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The EMI on a Home Loan is calculated using a formula that considers the loan's principal amount, the tenure in months and the monthly interest rate. The formula for calculating Equated Monthly Instalment (EMI) for a home Loan is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P = Principal amount of the loan
R = Monthly rate of interest
N = Tenure of the loan (in months)
The Calculation of Home Loan with an Example:
For a home Loan amount of Rs. 50,00,000 for 20 years and the yearly rate of interest of 7.70%, the EMI amount will be computed as follows:
EMI = [50,00,000*0.005*(1+ 0.007208) ^240]/[(1+ 0.007208)^240-1] = Rs. 37,426
Taking a Home Loan is a significant financial decision and knowing your EMI in advance can help you plan better. A Home Loan EMI Calculator eliminates guesswork and enables better financial planning. Here are the key reasons to use a Home Loan EMI Calculator:
Here are the benefits you can enjoy with Kotak Mahindra Bank’s housing loan EMI calculator:
Whether you’re buying your first home, investing in a plot, purchasing a resale property or considering a Home loan Balance transfer, the Home Loan EMI Calculator helps you plan better. Simply enter the loan amount, interest rate and tenure to get an instant EMI estimate. If you're looking for a home construction loan, renovation loan or a top-up loan, this tool allows you to compare repayment options and choose what fits your budget. It’s a quick way to explore different loan possibilities and make informed financial decisions.
Knowing how to use a Home Loan EMI Calculator helps calculate your loan EMIs without anyone's intervention. This user-friendly tool operates on a smart algorithm, considering key factors like loan amount, interest rate, and repayment tenure. The calculator processes these details, creating a detailed repayment schedule.
Click on the Home Loan EMI Calculator on the Kotak Mahindra Bank website and enter the following details.
Once you enter these values, the calculator will show the EMI on screen instantly.
An amortisation schedule is a table that shows the periodic payments and the amount of principal and interest that make up each payment for the entire loan term. It also shows the remaining loan balance after each payment, helping borrowers plan their finances better..
If needed, you can also download the amortisation schedule for future reference.
Once the home EMI calculator shows you your EMI amount you will have a clearer picture of your Home Loan. To reduce your EMI amount on a Home Loan, follow these tips:
Page also available in: हिन्दी - Hindi
Your first EMI is typically due one month after your loan is fully disbursed. For under-construction properties, you may pay only pre-EMI (interest on the disbursed amount) until construction completes. Full EMIs begin once you receive the property.
Home Loans start from ₹5 lakh. The maximum amount depends on your income, property value, and repayment capacity.
Use our Home Loan EMI calculator and enter the loan amount – ₹30 lakh, your interest rate (say, 8.5%), and tenure (say, 20 years). The EMI for these inputs would be approximately ₹26,000 per month. The calculator also shows the total interest and repayment amount.
