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.
08 DECEMBER, 2021
With home loans, you can buy the house of your dreams without draining your savings. However, housing loans involve large amounts, which can significantly impact your financial planning. Therefore, you must do your calculations and check your monthly budget before you apply for a loan. It is best to know the total amount you would need to repay before availing the loan. Similarly, you must also know the monthly instalments you need to shell out for the loan beforehand. Being aware of these figures will help you determine your affordability for the loan and select the feasible loan amount for you.
Lenders would apprise you about all these figures when you apply for a home loan. However, it would be best if you can compute them yourself even before applying. Kotak Mahindra bank’s home loan calculator can help you.
What Is a Home Loan Calculator?
A home loan calculator can help you plan your housing loan EMI seamlessly. It is an online mathematical tool that you can find on the Kotak Mahindra website. It's a free online tool that helps you check your affordability and aids you in availing your loan at a suitable tenure.
It works on the mathematical formula of:
EMI = (P × r × (1 + r)^n)/((1 + r)^n - 1)
Where P - principal amount
R - Rate of interest per month
N - Tenure of the loan in months.
When you input these three variables in the calculator, it displays loan EMI, interest repayment and the total repayment amount.
How to Use a Kotak Mahindra Bank’s Home Loan Calculator?
The calculator would display the results instantly.
Benefits of Kotak Mahindra Bank Home Loan Calculator
It is simple to understand and use. All you have to do is enter the three variables to get the results. It's free of cost and easily available online. You can use this calculator multiple times to see the effect of different tenure on your EMI amount. With this calculator, you can find a suitable tenure and loan as per your financial comfort.
You need not provide any personal details to know your EMI with Kotak Mahindra Bank EMI calculator. It only asks for your loan details and gives you a suitable home loan.
You can get your indicative EMI values within seconds. EMI calculators are accurate and error-free.
With a home loan EMI calculator, you can plan your finances efficiently. It can help you check the amount of loan you can repay comfortably without cutting down on other expenses. So, take the first step towards your dream home and apply for home loan, today.
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