Articles

How to use Kotak Home Loan Calculator?

by Sakshi Kharbanda Financial Consultant

Kotak Mahindra Bank is one of the most prestigious banks in India. It has a wide variety of loans to proffer to its clients. Besides, Kotak Home Loan Calculator helps the base of customers to get their final loan value instantly. The bank is thriving in the market since 1985. However, they got a banking license in the year of 2003. The range of financial services it offers is extensive. Moreover, it has expertise in areas of retail lending. Furthermore, it lends various types of loans to its customers in need. Also, it has easy EMI services which are easily accessible. Furthermore, the customers can use the Kotak home loan EMI calculator to easily know the EMI value monthly. You can savour the home loan services of Kotak Mahindra Bank online. All you need to do is visit their official website and apply for a home loan. Moreover, you will get assistance day and night. 

Why go for Kotak Mahindra Bank?

The Kotak Mahindra Bank has home loan solutions according to your satisfaction. They provide home loans according to your budget. Additionally, you can get a loan not only to buy a property but also to renovate or construct a house. The service is available 24*7. Besides, the process is very smooth as the executives are highly efficient. In addition to affordable home loans, you can calculate the values of your loan by using the Kotak Home Loan Calculator. It makes the procedure a notch easier. 

Key Features of Kotak Mahindra Home Loans:

  • The Kotak Mahindra Bank has very attractive home loan deals. The interest rates are as low as 6.55% per annum. 

  • Furthermore, the loan sanction takes place very quickly. Also, you can do all the formalities online. 

  • Additionally, you will have your relationship manager who will assist you throughout the process. 

  • Another perk of Kotak Mahindra's home loan plan is it has zero foreclosure charges. 

  • You can get home loans tailormade for you. The relationship managers provide you with the best schemes. 

  • Furthermore, home loans are customizable. The executives tailor-make the plan according to your budget and need

Calculating EMI for Kotak Mahindra Home Loans:

You can use the EMI calculator by Kotak Mahindra Bank to access the value of EMI that you have to pay every month. Also, by using this calculator you can strategize your EMI plans on a regular interval. Additionally, everyone can estimate their repayment value by using this calculator. But before using a digital calculator let us know how the calculator works?

Like every other EMI calculator, Kotak Mahindra Bank any of the two methods to calculate the EMI value:

  • Reducing Balance and

  • Flat Rate Method

Both the methods, yield the same values of EMI. Let us see how the reducing rate method works. 

Reducing Rate Method:

The formula for reducing rate method:


(P I) ((1+r)n)/ (t(1+r)n)


In this formula, 

‘P’  stands for the borrower’s principal value

‘I’ stands for the interest rate per annum on the value of the amount

‘r’ stand for the rate of interest that is payable every month

‘t’ stands for the number of months in a year

‘n’ stands for the monthly payment in total


Flat Rate Method:

Along with the reducing balance method, the flat-rate method is also in use. The formula for the flat rate method :


(P+(P✕T✕r))/T✕n


Here, 

P is the Principle amount

T is the total tenure in years

r is the rate of interest

n denotes the number of months in a year

Suppose the principal amount of your loan is 3 lacs. You are getting a 7.5% interest rate per annum. And the tenure is 10 years then

EMI= (3,00,000+(3,00,000 ✕10 ✕ 0.070))/10✕12

EMI= Rs. 3.561

Hence, you have to pay an amount of Rs.3,561 as EMI to the bank every month. 

Criteria of Eligibility to get a Home loan from Kotak Mahindra Bank:

  • You need to be of Indian Nationality to apply for a home loan with Kotak Mahindra Bank.

  • Furthermore, your CIBIL Score has to be 750 or above. 

  • The age limit is 18 to 60 years for salaried people. However, for self-employed people, the age limit is 18 to 65 years.

  • You can opt for a maximum of 20 years tenure. 

  • Also, your Income Tax Return of 2 years should be readily available. 


Home loans are an invincible part of life. Almost every person considers taking a home loan to make a house of their imagination. Kotak Mahindra Bank has several home loan products that consider different populations. It caters to the needs of most of the communities. Besides, the EMIs are of an affordable range. Also, the EMI calculator makes the procedure smooth. The methods of calculations are simple, backed by services that are quick and customisable.


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About Sakshi Kharbanda Advanced   Financial Consultant

39 connections, 0 recommendations, 131 honor points.
Joined APSense since, February 14th, 2019, From India, India.

Created on Mar 28th 2022 01:54. Viewed 98 times.

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