- Home
- Bank Calculator
- Kotak Bank
- Home Loan Calculator
Kotak Home Loan Calculator
Kotak Home Loan Calculator is very easy to use and available for free. Kotak Home loan EMI Calculator helps to determine the monthly repayments you will need to pay for your home loan. Kotak Housing Home Loan EMI calculator requires basic information about loan amount, interest rates and the time period of the loan. The Kotak Home Loan Calculator will give you an accurate estimate of EMIs instantly.
- 5 Lac
- 20 Cr
- 5
- 30
- 6
- 20
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
Your dream of owning a home can now become a reality with a home loan from Kotak Mahindra. Usually, the journey of acquiring a home loan comes with common questions like what would be my EMI and on what basis is it calculated? Well, the hustle has just been made a whole lot easier. The Kotak Home Loan Calculator is the most convenient tool to understand what your monthly EMI payments would look like. This calculator helps you calculate the EMI for your home loan from Kotak Mahindra, the principal amount balance, the applicable interest rate, and much more. All the user has to do is enter certain inputs like the loan tenure, loan amount, and applicable interest rate.
Kotak Home Loan Calculator Features and Benefits
The Kotak home loan calculator is a very simple to use online tool that aids the borrower in determining the right loan amount and tenure to meet their requirements. Below are some of the features and benefits of the Kotak home loan EMI calculator:
- It has a user-friendly interface, and the customer is only required to input certain details like loan tenure, interest rate, and loan amount.
- It helps the borrower to determine their borrowing capacity and estimates the monthly repayment amount.
- It is an easy and convenient way of knowing your repayment schedule and comparing different housing loan options to determine the best one for you.
- The Kotak home loan EMI calculator is a free online tool that is available 24/7 from anywhere.
How Does the Kotak Home Loan Calculator Work?
All the user has to do is use the slider to choose the loan tenure, loan amount, and interest rate. The calculator will compute the results automatically. The calculator first determines the monthly applicable interest rate on the loan amount and then adds it to the principal amount to determine the total repayment amount. This amount will then be divided equally throughout the loan tenure, making it easy to see the amount you will have to repay monthly. The calculator uses the below-given formula to calculate the Equated Monthly Installment for your home loan:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
In this formula:
- P stands for the Principal Amount
- r refers to the rate of interest at which the loan is borrowed
- n stands for the loan tenure
Example: Let’s assume that you borrow a home loan from Kotak Mahindra of Rs. 50 lakhs at an applicable interest rate of 9% p.a. for 20 years. So by applying the above-given formula, the EMI calculation will look as follows:
EMI= 50,00,000*9*(1+9)^20/[{1+9)^20-1]
Hence, the EMI amount on the loan would be Rs 44,986
How Does EMI Calculation Help in Planning the Home Purchase?
The Kotak home loan calculator can determine the EMI amount derived against your home loan. Knowing the EMI amount in advance can help the borrower to determine the right loan option for them in accordance with their financial health. Below are some other ways that using this home loan calculator can help a potential borrower:
-
Detailed Breakdown of the Repayment Schedule
The Kotak home loan calculator provides the user with a detailed amortisation schedule which is a detailed breakdown of the repayment schedule. This makes the borrower aware of the EMI amount payable monthly, the applicable interest rate, and the remaining principal amount during different stages of repayment. This helps the borrower make an informed decision about their borrowing journey.
-
Accurate Results
Owing to its sophisticated AI-backed system, the results provided by the Kotak home loan EMI calculator are accurate and to the point. It is a better alternative to manually calculating the results as they involve various complicated formulas and computations. This can be extremely time-consuming and tedious, and this calculator can do away with the need for that.
-
Planning
Since the user knows the EMI payments of the loan beforehand, it is easier to plan their budget aligned with their already existing financial obligations. Since the user has a detailed understanding of the repayment schedule, they can adjust their budgets to adjust the additional costs of repaying the loan.
-
Comparison
By using the Kotak home loan calculator, the user can very easily compare all the EMI options with different loan tenures and amounts. The user can enter multiple values for the loan amount, loan tenure, and interest rate to compare and decide the most appropriate option.
Factors Affecting Kotak Bank Home Loan EMI
Given below are some factors that affect the EMI for a home loan from Kotak Mahindra bank:
- Loan Amount: The borrowed loan amount is the major factor that influences the home loan EMI. A larger loan amount would mean the borrower would have to make higher EMI payments. Alternatively, a lower loan amount would result in smaller EMI payments.
- Applicable Interest Rate: The other main factor that affects the home loan EMI is the applicable interest rate for the loan. A higher interest rate usually means higher EMI payments, while a lower interest rate will result in lower EMI amounts. The interest rates offered for a home loan vary from lender to lender. It is imperative to conduct thorough research for other offers in the market to get the best possible deal.
- Loan Tenure: The loan duration also affects the EMI amount. A longer loan tenure breaks down the repayment amount into smaller parts and makes the repayment easier and more manageable.
