Kotak Mahindra Bank Home Loan EMI Calculator

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.

You can also Apply for Kotak Mahindra Bank Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

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 Rs. 50,000 to Rs. 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.

Also Check How to apply for Pradhan Mantri Awas Yojana

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 Rs. 50,00,000 and selects a 20 year tenure period, you will eventually have to pay an overall EMI amount of Rs. 1,06,04,529 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.

Looking for 50 Lakh Home Loan EMI? Check Interest rates, Eligibility, EMI & Apply Now!

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.

You can also use Loan Prepayment Calculator to find out how much you will save on interest and how it affects your Loan EMI.

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.

Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs

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. 

The EMI is calculated for a tenure of 30 years for different interest rates within the slab stipulated for each bank:

You can now check ICICI Bank Home Loan Status Online

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. 8,869/-. On the other hand for someone who takes a loan of Rs. 50 lakh has to pay an interest rate of around Rs. 44,345 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.

Check out the eligibility and benefits of LRD Loan.

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.

You can also check SBI Home Loan Eligibility Online through MyMoneyMantra

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.