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Kotak Home Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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What Is the Kotak Home Loan EMI Calculator?

Expenses increase as we move on with the years, be it the cost of something as simple as a television or as huge as a mansion. Market prices increase as we step further into the future. And because of these skyrocketing prices, purchasing a personal house seems like a distant thought. To help you realise this wish, several banks offer flexible home loan EMIs that assist you in buying real estate. Instead of paying the entire amount, you can opt for a loan and repay it in instalments. One such bank is Kotak. It provides its customers with Home Loan EMIs that fit their finances.

Angel One has created an online Kotak home loan calculator that assists you in calculating the potential monthly EMI for a particular loan amount. Its user-friendly interface makes it an easy-to-operate tool. If you wish to take a home loan from Kotak, you can use the Kotak home loan calculator to compare loan amounts with different interest rates.

How Does the Kotak Home Loan EMI Calculator Work?

The Kotak home loan EMI calculator is an interactive online tool that helps you calculate the EMIs for a home loan amount you can afford. You can calculate the EMIs for several loans with different interest rates. It also gives you the total amount you would pay the bank after the end of the repayment tenure. The Kotak home loan EMI calculator created by Angel One is efficient and easy to understand.

The calculator works on an arithmetic formula. It considers three main factors, the principal loan amount, interest rate, and loan repayment tenure. Taking the numbers, the calculator equates the monthly EMI amount you would pay towards the loan.

What Is the Kotak Home Loan EMI Calculator Formula?

The Kotak Bank home loan EMI calculator formula is:

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

Here,

P is the principal amount

R is the applicable interest rate

N is the repayment term or duration

How To Use the Kotak Home Loan EMI Calculator?

The Kotak home loan EMI calculator has a simple interface making it easy to operate. Follow the steps given below to understand the calculator page:

  • Visit the Kotak home loan EMI calculator page provided by Angel One.
  • The calculator has three different sliders, placed one below another.
  • The first slider is for the principal loan amount, the second is for the interest rate, and the third is for the repayment tenure.
  • Go to the first slider and adjust it to your loan amount. You can also type it in the box given above.
  • Enter the rate of interest in the second box. You may either adjust the slider to the value or type it.
  • Enter the repayment tenure. As the values change, you will notice the value of the EMI and final amount changing. The Kotak home loan EMI calculator provides instant results, free of errors. 

Study the given example to understand the calculator. You plan to take a loan amount of Rs. 20,00,000. The amount will be your principal loan amount. The bank offers this value at an 8% p.a., and you have 10 years to repay the loan. After entering these numbers in their respective fields, the Kotak home loan EMI calculator will calculate your monthly EMI amount. To pay a home loan amount of Rs. 20,00,000 in 10 years, you pay Rs. 24,266 every month, the final amount, including the interest, is Rs. 29,11,862.

Benefits Of Using Online Kotak Home Loan EMI Calculator

There are numerous benefits to using the Kotak home loan EMI calculator. Here are some of them:

  • Provides financial clarity: The Kotak home loan EMI calculator gives you a clear picture of the EMIs you would pay in the future, thus enabling you to plan your finances effectively. The transparency allows you to assess whether you can afford the loan.
  • Time efficiency: The Kotak home loan EMI calculator saves valuable time by generating instant results. Rather than manually solving the equations, the calculator efficiently performs the calculations for you.
  • Free of cost: The Kotak home loan calculator is free to use. There are no limitations to its usage. You can use it multiple times.
  • Customise your loan: You can calculate the EMI for several loans with different interest rates. This method helps you find a loan that will not negatively affect your finances.

FAQs

What is the Kotak home loan EMI calculator?

The Kotak home loan calculator is an online tool that calculates the monthly EMIs you would pay towards a specific loan amount for a fixed tenure.

How to use the Kotak home loan EMI calculator online?

To use the calculator, visit the Kotak home loan EMI calculator page on Angel One. Enter the principal loan amount, interest rate, and repayment tenure. The calculator will compute the numbers to give instant results.

Is the Kotak home loan EMI calculator free to use?

Yes, the Kotak home loan EMI calculator is free to use.

How is the total interest of the Kotak home loan calculated?

The total interest on a home loan is calculated based on the loan's borrowed amount, interest rate, and tenure. E = [P x R x (1+R) ^N] / [(1+R) ^N-1] is the formula to calculate EMI. When the EMI is multiplied by the tenure in months, it yields the total amount to be paid. Interest can be calculated by subtracting the principal from the total amount.

Is there a penalty on the prepayment of the Kotak home loan?

Yes, prepayment of a home loan may attract a penalty which varies based on lender and specific loan conditions.

Enjoy Zero Brokerage on
Equity Delivery

Enjoy Zero Brokerage on Equity Delivery

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