You can pay your entire loan in equated installments and for this can take the help of an online tool called ICICI Bank home loan EMI Calculator. Using the device, you can generate an approximate EMI amount of the ICICI home loan. When the EMI is cleared to you, it would be easier to set the loan tenure for the payment. Read the given article and know why EMI calculators are used and what benefits they could provide to the borrower.
How ICICI home loan EMI Calculator works?
The device works in the formula [P x R x (1+R)^N]/[(1+R)^N-1], where P is your loan amount, R is the interest rate and N is the loan tenure. And to use the loan calculator, visit the ICICI bank official website. Enter your ICICI home loan interest rates and the loan amount you have borrowed from the bank with the tenure you have chosen for the payment. For example, if your loan is of INR 12 lakh and the interest rate is 12.33% per annum then your EMI would be INR 16,001 for 12 years duration.
You can reduce the ICICI bank home loan interest rates by increasing your duration of loan. Because with the help of it you can manage the home renovation with the lower EMIs. And can prepay the loan whenever it sounds for you to make it possible. ICICI Bank charges 2%-4% of the outstanding amount for your home loan prepayment.
Advantage of the ICICI home loan interest rates on EMI!
If your home loan interest rate is according to your desire because of the good credit history, then you can avail of the benefits mentioned below.
- Lower EMIs on ICICI home loan, the interest rate ranges from 8.25% to 9.25% based on the bank repo rate. And if you get the ICICI home loan interest rates within this range you can get benefit of low EMIs.
- Top up facility for the borrower, if you need extra funds for the renovation cost then with the help of Top-up loan you can manage it. But, if you are eligible for a Top-up with the existing loan if you are capable of its payment under the income.
- Every salaried and self-employed can get the ICICI home loan and the interest rate is based on the user income and credit status.
- You can use the ICICI home loan EMI calculator and choose the payment service for your home loan that makes the EMI payment easy.
Apply for ICICI home loan online!
Go to the ICICI bank website and fill up an online form with the KYC details. Choose your source of income whether it is salaried or self-employed. Upload your salary slip, ITR report, bank statement, PAN or Aadhar card with the list of documents mentioning the renovation cost. You need to pay a processing charge for the ICICI home loan that is 0.50%-2.00% of the loan amount.
You can make payment of the ICICI home loan using ECS, NACH or post-dated cheques. The regular and timely payments give a boost to your credit score and make you eligible for Top-up in the future.