16 FEBRUARY, 2022

Many people avail a home loan to buy their dream house. After all, the option of flexible tenures helps them repay the loan in suitable EMIs as per their financial comfort. However, often people miscalculate their finances and end up borrowing more than they can repay. It often leads to delays in EMI payments and even defaults. Therefore, experts suggest that you should always check your affordability before availing a housing loan to ensure that you can repay the loan on time.   

 

You can check your affordability by assessing your finances and by judging how much you can repay comfortably. Alternatively, there is an easy option, an affordability calculator. With Kotak Bank’s affordability calculator, you can calculate your affordability and choose a suitable EMI. Continue reading to know further.

 

What is an affordability calculator?

An affordability calculator is an online computation tool that lets you calculate your affordability for home loan by processing a few basic details. With an affordability calculator, you can find out the home loan amount you can afford to avail. All you need to do is, use the sliders to provide details like your interest rate, tenure, any other obligation, down payment, and monthly income. 

 

How to use Kotak Bank’s affordability calculator?

  • Visit Kotak Mahindra Bank’s home loan webpage and click on the affordability calculator
  • Select whether you are salaried or self-employed
  • Enter your monthly salary
  • Enter your existing EMIs
  • Enter your loan tenure
  • Input the current interest rate
  • Enter the down payment you can pay.

 

Once you input the details, your affordability will be displayed instantly.

 

Benefits of an affordability calculator

With an affordability calculator, you get the following benefits:

 

  • It is free and simple to use

The affordability calculator is available free of cost and can be used any number of times. You can find the calculator on Kotak Mahindra Bank’s website. It is a simple tool and easy to operate. All you have to do is enter the required values. The results are displayed on the right side of the web page instantly.

 

  • It's accurate and fast

Agreed, you can calculate your affordability manually. You can also contact the lender to know your affordability. However, using an affordability calculator is a faster and easier option. You get error-free results, as there is no room for any mistakes in this calculator.

 

  • Helps in financial planning

With this home loan affordability calculator, you can know the property cost you can afford. Accordingly, you can start your house hunt and waste no time searching for houses beyond your budget. Also, you can use different variables for the tenure and down payment to change the results, if needed. The calculator can help you manage your finances in a better manner.

 

With this calculator, you can check your affordability and find a house within your budget. If needed, you can also add your passive income to improve affordability. However, before you plan your loan according to the results, you must know that the variables you enter in the calculator can change after the lender reviews your documents.

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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.