Be it any loan, if it is not within your budget, it will soon become a burden. Especially in the case of home loans which may continue for up to 30 years, you should make sure of making payments regularly otherwise your property will be seized. If you plan to take a home loan from ICICI Bank, you can use their specially designed calculator.
Even though the function of a normal loan calculator and home loan calculator is similar in most of the cases. home loan EMI calculator is a little different. You get to see the graphical representation of the payment throughout the tenure. In this article, we have focused on functioning of this calculator by showing an example.
ICICI home loan EMI calculator
A home loan calculator is a tool that is used to calculate the EMI on the loan. For example, if you are taking a home loan of ₹25 lakhs for the tenure of 20 years at the interest rate of 8.45% p.a. Your payment details will be as follows:
Total Interest Outgo- ₹26,87,968
Total Amount (Interest+Principal)- ₹51,57,968
You can check the details for different values before and even after applying for the loan. The toll is available online for free and hence can be used as many times as you want.
What are the benefits of using a loan calculator?
Below are the reasons you should look for using a loan EMI calculator:
- The calculation of EMI is simpler with the calculator
- It shows result instantly
- You can use it as many times as you want
- It is available online so there is flexibility
- It helps in comparing different combinations
- It gives accurate results and is not partial
What is the formula used by ICICI home loan EMI calculator?
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
What housing loan rate is available at ICICI Bank?
By keeping in mind the present scenario, ICICI Bank has reduced interest rates on housing loan. At present, the bank is offering home loans within the range of 8.45%-8.95% per annum. Applicants fitting into the eligibility criteria have the chance to get lowest rate possible. Those having CIBIL score of 650 or above have an added advantage.
What is the maximum tenure home loans?
For home loans, ICICI Bank has a flexible tenure option for up to 30 years. You can choose the tenure for which you can easily pay the loan.
The bottom line is that you can not only choose perfect EMI with the help of ICICI home loan EMI calculator, but also the tenure and loan amount as per your affordability.