MoneyLens / Home loans
Your loan, explained.
Home loan · Floating rate · Kaveri Bank Ltd · ••••7731
Illustrative
Your loan today
AccountStatement 5 OctContractAgreement + 2 rate notices
Outstanding principal
₹42,16,462
Statement · 5 Oct 2026
Current interest rate
8.50%
RBI repo rate 5.50% + 3.00% spread
Remaining loan period
16.3 years
196 EMIs · ends Feb 2043
Interest structure
Floating
RBI repo rate-linked · resets every 3 months
Balance, rate and remaining tenure come from your statement dated 5 Oct 2026 and the Jul 2025 rate notice, not the original sanction letter.
Myra's most important observations
What Myra found for you
From your documents · each figure opens its findingYou could save
Your choice: options, not added together
Six questions, answered
Tap an answer for the detail01Product identity
- ProductHome loan · purchase · ready-to-move
- ProviderKaveri Bank Ltd · commercial bank
- BorrowersRohan Iyer, Meera Iyer (joint)
- Document date5 Oct 2026
- Reference••••7731
- DocumentsSanction · Agreement · Rate letter · Rate letter · Statement · Sanction
02What this product is
A ₹50 L floating-rate home loan to buy a ready-to-move home, first EMI Nov 2019, taken jointly with Meera Iyer. The rate is linked to the RBI repo rate and resets every 3 months. When rates rose, the lender kept your EMI and extended the loan until it reached its limit, then raised the EMI. Rate cuts since then have brought the end date back to Feb 2043. The home is mortgaged to the lender until the loan is repaid.
03Key financial numbers
Existing loanOutstanding
₹42,16,462
Statement 5 Oct 2026
Next EMI
₹39,943
5 Nov 2026 · EMI 85
Principal repaid
₹7,83,538
16% of the loan
Interest paid
₹27,04,097
84 EMIs
Interest remaining
₹35,77,401
196 EMIs
04Important findings
The three most important · tap to expandKeeping your EMI at ₹39,943, the loan would end 19 months sooner. Reducing the EMI instead frees up cash each month but saves less interest. No prepayment charge applies to your loan. Assumes 8.50% holds.
Calculated by Myra
10Next relevant milestone
5 Nov 2026
EMI 85 of 280 · ₹39,943
08What Myra could not verify
0Nothing essential is missing.
09Suggested questions
05What you're committing to
- 196 more EMIs of ₹39,943 at 8.50% on the 5th of each month
- Keep enough balance in your account before each due date
- Tell the lender about changes in address, employment or income
06What can change
- Interest rateFloating: 9.00% → 8.50% from 1 Jul 2025
- ChargesOnly those disclosed in the KFS, unless you agree to new ones
- OutstandingFalls with each EMI you pay
07Exit and closure
- ForeclosureNo charge
- Closure documentsNo-dues certificate and NOC after full payment