Importance of Home Loan Calculator on Housing Loan Application | Kotak Mahindra Bank - Home Loan Stories
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19 APRIL, 2022

Before applying for a home loan, you must know how much you can afford to borrow and if you can repay the amount comfortably. To know this, it would help to be familiar with your financial figures like net income, savings, debts and liabilities. While you might know the amount you need for the house, it is crucial to get an EMI value that is financially viable for you to avoid defaults. Kotak Mahindra Bank’s home loan calculator can help you do complex calculations. With a tool like an EMI calculator, you can find out your affordability and the amount that you need to set aside every month to repay the loan.

Learn about Kotak’s home loan calculator in this blog.


What is a home loan EMI calculator?

A home loan calculator is an online calculator that can be used to accurately calculate the amount of EMIs and the total amount payable against your home loan. This calculator factors in your loan amount, interest rates and calculates EMIs (Equated Monthly Instalments) based on these inputs. By entering key details such as the tenure of the loan and interest rates, you will be able to determine your EMI amount, an estimate of the interest component and the total cost of borrowing. It works on the following formula -


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



EMI - equated monthly instalment

P - principal or the loan amount

R - rate of interest for the loan (monthly)

N - tenure of the loan (monthly)


All you need to do is, input the relevant values and get the results.


How to use Kotak’s home loan calculator

  • Visit the Kotak Mahindra bank website
  • Visit the home loan webpage and click on the EMI calculator
  • Enter your loan amount
  • Enter the expected home loan interest rates
  • Enter your chosen tenure
  • The monthly EMI, total loan amount and interest component will be displayed instantly


Reasons to use Kotak’s home loan calculator before applying for a loan

  • You can modify the figures if you are not satisfied with the results
  • You can change the tenure to increase or decrease the EMI value to suit your budget
  • It helps you precisely plan your finances
  • Before you apply, you can know the amount you will need to set aside for the loan and avoid unpleasant situations of not being able to pay the loan on time or defaulting on EMI payments


If you are thinking of taking a home loan and wondering how much home loan EMI is to be paid, the home loan EMI calculator can help you find the answer. This simple calculation tool turns out to be the most important in evaluating your repayment capabilities. With the Kotak home loan calculator, you can make an efficient budget and plan your finances efficiently. However, ensure to talk to the lender as the figures of the calculator are indicative and can change after the lender's review.


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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.