Kotak Mahindra Bank Home Loan EMI Calculator
Kotak Mahindra Bank Home Loan EMI Calculator
Whether you are planning to purchase a dream home or invest in real estate, the Kotak Mahindra Bank home loan calculator provides accurate estimates of your EMIs. Its calculations are based on several factors, such as the loan amount, interest rate, and tenure.
If you are planning to take a home loan from Kotak Mahindra Bank, utilising their home loan EMI calculator can be a smart move. Let’s learn how to use the EMI calculator, the benefits of using this calculator and how it can assist you in managing your home loan repayments.
Why You Should Use Kotak Mahindra Bank Home Loan Calculator?
The Kotak home loan calculator is one of the most beneficial tools when considering a home loan from the bank. Here are three main benefits of using the EMI calculator:
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Estimate Your Monthly Repayments:
The Kotak Mahindra Bank home loan calculator helps you to determine your monthly EMI and ensures that the loan is affordable. Moreover, it allows you to plan your budget effectively.
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Compare Interest Rates:
By using the calculator, you can compare multiple interest rates from different lenders, helping you to secure a suitable deal.
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Calculate Total Interest:
The calculator also calculates the total interest payable over the loan tenure, helping you assess the overall cost and allowing you to make more informed decisions about the loan.
How Does EMI Calculation Help in Purchasing a Home?
Taking out a loan to buy a home requires you to make monthly payments referred to as Equated Monthly Instalments (EMI). A reliable EMI calculator can assist you in choosing the best repayment scheme for your home loan.
To use the Kotak Bank home loan calculator, here are the steps you should follow:
Step 1: Navigate to the Kotak Mahindra home loan calculator page.
Step 2: Enter the loan amount you are seeking.
Step 3: Then, enter the tenure as per your convenience; it ranges from 5 to 30 years.
Step 4: Enter the interest rate, and you will get the EMI amount and total interest amount instantly
How Does Loan Amortisation Schedule Help Paying EMI?
A loan amortisation schedule is a great tool to use when trying to pay off your home loan. The schedule will show you how much you will need to pay each month to pay off the loan within a certain time frame.
Let us understand the same with the help of an example. Shown below is the amortisation table for a home loan of ₹20 lakh, with a tenure of 20 years at 8.55% per annum:
| Year | Opening Balance (in ₹) | EMI*12 (in ₹) | Interest Paid Yearly (in ₹) | Principal Paid Yearly (in ₹) | Closing Balance (in ₹) |
| 1 | 20,00,000 | 2,09,038 | 1,69,473 | 39,564 | 19,60,436 |
| 2 | 19,60,436 | 2,09,038 | 1,65,955 | 43,083 | 19,17,353 |
| 3 | 19,17,353 | 2,09,038 | 1,62,124 | 46,914 | 18,70,439 |
| 4 | 18,70,439 | 2,09,038 | 1,57,951 | 51,086 | 18,19,352 |
| 5 | 18,19,352 | 2,09,038 | 1,53,408 | 55,630 | 17,63,723 |
| 6 | 17,63,723 | 2,09,038 | 1,48,461 | 60,577 | 17,03,146 |
| 7 | 17,03,146 | 2,09,038 | 1,43,074 | 65,964 | 16,37,182 |
| 8 | 16,37,182 | 2,09,038 | 1,37,208 | 71,830 | 15,65,352 |
| 9 | 15,65,352 | 2,09,038 | 1,30,820 | 78,218 | 14,87,134 |
| 10 | 14,87,134 | 2,09,038 | 1,23,864 | 85,174 | 14,01,960 |
| 11 | 14,01,960 | 2,09,038 | 1,16,289 | 92,749 | 13,09,211 |
| 12 | 13,09,211 | 2,09,038 | 1,08,041 | 1,00,997 | 12,08,214 |
| 13 | 12,08,214 | 2,09,038 | 99,059 | 1,09,979 | 10,98,235 |
| 14 | 10,98,235 | 2,09,038 | 89,278 | 1,19,759 | 9,78,475 |
| 15 | 9,78,475 | 2,09,038 | 78,628 | 1,30,410 | 8,48,066 |
| 16 | 8,48,066 | 2,09,038 | 67,030 | 1,42,007 | 7,06,058 |
| 17 | 7,06,058 | 2,09,038 | 54,401 | 1,54,636 | 5,51,422 |
