Kotak Home Loan EMI Calculator

Kotak Home Loan - Lowest EMI is Rs. 919 per lakh

Last Updated 08th Dec 2016
  • Get monthly EMI as low as Rs. 919 per lakh with Kotak Bank now offering home loans with loan tenure upto 20 years.
  • Lowest home loan interest rate currently offered by Kotak Bank is 9.30%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,032 for a 15 year loan and Rs. 919 for a 20 year loan. Check the EMI for other tenures using the Kotak Bank home loan EMI calculator on this page.

Home Loan EMI Calculator Kotak Bank

Kotak Bank Home Loan EMI Calculator
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Kotak Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Kotak Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Kotak Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 919 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Kotak Bank on Home Loan is 9.30%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 25,80522,97820,658
    5,000,000 51,61045,95541,315
    7,500,000 77,41468,93361,973
    10,000,000 103,21991,91182,630
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Kotak Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Kotak Bank Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 9.30%, which is linked to Kotak 1 Year MCLR, which is currently 9.20%. Last revised on 01st Dec 16
n = tenure in month. For Kotak Bank, this can be 360 months

Will the Kotak home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Kotak Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Kotak Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Kotak Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Kotak Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
Kotak Home Loan EMI Calculator News - Dec 2016
22nd Aug 16 Kotak Bank lowers home, business loan rates
Kotak Mahindra Bank has reduced interest rates on home loans and business loans as a part of its monsoon bonanza to capture the growing credit demand as economy revives. The new home loan rate is 9.35 percent per annum with interest rates on business loans/overdraft lower by up to 1 percent. The bank has also announced a 25 percent discount on the processing fees of these loans. The new rates are valid till September 10, 2016.
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