10 MAY, 2022

Opting for a home loan is a major responsibility. This is because the repayment tenure of the loan may go over a decade. Thus, it is crucial to select a lender carefully based on parameters like interest rate, repayment tenure, other charges, and customer service. Though all such factors are vital, tenure flexibility and interest rate have a considerable impact as they decide your home loan’s Equated Monthly Instalment (EMI) amount. By using the home loan eligibility calculator, you can compute the loan’s EMI and interest outgo as per your repayment capacity.

You can make use of Kotak’s online housing loan eligibility calculator to calculate accurate results. The calculator allows you to input three crucial details, namely the required loan amount, estimated interest rate, and the preferred repayment tenure. Based on the inputted data, your EMI is computed in a matter of seconds. Read on to know the reasons to use the home loan eligibility calculator:

1. Gives accurate results

With an online EMI calculator, you can eliminate the need for rough guesswork and complicated arithmetic to compute your home loan EMI. You just have to ensure to input the required details to get the desired result. Kotak’s home loan eligibility calculator also enables you to adjust the variables to see how much difference the interest rate and repayment tenure can bring to your home loan EMI.

2. Faster than manual calculation

Kotak’s home loan EMI calculator is extremely quick and simple to use. You do not require crunching numbers or making any guesses. You just need to input the required details on the online home loan calculator, and you are all set; your home EMI value will be displayed instantly.

3. It is easy to use

More than anything, Kotak’s home loan eligibility calculator is simple to use. For using the calculator, you do not require inputting any complex formula or being mathematically skilled. You just need to input the asked details in the calculator.

4. Assists you plan out your future finances

From the viewpoint of planning your finances, an EMI calculator is an essential tool. As this tool computes your expected home loan EMI, you can begin apportioning your expenses and income, plan out your investments, and make career decisions accordingly.

5. Enables you to check home loan plans offered by different lenders

Kotak’s home loan eligibility calculator can be used to check how home loan plans across lenders differ. By using the calculator, you can input the interest rates and repayment tenures offered by different lenders and compare final EMIs.

Ending note

A home loan is a long-term commitment, which is why you must do your due diligence before availing it. Apply for a home loan only after you have understood the cost of borrowing, accounted for how you will finance it, and understood what implications it will have on your finances in the long term. For all these purposes, Kotak’s home loan calculator is a good place to start.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.