| 18 | 5,51,422 | 2,09,038 | 40,649 | 1,68,388 | 3,83,033 |
| 19 | 3,83,033 | 2,09,038 | 25,674 | 1,83,363 | 1,99,670 |
| 20 | 1,99,670 | 2,09,038 | 9,368 | 1,99,670 | 0 |
Comparison of Kotak Mahindra Bank Home Loan with Other Bank
Comparing home loans from different banks can be a tricky task. There are many factors to consider, such as interest rates, fees, and repayment terms. Below, we have provided two tables comparing the terms of Kotak home loans with other lenders:
Kotak Home Loan vs LIC HCL
| Compare | Kotak Mahindra Bank | LIC HCL |
| Interest Rate | 8.75% p.a. onwards | 8.50% onwards |
| Loan Tenure | 25 Years | 30 Years |
| Eligibility | Indian residents between the ages of 18 and 65. | Indians who are citizens of India and NRIs who are professionals or self-employed. |
| Penal Interest | 2% | Up to ₹50,000 |
Kotak Bank Home Loan vs ICICI Bank Home Loan
| Compare | Kotak Mahindra Bank | ICICI Bank |
| Interest Rate | 8.75% p.a. onwards | 8.75% p.a. onwards (for pre-approved offers)9% p.a. onwards (standard rates) |
| Loan Tenure | 25 Years | 30 Years |
| Eligibility | Indian residents between the ages of 18 and 65 | Indian residents between the ages of 21 and 65. |
Factors Affecting Home Loan EMI
Several factors can influence your home loan EMI, which are as follows:
- Loan Amount: The higher the loan amount, the higher your EMI will be. This is because you’ll repay the loan over a longer period, so more interest will accrue.
- Tenure: The tenure is the length of time you have to repay the loan. A longer tenure means lower EMIs, as you’ll repay the loan over a longer period. However, it’s important to remember that a longer tenure also means paying more interest overall.
- Interest Rate: The interest rate on your home loan will affect your EMI. A higher interest rate will mean a higher EMI, as you’ll be paying more interest over the tenure.
Kotak Mahindra Bank Home Loan Calculator for Different Loan Amounts
Let’s compare how the EMI amount varies with different loan amounts and loan tenures. The table below illustrates these variations:
| Loan Amount | 10 Years | 15 Years | 20 Years | 25 Years |
| ₹10 lakhs | ₹12,613 | ₹10,083 | ₹8,933 | ₹8,324 |
| ₹20 lakhs | ₹25,277 | ₹20,166 | ₹17,866 | ₹16,647 |
| ₹30 lakhs | ₹37,840 | ₹30,250 | ₹26,799 | ₹24,971 |
| ₹40 lakhs | ₹50,454 | ₹40,333 | ₹35,732 | ₹33,294 |
Benefits of Using Kotak Home Loan Calculator
When taking out a home loan, it’s important to have a clear picture of your repayments. The Kotak Mahindra Bank Home Loan Calculator can help you to see exactly how much your repayments will be and how they’ll change over time.
Using a home loan calculator is quick and easy and can give you valuable insight into your finances. With Kotak Mahindra Bank’s home loan calculator, you can
- See how much your repayments will be each month.
- Find out how much interest you’ll pay over the life of your loan.
- Work out how long it will take you to repay your loan.
- Get an estimate of your total repayments.
Final Words
To conclude, the Kotak Mahindra Bank Home Loan Calculator is convenient and easy to use, helping you to plan your finances and keep track of your repayment schedule. In addition to this, it is useful for comparing different home loan offers and choosing the best one.
EMI calculation helps you understand a loan’s affordability by entering the loan amount, tenure, interest rate and repayment plan. The loan amortisation schedule also helps pay EMI by showing how much needs to be paid each month.
If you’re looking for a hassle-free way to calculate your Kotak Mahindra Bank home loan EMI, look no further than the NoBroker EMI calculator. Enter a few parameters like loan amount, interest rate and tenure, and our calculator will do the rest.
So if you’re looking for a one-stop shop for all your home-buying needs, check out the NoBroker website today.