Kotak Bank Home Loan Amortisation Schedule
A home loan amortisation schedule is a detailed table that outlines the principal amount and the interest that the borrower is required to pay back to the lender year by year. Given below is an amortisation schedule for a home loan of Rs. 25 lakh over a 10 year loan tenure:
Year | Opening Balance (Rs) | Yearly EMIs (Rs) | Yearly Principal Paid (Rs) | Yearly Interest Paid (Rs) | Closing Balance (Rs) |
1 | 50,00,000 | 6,93,562 | 3,59,800 | 3,33,763 | 46,40,200 |
2 | 46,40,200 | 6,93,562 | 3,85,426 | 3,08,136 | 42,54,774 |
3 | 42,54,774 | 6,93,562 | 4,12,878 | 2,80,684 | 38,41,896 |
4 | 38,41,896 | 6,93,562 | 4,42,285 | 2,51,277 | 33,99,610 |
5 | 33,99,610 | 6,93,562 | 4,73,787 | 2,19,776 | 29,25,824 |
6 | 29,25,824 | 6,93,562 | 5,07,532 | 1,86,031 | 24,18,292 |
7 | 24,18,292 | 6,93,562 | 5,43,681 | 1,49,882 | 18,74,611 |
8 | 18,74,611 | 6,93,562 | 5,82,404 | 1,11,158 | 12,92,207 |
9 | 12,92,207 | 6,93,562 | 6,23,886 | 69,677 | 6,68,321 |
10 | 6,68,321 | 6,93,562 | 6,68,321 | 25,241 | 0 |
Kotak Home Loan EMI for ₹ 10 Lakh
The table given below shows the EMI on a Kotak Bank home loan at different tenures on a loan amount of Rs. 10 lakh. The interest rate for this table is considered to be 7.5%. These loan amounts can also be computed and compared using the Kotak home loan calculator:
Loan Amount | Interest Rate | Tenure | EMI (Rs) |
10,00,000 | 7.5% | 5 | 20,038 |
10,00,000 | 7.5% | 10 | 11,870 |
10,00,000 | 7.5% | 15 | 9,270 |
10,00,000 | 7.5% | 20 | 8,056 |
Kotak Home Loan EMI for ₹ 20 Lakh
The table given below shows the EMI on a Kotak Bank home loan at different tenures on a loan amount of Rs. 20 lakh. The interest rate for this table is considered to be 7.5%. These loan amounts can also be computed and compared using the Kotak home loan calculator:
Loan Amount | Interest Rate | Tenure | EMI (Rs) |
20,00,000 | 7.5% | 5 | 40,076 |
20,00,000 | 7.5% | 10 | 23,740 |
20,00,000 | 7.5% | 15 | 18,540 |
20,00,000 | 7.5% | 20 | 16,112 |
Kotak Home Loan EMI for ₹ 25 Lakh
The table given below shows the EMI on a Kotak Bank home loan at different tenures on a loan amount of Rs. 25 lakh. The interest rate for this table is considered to be 7.5%. These loan amounts can also be computed and compared using the Kotak home loan EMI calculator:
Loan Amount | Interest Rate | Tenure | EMI (Rs) |
25,00,000 | 7.5% | 5 | 50,095 |
25,00,000 | 7.5% | 10 | 29,675 |
25,00,000 | 7.5% | 15 | 23,175 |
25,00,000 | 7.5% | 20 | 20,140 |
Kotak Home Loan EMI for ₹ 30 Lakh
The table given below shows the EMI on a Kotak Bank home loan at different tenures on a loan amount of Rs. 30 lakh. The interest rate for this table is considered to be 7.5%. These loan amounts can also be computed and compared using the Kotak home loan calculator:
Loan Amount | Interest Rate | Tenure | EMI (Rs) |
30,00,000 | 7.5% | 5 | 60,114 |
30,00,000 | 7.5% | 10 | 35,611 |
30,00,000 | 7.5% | 15 | 27,810 |
30,00,000 | 7.5% | 20 | 24,168 |
Kotak Home Loan EMI for ₹ 50 Lakh
The table given below shows the EMI on a Kotak Bank home loan at different tenures on a loan amount of Rs. 50 lakh. The interest rate for this table is considered to be 7.5%. These loan amounts can also be computed and compared using the Kotak home loan EMI calculator:
Loan Amount | Interest Rate | Tenure | EMI (Rs) |
50,00,000 | 7.5% | 5 | 1,00,190 |
50,00,000 | 7.5% | 10 | 59,351 |
50,00,000 | 7.5% | 15 | 46,351 |
50,00,000 | 7.5% | 20 | 40,280 |
Comparison of Kotak Bank Home Loan EMI with Other Banks
The table given below shows how the Kotak Bank home loan EMI compares to home loans from other banks and NBFCs:
Bank Name | Rate of Interest (Per Annum) | Processing Fee |
Kotak Mahindra Bank | 7.50% Onwards | 0.50% |
HDFC Home Loan | 8.10% Onwards | Up to 0.3% of the loan amount |
Indian Overseas Bank | 7.05% Onwards | 0.5% of the loan amount |
IDFC First Bank | 7.50% Onwards | Rs 5,000 |
Citibank | 6.65% Onwards | Rs 10,000 |
Punjab National Bank | 7.4% Onwards | 0.35% of the loan amount |
Central Bank of India | 7.20% to 7.65% Onwards | Rs 20,000 |
State Bank of India | 8.05% Onwards | 0.35% onwards |
IndusInd Bank | 8.10% Onwards | Up to 1.5% of Loan Amount |
Need Loan Assistance?
