Urban Money

Kotak Home Loan Calculator

  • 5 Lac
  • 20 Cr
Years
  • 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 home 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 

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.