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.
11 MAY, 2022
When you apply for a home loan, it’s essential that you have an idea of what your Equated Monthly Instalment (EMI) obligation is going to be. Your EMI is how you pay back the loan amount you borrowed along with the interest charged on it. Since home loans are long-term commitments, your home loan EMIs are going to be a constant and significant part of your monthly expenses for a long time as well. Hence, it’s important to apply for a home loan in such a way that your EMI amount is something you can comfortably pay regularly. To assess this, you can make use of Kotak’s home loan calculator. With this helpful tool, you can get an idea of what your EMI obligation will look like once you avail the home loan. This allows you to financially plan for it and look for homes within the right budget. But when using the calculator, it is imperative that you are aware of the below tips.
Here’s how you can ensure accurate EMI calculation
Kotak’s home loan EMI calculator is a free, online tool that you can access easily to determine your home loan EMI. You need to enter three inputs – your home loan requirement, the estimated home loan interest rate, and tenure. After you do this, you will get your EMI amount calculation within seconds. But here’s what you need to keep in mind to ensure accurate EMI calculation:
Other helpful calculators
When applying for a housing loan, there are several factors you need to consider and expenses you need to account for. When you have an idea regarding these numbers, it helps make the whole process less overwhelming and gives you a greater sense of control. Hence, you can make use of a range of other Kotak calculators such as stamp duty calculator, home loan tax benefit calculator, and home loan eligibility calculator.
You have already rated this article