13 JANUARY, 2022

Buying a house is considered to be one of the most significant achievements of an individual’s life. Being able to call a place your own not only brings peace but also a sense of security and pride. Now, most homebuyers take the help of a home loan to afford a property purchase. But before applying for this loan, it is necessary to make sure you can comfortably repay it without facing any financial difficulties. This is why it is advisable to make use of a home loan affordability calculator, as this tool will help in understanding whether a loan plan is affordable or not.

Here are 3 important reasons why it is beneficial to make use of Kotak Mahindra Bank’s home loan affordability calculator:

1. The home loan affordability calculator provides accurate figures

Since a home loan is usually a long-term loan, it is very important to make sure that the loan’s monthly instalments can be paid off comfortably. This is where using Kotak Bank’s home loan affordability calculator can help as it provides accurate results. Since this is an online tool, manual errors are not something that you have to be concerned about. Hence, it is advisable to make use of this home loan calculator, as it helps in avoiding any financial problems regarding the home loan.

2. It helps borrowers choose a suitable repayment plan

You can get a tenure of 20 years to repay a home loan. Now, the loan amount you are eligible for can differ based on the repayment tenure of the loan. While using the home loan affordability calculator, you can try adding different loan tenures. The calculator will display the loan amount based on the loan tenure you choose. This way, it becomes easier to pick a repayment tenure that is suitable and one that provides the desirable loan amount.

3. The calculator is very simple to use

Manual calculations can be quite challenging, not to mention being error-prone. Using Kotak Bank’s home loan affordability calculator is much easier and is simple to operate. All that is needed is to adjust the sliders of fields including your monthly income, other EMI obligations, the home loan interest rate, repayment tenure, and the down payment. After setting all the sliders, the home loan calculator will then display the loan amount as per your affordability.

So, these are the reasons why it is considered best to make use of a home loan affordability calculator before you apply for home loan. In addition, you can use the home loan eligibility calculator and EMI calculator on our website before checking out home loan plans. The eligibility calculator will help you understand the loan amount that can get approved, and the EMI calculator is to help you realise whether the monthly instalments of the home loan are suitable to your budget. This will ensure that you have a sound financial plan ready to cover the loan.

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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.