The Karnataka Bank, founded in 1924, is a scheduled A-class commercial bank nationwide. It provides its clients various services, including personal banking, NRI banking, business banking, online services, and agriculture.
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The Karnataka Bank offers its customers a wide range of home loans for various uses and people, among its many other goods and services. All qualified consumers may apply for and get this home loan.
These borrowers will use an EMI to pay back the mortgage. The equal monthly installment, or EMI, is a monthly payment amount. The Karnataka Bank Home Loan EMI Calculator can be used to determine your fixed EMI amount.
Why Should You Use Karnataka Bank’s Home Loan EMI Calculator?
Anyone can use the online Karnataka Bank home loan calculator to determine their EMI amount and the interest they would pay on the borrowed principal. You can use this tool online without having to log in, pay, or register.
The calculator includes a standard formula that can provide quick answers regarding the EMIs for a housing loan from the Karnataka Bank.
The home loan EMI formula is as follows:
E = P * R *(1+R)^N/((1+R)^N – 1)
Where E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure
Using the calculator is easy and requires no technical expertise. All you need to do is provide the calculator with three trivial pieces of information (principal, rate of interest, and tenure), which will generate the expected outcome for you.
How Can the Karnataka Bank Home Loan Calculator Help You?
The housing loan EMI calculator offered by Karnataka Bank is a helpful tool that will assist you in determining the amount of EMI you will have to pay throughout your home loan.
Furthermore, the calculator can serve as a comparative tool to assist you in determining the appropriate down payment and tenure. You can adjust the principal amount and tenure based on the information provided earlier.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
4 Factors that Affect the Home Loan EMI
EMIs, set when a loan is requested, do not remain constant throughout the payback period—several financial variables cause the fluctuation in EMI.
Read: PNB Home Loan Interest Rates – Updated in April 2024
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1. Fluctuation in the rate of interest: If you have opted for a variable rate, the EMI will change as and when there is a change in the interest rate. The EMI will be higher if the interest rate is higher. The level of the EMI will fall if the interest rate is reduced. When the interest rate is reset over a period that varies from bank to bank, the EMI will alter if you choose a fixed interest rate. If you select a combination of fixed and floating interest rates, the interest rate will initially be fixed and change to floating after a predetermined time. When the change occurs, the EMI will also adjust automatically.
2. Prepayment of the loan balance: The principal balance of your mortgage is decreased in proportion to any prepayments you make. Then, you have the choice of either choosing to reset the EMI or shortening the loan’s term. You can choose between shortening the tenure or an EMI reset to balance your monthly spending.
3. Alter loan tenure: Altering the loan’s term is something you might want to do occasionally. Let’s say you initially chose a shorter period since it was more affordable for you to do so when you applied for the loan, but later on, you may not be able to make the same EMI payment because of other obligations. The EMI will alter if you and your bank decide to change your loan tenure.
4. Step-up EMIs: With step-up EMIs, the initial EMI will be maintained low and gradually rise over the loan’s term.
Note: Refer to the Karnataka bank website for housing loan principal repayment matters.
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Benefits of Using Karnataka Bank Home Loan Interest Rate Calculator
Here are some of the primary benefits of utilising the housing loan EMI calculator provided by Karnataka Bank:
- You can use this calculator as many times as you like to compare different values and choose the most appropriate one.
- You can use this calculator as a preliminary estimate to schedule your monthly spending plan around your home loan EMI.
- EMI calculators can accurately tell you how to pay off the principal amount quickly to pay the least amount of interest in the long term.
How Does Loan Amortisation Schedule Calculator Help in Paying EMIs?
An amortisation schedule for a loan is a table that illustrates how principal and interest are divided into monthly payments until the loan is entirely repaid. Over time, more of the payment is assigned to the outstanding principal; most of the payment is initially used for interest.
To determine how making additional payments or receiving a windfall will influence the loan’s maturity date and the overall amount of interest paid, you can make your own EMI amortisation schedule and use tools like Excel templates.
Home Loan Interest Rates Comparison with Other Indian Banks
Karnataka bank home loan interest rates range between 8.24% – 10.31%. Below is a comparison of home loan rates of different banks.
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.60% – 9.50% | 8.60% – 9.40% | 8.60% – 9.40% |
| HDFC | 8.65% – 10.35% | 8.65% – 10.60% | 8.65% – 10.70% |
| LIC Housing Finance | 8.65% – 10.10% | 8.65% – 10.30% | 8.65% – 10.50% |
| ICICI Bank | 8.75% – 9.85% | 8.75% – 9.85% | 8.75% – 9.85% |
| Kotak Mahindra Bank | 8.65% onwards | 8.65% onwards | 8.65% onwards |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 13.00% | 8.85%-10.85% |
| Punjab National Bank | 8.60% – 9.35% | 8.55% – 9.25% | 8.55% – 9.25% |
| Bank of Baroda | 8.60%-10.35% | 8.60%-10.35% | 8.60%-10.60% |
| Union Bank of India | 8.60% – 10.50% | 8.60% – 10.70% | 8.60% – 10.70% |
| IDFC First Bank | 8.60% onwards | 8.60% onwards | 8.60% onwards |
Karnataka Bank Housing Loan EMI Calculator for Different Loan Amount
Karnataka Bank Home Loan for:
- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 8.55% pa is repaid at INR 8710 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 8.55% pa is repaid at INR 17,420 per month.
- INR 30 lakhs: An EMI on home loan of 30 lakhs repayable after 20 years at an interest rate of 8.55% pa is INR 26,130 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 8.55% pa is repaid at an EMI of INR 34,840 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 8.55% pa is INR 43,550 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 8.55% pa is repaid at an EMI of INR 87,099 per month.
How can NoBroker Help?
Unquestionably, purchasing a home will be the most expensive purchase you ever make. If you need to repay your home loan without any breaks, you must estimate the EMI that your monthly income can support. You also need to take into account your existing commitments and liabilities. It’s crucial to reserve a portion of your monthly income to handle unexpected emergencies. Before making such a significant decision, you should seek professional assistance to ensure you make an informed choice.
NoBroker can assist you in comparing the interest rates provided by many lenders to discover the one that best suits your demands. We can give you direction and advice on which mortgage package would be ideal for your requirements and how to increase your chances of getting a low-interest rate. By checking the Karnataka bank home loan EMI calculator, you can know the best way to pay the lowest interest rate on a home loan.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
FAQ’s
1. How exactly does the EMI calculator operate?
Based on the loan amount, loan term, and interest rate, the Karnataka bank home loan EMI calculator determines the monthly payment. For the appropriate loan amount, you can obtain the precise EMI.
2. What elements determine my eligibility for house loans from the Karnataka Bank?
Your income and repaying capabilities are the main determinants of your eligibility. In addition, factors including your age, employment history, savings history, assets, liabilities, and spouse’s income (if any) are taken into consideration when determining your eligibility.
3. What is the formula to calculate EMI for a home loans?
Home loan EMI formula is as follows:
E = P . R . (1+R)^N/((1+R)^N – 1)
Where E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure
4. What can I do if my salary is insufficient to qualify me for the loan?
If your family members are wage earners, you can boost your eligibility for a house loan from Karnataka Bank by adding their income as a co-applicant.
5. What is the longest home loan tenure offered by the Karnataka Bank?
The maximum home loan tenure from the Karnataka Bank is 30 years.
