Benefits of Using Kotak Bank's Home Loan EMI Calculator | Kotak Mahindra Bank - Home Loan Stories

20 OCTOBER, 2021

With the skyrocketing real estate prices, it could be challenging to buy your dream home from your savings. However, home loans can help. With home loans, you can buy the house you wish without depleting your savings. However, experts recommend that you must choose a tenure that helps you get an affordable EMI and does not burden your daily finances. The best way to find your an affordable EMI is to use a home loan EMI calculator. With the Kotak Mahindra bank EMI calculator, you can determine your affordability and purchase your dream home stress-free.

What Is a Home Loan EMI Calculator?

EMI calculator is an online tool that helps you find out your equated monthly instalments based on the variable information you enter in it. Through a home loan calculator, you can find the total cost of borrowing and the principal and interest component of the outstanding loan amount. 

It is based on the following mathematical formula:

EMI = P × r × (1 + r)n/((1 + r)n - 1)
Where P - principal amount 
R - Rate of interest
N - Tenure of the loan in months.

You can substitute the value of tenure, principal and rate of interest in this mathematical equation to get your EMI. Alternatively, you can directly use an EMI calculator to determine your affordability.

How to Use a Home Loan EMI Calculator?

  • Go to the Kotak Mahindra Website and click on the home loan tab
  • On the home loan web page, click on the EMI calculator tab
  • Enter your desired loan amount
  • Enter your chosen tenure
  • Input the interest rate
  • You will get the values in the extreme right side box

With Kotak’s home loan EMI calculator, you can find your EMI, total interest payable and total amount payable.

What are the benefits of Kotak Mahindra bank’s EMI calculator?

  • It is simple and easy

It is a user-friendly, easy tool to use. You can use the EMI calculator anywhere, anytime, and any number of times without any charges.

  • It is accurate

Calculating EMI amounts manually can lead to errors. Kotak Mahindra bank’s EMI calculator is accurate and gives precise results every time. 

  • It helps in financial planning

The EMI calculator helps you determine your EMI and plan your budget efficiently. Knowing your EMI also aids in better financial planning.

  • It is swift

The manual calculation can take a lot of time and is prone to a fallacy too. Moreover, the process can be tedious. On the other hand, an EMI calculator is swift and gives results instantly within a few seconds.

  • It helps in easy comparison

With the Kotak Mahindra Bank’s home loan EMI calculator, you can determine a suitable EMI for you by comparing different tenures and interest rates. You can use tenure as a variable and find an EMI that best suits your financial viability.

With Kotak Mahindra bank's EMI calculator, you can determine your affordability before applying for a housing loan. It will help you avail a loan that you can comfortably repay. So, what are you waiting for? Visit the website and apply for home loan, today.

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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.