13 JANUARY, 2022

Taking on a financial commitment such as a home loan requires a sound financial plan to ensure repayment without any struggles. This requires the borrower to know the exact amount of their home loan EMIs throughout the course of the loan’s repayment tenure. Now, using a home loan EMI calculator can make a borrower’s life much easier when it comes to planning the loan’s repayment.

If you are looking to apply for home loan, here is how making use of Kotak Bank’s home loan EMI calculator can be beneficial:

1. Rely on the calculator for accurate EMI results

A home loan usually involves a huge amount and is most likely going to be the biggest loan of your life. This is why it becomes so important to make sure you are able to afford the loan. Any mistake while calculating the home loan EMIs could lead to complications when you have to start repaying the loan. Missing out on EMI payments could have a negative effect on your credit score. With a home loan EMI calculator, this is something you do not have to worry about. The online calculator displays accurate results that can be relied on, so you do not have to worry about any errors.

2. Get results of the home loan EMIs instantly

Earlier, the only way to calculate a home loan’s monthly instalments was through manual calculation. This of course is a time-consuming process, not to mention error-prone. However, with the advent of home loan EMI calculators, there is no need to manually calculate a housing loan’s EMI payments. All that you need to do is provide the calculator with basic information it needs, which is the required amount of the home loan, its interest rate, and the tenure in which you are repaying the loan. Once these details are provided, the calculator will display the loan’s EMI results instantly!

3. Try out different variations to find a suitable loan plan

Using a home loan EMI calculator, you can try out different combinations to find out which loan plan suits your budget. For instance, the loan’s EMI results are going to vary based on the changes made to the loan amount and tenure. You will also know whether the home loan interest rate is affordable or not, which helps in finding an ideal home loan plan.

4. Choose an ideal repayment tenure

Kotak Mahindra Bank offers home loan borrowers a maximum repayment tenure of 20 years. Now, some borrowers prefer to opt for a shorter repayment tenure to clear the loan sooner. However, this would increase the EMI payments. On the other hand, some prefer opting for the maximum tenure to keep the EMI payments affordable. Making use of the home loan EMI calculator will help in finding a repayment tenure in which you are comfortable with the EMIs.

You can find the home loan EMI calculator on our website and can use it without any restrictions. We hope this helps you find a loan plan suitable to your budget.

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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.