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10 MAY, 2022
Once you decide to buy a home, the first step should not be to start looking at homes but to figure out your home loan eligibility and Equated Monthly Instalment (EMI) amount. This is because once you are clear about how much housing loan you are eligible for and how the EMI fits into your monthly budget, you can look at homes in the appropriate price range. You can take out a calculator or open an excel sheet to calculate your home loan EMI, but the easiest way to do so is to use a home loan calculator.
Home loan calculator inputs
Your home loan EMI depends upon three primary things – home loan interest rate, loan amount, and loan tenure. Each of these factors are crucial in deciding what your cost of borrowing is going to be. Hence, it is essential to take a minute to understand these factors.
How to use Kotak’s home loan calculator
When using Kotak’s home loan calculator, you simply need to enter your loan amount, interest rate, and loan tenure. Once you do so, you will get all the information you need about your home loan EMI instantly. Your monthly EMI along with the total interest and total amount payable over the loan tenure will be given.
In addition to this, you will also receive your home loan amortization table. This table essentially breaks down the interest and the principal amount that you pay year by year and shows you your yearly opening balance, interest paid, principal paid, and closing balance. Hence, by using Kotak’s home loan calculator, you can get clarity on the way you can finance your home and what that is going to look like for you throughout the loan tenure.
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