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