Kotak Mahindra Bank Home Loan EMI Calculator

Home Loan EMI Calculator provides an instant estimate of your EMI by requiring the loan amount, interest rate, and loan tenure. This ensures manageable debt repayment and aids in budget planning.

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    Calculate Your EMI
    You are Eligible for EMI Amount
    39,388
    Principal Amount
    80,00,000
    Interest Amount
    29,53,299
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    Your Repayment Details
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    Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
    January 650000 5620 1043 4577 648957
    February 648957 5620 1051 4570 647906
    March 647906 5620 1058 4562 646848
    April 646848 5620 1065 4555 645783
    May 645783 5620 1073 4547 644710
    June 644710 5620 1080 4540 643629
    July 643629 5620 1088 4532 642541
    August 642541 5620 1096 4525 641446
    September 641446 5620 1103 4517 640342
    October 640342 5620 1111 4509 639231
    November 639231 5620 1119 4501 638112
    December 638112 5620 1127 4493 636985

    Benefits of Using Kotak Mahindra Bank Home Loan EMI Calculator

    You can easily purchase your dream home at affordable prices with Kotak Mahindra Bank home loan schemes starting from an interest rate at 8.75% - 9.45% p.a. However, before you apply for Kotak Mahindra Bank Home Loan it is important to understand your repayment ability so that you don’t borrow more than you can repay.

    To save yourself from paying more than you can afford in terms of EMIs, you must use an online EMI Calculator before applying for a home loan. An EMI Calculator instantly calculates the EMIs you would be paying if you apply for a particular loan amount by asking you to fill in the following details:

    1.  Loan amount

    2.  Tenure

    3.  Interest rate

    The benefits of using the Kotak Mahindra Bank Home Loan EMI Calculator are:

    1.  It Helps in Financial Planning: Using an EMI calculator before you apply for a home loan saves you from the financial trouble that you may face in the future. When you know your home loan EMIs beforehand, you can plan your EMIs and other monthly expenses accordingly.

    2.  It Helps You in Deciding the Tenure: If you are confused about whether you should choose a short term or a long term tenure, using an online EMI Calculator will help you. You can see the EMIs for different tenures and can decide which one would be the best for you to pay conveniently.

    3.  It is Accurate: When you are making an important decision like applying for a home loan, you cannot go wrong with the numbers. While manual calculations have room for errors, an EMI Calculator is 100% accurate.

    4.  It Saves Time: If you calculate your home loan EMIs using a pen and paper, it would take hours. However, an EMI Calculator calculates the EMIs in minutes and saves time.

    5.  It Does Not Ask for Any Personal Details: As mentioned above, to use a home loan EMI Calculator, all you need to do is to enter the home loan amount, tenure and interest rate and you are done. You don’t need to enter any personal details like your phone number, profession, age, income, etc.

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    53.3K
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    14,000
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    How to Calculate Kotak Mahindra Bank Home Loan EMIs?

    If you want to calculate Kotak Mahindra Bank Home Loan EMIs, you can make use of Magicbricks Home Loan EMI Calculator which is available online for free. Let us now understand how the EMI Calculator works with the help of an illustration. To use the calculator, you will have to fill in the loan, amount, tenure and interest rate. The interest rate remains the same (6.55% p.a.) for all loan amounts and tenures.

    Kotak Mahindra Bank Home Loan EMI Calculation

    Amount

    10 years

    20 years

    30 years

    Rs.40 lakh

    Rs.45,521

    Rs.29,941

    Rs.25,414

    Rs.50 lakh

    Rs.56,901

    Rs.37,426

    Rs.31,768

    Rs. 60 lakh

    Rs.68,281

    Rs.44,911

    Rs.38,122

    Factors that Affect Kotak Mahindra Bank Home Loan EMIs

    The prime factors that can impact the home loan EMIs of Kotak Mahindra Bank are:

    1.  Fluctuations in Interest Rate: Many banks and NBFCs offer a home loan with an option of both floating as well as a fixed interest rate. Therefore, any revision by the RBI in these interest rates may have a positive or a negative impact on your home loan EMI. Also, this impact will be more significant if you have selected a floating interest rate as it changes as per the change in the base rate by RBI.

    However, selecting a floating interest rate is not always a bad option as in the past few years RBI has not increased the base rate for floating interest rates to make the EMIs affordable.

    2.  Change in Tenure: Even a minor change in the tenure of your home loan can drastically impact your EMIs. The basic rule is, the longer the tenure, the lower will be the EMIs and the shorter the tenure, the shorter would be the EMIs. However, one thing that most people ignore when choosing a longer tenure is that a longer tenure comes with higher interest payments that ultimately lead to an increase in the cost of your loan.

    If you take a higher loan tenure, your EMIs will be lower but you will end up paying a huge loan amount. Therefore, it is important to choose a home loan tenure wisely as per your repayment ability and if you can afford higher EMIs, do go for a shorter home loan tenure.

    3.  Home Loan Pre-Payment: Most banks and NBFCs allow the borrowers to prepay their home loan by just paying a minimum charge. Prepaying a home loan not only brings down the principal amount but also reduces the EMIs.

    4.  Down Payment: If you plan to buy a house or a flat, you will have to make a down payment before you avail of a home loan as a financial institution finances only up to 90% of the property’s value. Therefore, the more down payment you make, the lower would be the loan amount that you need to avail and consequently, the lower would be the EMIs. The bank expects you to pay 10 to 20% as a down payment before you apply for a home loan but if you pay a higher down payment, it will reduce your burden in the future.

    5.  Home Loan Balance Transfer: If you plan to transfer your existing home loan to another bank and NBFC, you may get an affordable EMI amount. The reason is that you will only transfer your existing home loan amount to another bank/NBFC only when you are getting a lower interest rate.

    Therefore, when you transfer your home loan to another bank, there is a fresh paperwork process run by the bank and new EMI arrangements and terms and conditions are made. Also, you will have to pay a minimal processing fee if you transfer your existing home loan to another bank/NBFC. 

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    Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
    (T&C link: https://property.magicbricks.com/terms/terms.html)

    **This service is available in select cities only.

    *These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.

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