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Calculate Kotak Mahindra Bank Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 7.99%
  • ₹0
  • 30
Updated:

Kotak Mahindra Bank Home Loan EMI Calculator Details

Managing your money can get difficult at times, irrespective of age, background, and financial status. Calculating EMI in specific can be tricky at times due to the complexity of the terms it comes with.

Kotak Mahindra Bank offers many Home Loan plans to their customers to choose from. It can get hard at times to determine how much interest you need to pay for a certain loan amount during a certain tenure.

If you want to know how to calculate your EMI amounts safely with the help of the Kotak Mahindra home loan EMI calculator, we have got you covered.

Here is all you need to know regarding how you can calculate your EMI amounts easily in a few minutes from anywhere.

Tip: Best Home Loan for Salaried Person before applying for a loan

How to use Kotak Home Loan EMI Calculator?

The personal Kotak home loan EMI calculator gives you precise details regarding how much you have to spend on a monthly basis, depending upon your tenure of repayment.

Here are the steps that you need to follow in order to use the Home loan EMI Calculator properly.

  • First, choose and select an amount that you want to borrow from the bank as a loan. It can be anything between 50,000 to 20,00000 as per your convenience.
  • You will then be asked to select the amount you intend to pay as interest on a monthly basis.
  • Based on that, you will be asked to select the time period that you are willing to pay the interest rates for.
  • After all these steps, the exact amount that needs to be paid pops up on the screen.

It is the easiest and the most feasible procedure to calculate your home loan amount and interest rates at your convenience.

Additional Info: How to get Pradhan Mantri Awas Yojana

Kotak Mahindra Home Loan Interest Calculator Formula

The EMI amount that you need to pay depends on various things. The calculator formula, therefore, depends majorly on the loan amount along with the tenure you intend to pay interests for.

The EMI amount appears on the screen in a few seconds after you put the details, such as the tenure and the loan amount.

For instance, if your loan is around 50,00,000 and selects a 20 year tenure period, you will eventually have to pay an overall EMI amount of 93,75,754 by the end of 20 years.

In this case, the interest rate will be on the higher side since the selected tenure is 20 years. If you decide to go for 3-7 years tenure, the interest rate will automatically decrease. 

Therefore, the formula that is followed here is loan amount+interest rates= overall amount. 

The overall amount that you need to pay comprises the loan amount as well as the monthly interest rate that you pay.

The EMI Calculator uses the formula P*r*(1+r)^n/([1+r)^n]-1). P stands for the entire loan amount, N stands for tenure, and R stands for Rate of interest that is paid on a monthly basis.

Additional Info: Also Apply Home Renovation Loan

Benefits of Kotak Bank Home Loan EMI Calculator

There are various benefits of using the Kotak Home loan EMI calculator:

  • It is the fastest and the easiest possible way to calculate your EMI amount from the comfort of your home. 
  • It gives an accurate result and leaves no room for confusion and second-guessing.
  • You can compare the rates with other banks by using an EMI calculator and then go for the best possible plan for the long run.
  • It gives you an estimate of exactly how much interest you have to pay for a selected tenure in just a few seconds.
  • Kotak bank allows you to pay the EMI for as long as 20 years. You can also choose a 3-5 year tenure depending n your financial condition. Using the EMI calculator tells you exactly how much you need to pay monthly for all these years, along with the loan amount.
  • During the tenure, a customer can have two or more funds to pay the amount. If they want to pay off the loan along with the interest before the tenure ends, the EMI calculator helps them understand how much they need to pay on a monthly basis.

The best thing that an EMI calculator does is to save you lots of time to figure out your loan and EMI amount, irrespective of the tenure you go for. It is the most feasible method to calculate your EMI amount when you take a home loan from any bank in India. It also helps you compare the EMI rate with other banks' interest rates.

Additional Info: Also Check DDA Housing Scheme

Why should you use Kotak Mahindra Home Loan EMI Calculator?

The most convincing reason for anyone to choose the home loan EMI calculator is the fact that they save them a lot of time and makes their loan repayment procedure headache-free in the long term.

Even after you start repaying your home loan, you can calculate and increase the amount if you want to at a certain point during the tenure. Many banks do not allow this till today. Kotak Mahindra is one of the banks that allows its customers to change their interest rate in the middle of the tenure.

An EMI calculator gives you an exact amount and makes your life easier in a lot of ways. It saves you from accidentally overpaying at any point.

Keeping track of your Kotak Home Loan repayment is possible with the help of an EMI calculator. All you have to do is to choose your preferred loan amount along with the tenure.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Comparison of Kotak Home Loan EMI with other Popular Banks

Other leading banks like HDFC, SBI, Bank of India, Punjab National Bank, and other banks have different Interest Rates for Home Loans that are offered to the customers. Here is a list that compares the EMI rates of Kotak Bank with some of the leading contemporary banks of India.

