Kotak Mahindra Home Loan EMI Calculator

When it comes to buying a new home, you must consider some crucial things. One of the significant things to consider is the home loan monthly instalments you must pay once the financial institution disburses your loan amount. Using the Kotak Mahindra home loan EMI calculator, you can analyse your monthly instalments within a few seconds. 

Keep reading to know everything in detail.

A home loan is a secured loan you can acquire when you want to buy a property by pledging an asset as a security. When you opt for home loans, the financial institution will provide you with the funds which you must repay along with interest, usually over a long period. 

When repaying the loan to the financial institution, you must pay a fixed amount every month, termed as Equated Monthly Instalments (EMIs). It consists of the principal amount and the interest rate that the lender charges for lending the amount. Hence, using a home loan EMI calculator, you can assess the loan’s affordability and manage your finances effectively.

Moreover, if you are seeking a home loan at affordable interest rates, you can opt for a Kotak Mahindra home loan. The bank offers attractive interest rates and requires minimum documents to process your loan application.

Before applying for a home loan, you must use a home loan EMI calculator to determine your monthly instalments and plan your finances accordingly. If you are wondering how does a Kotak Mahindra home loan EMI Calculator works, the calculator uses the following formula to calculate the monthly instalments:

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

Where:

Let us understand this formula with the help of an example.

For instance, you apply for a Rs. 20,00,000 home loan from Kotak Mahindra for 36 months (3 years) at a yearly interest rate of 8%. So, according to the formula:

EMI = 20,00,000 x 8 x (1x8)^18 / [(1+8)^36-1]

EMI = Rs. 62,673

Therefore, for a home loan of Rs. 20,00,000 with 3 years tenure and 8% yearly interest rate, you must pay a total interest of Rs. 2,56,218. In addition, the total amount you must repay is Rs. 22,56,218.

Nevertheless, manually calculating the home loan can be daunting. Hence, Kotak Mahindra home loan EMI Calculator comes into action. It gives you accurate answers within a split second. 

Moreover, if you opt for a fixed-interest rate home loan, you must pay a fixed EMI throughout the tenure. However, each payment part going towards the principal and interest amount will differ. Hence, this calculation process of EMI is called amortisation.

The following table represents the amortisation schedule for the first 24 months for the above home loan example.

Buying a house is a dream for many of us. Easier access to home loans and customisable repayment procedures makes it easier to fulfil our dreams of owning a house. Moreover, the loan tenure ranges between 20 and 30 years, making it crucial to frame the EMI correctly to have a stress-free repayment period. 

In addition, a contingency plan is crucial if anything unexpected happens before you settle the loan. Hence, opting for term insurance helps you during the insurance tenure. In case anything happens to you during the repayment tenure, the death benefits cover the remaining amount. 

There are several advantages of using Kotak Mahindra Bank home loan EMI Calculator through ACKO. They are:

Using the ACKO Kotak Mahindra home loan EMI calculator is easy, and readily available online. You can visit the ACKO’s home loan calculator webpage and enter your loan details to determine your monthly instalments.

Furthermore, ACKO offers a customisation option for all loan details according to your budget and financial requirements to get an accurate answer that aligns with your goals. You can also modify the details in the calculator endless times to check and compare the EMIs that suit your budget. These customisations enable you to determine the EMI that fits your budget and financial requirements.