan amount, interest rates, and tenure to get the loan EMI.

 

  • It helps find the best tenure

You can use the calculator multiple times to get a result that is suitable for your finances. If you are not satisfied, you can change the tenure to get an EMI that you can comfortably repay.

 

An EMI calculator can help you find your loan repayment amount and EMI beforehand, enabling you to plan your loan effectively. It also helps in making your budget and doing financial planning. So, ensure to use a home loan EMI calculator before applying.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.