Bank NameLoan AmountEMI
Kotak Bank10 LakhRs. 7,331/-
HDFC Bank10 LakhRs. 7,407/-
Bank of India10 LakhRs. 7,199/-
State Bank of India10 LakhRs. 7,373/-
Punjab National Bank10 LakhRs. 7,268/-

Additional Info: Apply SBI MaxGain Home Loan @6.70%

Kotak Home Loan EMI Calculator to Estimate the EMI that Fits your Budget

Kotak Bank EMI calculator helps in determining the loan amount and the interest rate.

For example, the interest amount for a Rs. 10 lakh loan for a tenure of 20 years usually remains around Rs. 8,358/-. On the other hand for someone who takes a loan of Rs. 50 lakh has to pay an interest rate of around Rs. 41,791 per month. 

Therefore, it is always ideal for calculating your EMI rates before applying for a loan at the Kotak Bank in India. It gives you the exact amount that you need to pay. The overall amount, as well as the monthly Kotak Home Loan Interest Rates, are given by the EMI calculator.

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply

Factors Affecting Kotak Mahindra Bank Home Loan EMI

Taking a home loan is a big decision. Understanding the entire loan procedure is extremely important when it comes to home loans. An EMI calculator takes the headache away from the procedure and makes it feasible for the customers. However, there are several factors that affect your home loan EMI amount at Kotak Mahindra that you need to keep in mind before applying for a home loan.

  • Age is one of the major determining factors when it comes to deciding tenure. The younger you are, the more time you get to repay the amount.
  • Your credit score also plays an important role. All banks analyse your bank statements and Credit Scores to figure out whether or not you have a stable income before granting you a home loan. 
  • How many dependents you have is also analysed by the bank before sanctioning your loan. If you have two or more children, it is tougher for you to repay the loan in time.
  • Co-applicants numbers also affect your home loan amount and the EMI amount that you pay.
  • If you have an unconventional job or do not have a permanent source of income, it can be a little difficult to get a home loan from Kotak Bank and all banks in general. Your financial abilities have to be proven strong before your loan application is approved.
  • If you are someone who changes their job regularly, it can get a bit difficult to determine the tenure and the EMI amount.

Additional Info: Looking for 20 Lakh Home Loan? Check EMI & Apply.

What the Home  Loan EMI Calculator cannot tell you

There are a few things that the EMI calculator cannot determine beforehand.

An EMI calculator fails to tell you if the situation makes you lose out on opportunities because of the double/triple amount you have to pay as interest.

A home loan hardly brings profits to anyone. It is usually a huge amount that is taken as a loan. After calculating the EMI amount, one starts repaying the loan without understanding its repercussions.

Investments in some other financial instruments can bring better financial support to the customers, which is something that the Kotak Mahindra home loan EMI calculator cannot determine.

In many cases, depending on the situation, changes in the interest amount is not allowed. An EMI calculator cannot tell you that beforehand. 

Another thing that the Kotak Home Loan EMI calculator cannot tell you is whether or not you're eligible to take a home loan. You can be under-age, have less credit score, or have multiple dependents. All these points affect the sanction of your loan.

However, an EMI calculator cannot tell you whether or not you are eligible to take a home loan.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ What are the documents that are needed in calculating EMI?

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Documents that you must keep with you while calculating your EMI are your identity proof, signature proof, address proof, age proof, banking statements, salary and income documents, along with educational qualification proof.

✅ Is taking a home loan from the Kotak Bank a good idea?

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Kotak bank offers various interest plans depending on different tenures. They offer several benefits to the customers. If you compare the interest rate with other leading banks and find their interest plans convenient, do not hesitate to take a loan from Kotak bank.

✅ What is the maximum tenure that I can pay my interest for?

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The maximum tenure remains to be 30 years. You have to select a tenure ranging from 3 to 30 years.

✅ How old do I have to be to take a home loan from Kotak bank?

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You have to be at least 25 with a stable income to apply and get a home loan from Kotak bank. However, if you are self-employed and have a stable income, you can apply for a home loan as well.

✅ Who can be my co-applicant while I apply for a home loan from Kotak bank?

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Your co-applicant can either be sure parents, spouse, children or a close friend.

✅ How many joint borrowers can I have while taking a home loan?

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At least one person has to be the borrower. Apart from that, two or more people can be joint borrowers irrespective of their age and background.

✅ Will I face difficulty in getting a home loan because I have more than two kids?

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Before sanctioning your loan, the bank goes through your documents and your background to ensure you have less dependence to make sure you are an ideal candidate to take a home loan. People with more dependence can fail to repay the entire amount.

✅ How much does Kotak Mahindra Bank charge for processing a home loan plan?

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Kotak Mahindra Bank does not charge anything for applications that are submitted online.