Connect with Loan Advisor Now!
Know More About
Kotak Bank's Ifsc Codes
- Kotak Bank Andhra Pradesh
- Kotak Bank Assam
- Kotak Bank Bihar
- Kotak Bank Chandigarh
- Kotak Bank Chhattisgarh
- Kotak Bank Dadra & Nagar Haveli
- Kotak Bank Delhi
- Kotak Bank Goa
- Kotak Bank Gujarat
- Kotak Bank Haryana
- Kotak Bank Himachal Pradesh
- Kotak Bank Jammu & Kashmir
- Kotak Bank Jharkhand
- Kotak Bank Karnataka
- Kotak Bank Kerala
- Kotak Bank Madhya Pradesh
- Kotak Bank Maharashtra
- Kotak Bank Orissa
- Kotak Bank Pondicherry
- Kotak Bank Punjab
- Kotak Bank Rajasthan
- Kotak Bank Tamil Nadu
- Kotak Bank Telangana
- Kotak Bank Tripura
- Kotak Bank Uttaranchal
- Kotak Bank Uttar Pradesh
- Kotak Bank West Bengal
Frequently Asked Questions (FAQs)
When does my home loan EMI start?
The home loan EMI repayment commences from the subsequent month of the month in which the disbursement of the loan was done.
How can I pay my Kotak home loan EMI online?
You can pay the EMI for your home loan from Kotak Bank using your net banking account. Further, you can also use your mobile application to set up an auto debit from your account towards your loan account for the payment date.
What happens if the Kotak home loan EMI is missed?
If you miss the payment of a Kotak bank home loan EMI, the bank is liable to charge a penalty in the form of a certain % of the pending amount.
What is a pre-EMI interest on a home loan?
The Pre-EMI is the interest levied on the amount disbursed throughout the entire loan tenure of a home loan. It typically begins during the house construction; once the construction is completed, the EMI payments begin.
Most Popular on Urban Money
Similar Calculators
- Axis Bank Home Loan Calculator
- HDFC Bank Home Loan Calculator
- Bank of Baroda Home Loan Calculator
- Canara Bank Home Loan Calculator
- Union Bank of India Home Loan Calculator
- State Bank of India Home Loan Calculator
- IndusInd Bank Home Loan Calculator
- Punjab National Bank Home Loan Calculator
- YES Bank Home Loan Calculator
- Federal Bank Home Loan Calculator
- IDBI Bank Home Loan Calculator
- CITI Bank Home Loan Calculator
- IDFC FIRST Bank Home Loan Calculator
- Bank of Maharashtra Home Loan Calculator
- karnataka bank Home Loan Calculator
- Deutsche Bank Home Loan Calculator
- RBL Bank Home Loan Calculator
- Punjab & Sind Bank Home Loan Calculator
- Indian bank Home Loan Calculator
- Bank of India Home Loan Calculator
- HSBC Home Loan Calculator
Kotak Bank's Products
Kotak Bank's Calculators
Fixed Deposit Rate
Check Eligibility
Get your latest Credit Score, FREE
Home Loan Guide
Get in-depth knowledge about all things related to Home Loan and your finances
![Home Loan vs Loan Against Property](/_next/image?url=https%3A%2F%2Fwww.urbanmoney.com%2Fblog%2Fwp-content%2Fuploads%2F2024%2F09%2Fhome-loan-vs-loan-against-property.jpg&w=384&q=75)
Home Loan vs Loan Against Property
Two options that are frequently considered when it comes to financing are a home loan and a loan against property. Both provide significant financial assistance, but they have different uses and have
![Everything You Need to Know About Cersai Charges For Home Loan](/_next/image?url=https%3A%2F%2Fwww.urbanmoney.com%2Fblog%2Fwp-content%2Fuploads%2F2024%2F09%2Fcersai-charges.png&w=384&q=75)
Everything You Need to Know About Cersai Charges For Home Loan
CERSAI charges are fees you pay when taking a home loan to register your property with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). This helps p
![Second Home Loan Tax Benefits](/_next/image?url=https%3A%2F%2Fwww.urbanmoney.com%2Fblog%2Fwp-content%2Fuploads%2F2024%2F09%2Fsecond-home-loan-tax-benefits.jpg&w=384&q=75)
Second Home Loan Tax Benefits
Home Loans offer many attractive features. Unlike other types of loans, they feature lower interest rates, longer repayment terms, moderate eligibility criteria, and associated tax benefits. Though ho