22 MARCH, 2022

Buying a home is one of the most important financial goals of many people. But due to the high real estate prices, not all can afford a home out of their pockets. Therefore, for many Indians, a home loan is a convenient means to buy their dream home. However, availing a home loan means bringing a drastic change in their budget to fit in the home loan EMI. Therefore, your home loan should be financially viable and suitable for you. Kotak’s home loan EMI calculator can help you find one.

 

Know all about a housing loan EMI calculator below.

 

What is a home loan EMI calculator?

It is a self-help online computation tool designed to help you calculate your Equated monthly installments for the home loan. Available on Kotak Mahindra bank’s websites, an EMI calculator helps you determine your monthly installments, the total cost of borrowing, and interest component within a few clicks. You can use this calculator to determine if the loan amount you choose is suitable for you and if the EMI amount is financially viable. An EMI calculator works on the following mathematical formula:

 

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

 

Where,

EMI - Equated monthly installment

P - Principal or the loan amount

R - The rate of interest for the loan/ 12

N - Tenure of the loan/12

 

While you can use this mathematical formula, an EMI calculator is a quicker and simpler way to calculate your EMI. To use the EMI calculator, you need to enter your values of the loan amount, interest rates, and tenure. You can also use the sliders provided to substitute the values. 

 

How Can Kotak Home Loan’s EMI Calculator Help You?

 

  • It is simple, free, and quick

Kotak home loan EMI calculator is available for free on its website. You can use it any number of times of the day to find a suitable plan for you. You need not brainstorm or spend hours calculating the results. You can get the results instantly with just a few clicks. Moreover, you can be assured that the calculator results are always accurate. You need not worry about any errors or mistakes.

 

  • It requires no personal details

To use this calculator, you need not input any personal details. The calculator shows the results with just your loan details. You need not provide your name, age, number, etc., or worry about the security of your identity. 

  • It aids in financial planning

With a home loan calculator, you know beforehand the amount you need to pay as EMI. It helps you find a suitable plan, and you face no difficulty in paying your EMIs. You can plan your budget more efficiently and determine the amount of loan you can comfortably repay.

 

In Kotak Mahindra Bank’s home loan EMI calculator, you can modify the values and choose the best possible home loan plan for you. However, ensure to get the exact EMI figures from the lender, as the values of the calculator are indicative. Apply for home loans, 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.