ICICI Home Loan EMI Calculator 2021
|Loan Amount||EMI for 10 year loan||EMI for 15 year loan||EMI for 20 year loan||EMI for 30 year loan|
|Rs. 2,00,000||Rs. 25,335||Rs. 20,285||Rs. 17,994||Rs. 16,092|
|Rs. 3,00,000||Rs. 38,003||Rs. 30,428||Rs. 26,992||Rs. 24,139|
|Rs. 5,00,000||Rs. 63,338||Rs. 50,713||Rs. 44,986||Rs. 40,231|
The above EMIs are calculated for different Home Loan amounts and tenures @ 6.90% interest rate
ICICI Bank is one of the leading private sector banks in India and offers a diverse portfolio of banking products and services to its customers. Among the host of loan options that the bank offers to its customers, their home loans hold a significant share. Getting a home loan from ICICI Bank is quick, simple, and easy. The bank offers home loans with flexible repayment options to its customers. Apart from this, there are several other attractive benefits and unique features of ICICI Bank home loan.
Read More: How to calculate EMI on home loan
Calculate ICICI Bank home loan EMI
Once you start the ICICI Bank home loan application process, the bank will determine your total eligibility. This ICICI home loan eligibility mostly depends on your repayment capacity. This is based on your monthly disposable and surplus income, which, in turn, depends on factors such as total monthly income or surplus less monthly expenses, and other factors like spouse’s income, assets, liabilities, stability of income, etc.
The bank ensures that you are able to repay the loan on time without any additional burden. The higher the monthly disposable income, the higher will be the loan amount you will be eligible for. Similarly, ICICI Bank assumes that about 50% of your monthly disposable and surplus income is available for repayment. The tenure and interest rate will also determine the loan amount. Further, the banks generally fix an upper age limit for home loan applicants, which could impact one’s eligibility.
To determine all of these criteria, the bank uses several tools. The applicant can get a fair idea about their chances of approval themselves using the ICICI Bank home loan EMI Calculator. While it is not a direct measurement of their approval chance, it will give the applicant an idea of what kind of payment they will be expected to make for the loan amount they need or are applying for. With lower equated monthly instalments, any home loan will be less of a burden for you. With low interest rates and repayment tenure of up to 30 years, ICICI Bank ensures an easy and convenient EMI amount for you during the entire loan tenure.
Knowing the kind of EMI you will need to pay is important for planning a budget. An applicant is always the best judge of what kind of financial burden they are capable of or even willing to take on. You can easily estimate your monthly instalment by using the ICICI Bank home loan EMI Calculator. Information is the most important tool for you, and ICICI Bank helps their customers out with this tool.
You can find out your potential EMIs on our home loan EMI Calculator page. All you have to do is enter your total loan amount to be borrowed and loan tenure in years. You can also choose the prevalent interest rate to calculate the amount which you are supposed to pay monthly to the bank. This number is not always the precise amount that would apply to you, but it gives you a starting point to make your calculations.
There are other ways and formulas to calculate your EMI. One of the simplest ways to calculate EMI is by using a spreadsheet program like MS Excel. In Excel, the function for calculating the EMI is PMT and not EMI. You only need three variables. These are the rate of interest (rate), tenure of the loan, and the value of the loan or present value. The formula to calculate loan which can be used in excel is PMT where P is the principal amount, M is the rate of interest, and T is tenure. This is a simple formula that will not take into account features like adjustable rates or semi-annual or quarterly compounding rates. Depending on the version of Excel you use, you may or may not get a break up of your payments. Similar tools are also available with other spreadsheet programs including Google Sheets.
However, calculating your EMI with the ICICI Bank home loan EMI calculator has its advantages. For instance, consider a case where the loan amount is Rs. 30 lakhs and tenure of the loan is 20 years. If you calculate the EMI for an interest rate of 9.55% per annum, the monthly instalment will come to Rs. 28,061.96. The ICICI Bank home loan EMI Calculator also gives you the break-up of your entire payment schedule.
You can calculate the EMI of your home loan and your loan repayment schedule in regular instalments over a specified period of time within a few seconds using the ICICI Bank home loan EMI calculator. The tool will also let you analyze the split between the interest and outstanding principal in your repayment schedule. All this information can be crucial for managing your finances when you are purchasing or constructing your dream home.
ICICI Bank Home Loan: Features and Benefits
- ICICI Bank offers the option of lower equated monthly instalments at attractive rates of interest. Since they are matched with their capacity, the customer can repay the loan amount according to their convenience and feasibility.
- The application process of the bank is simple and in pace with the latest technology. Customers can apply through their computer and even smartphone application which ensures faster approval of ICICI Bank home loan.
- ICICI Bank has simple eligibility criteria for its customers availing home loans. The bank is solely concerned with determining the repayment capacity of the individual. And the repayment capacity can be determined by the borrower’s monthly disposable and surplus income.
- ICICI Bank also ensures that its customers get the best loans in terms of interest rate and other facilities. Therefore, the bank offers its customers two types of interest rates to choose from – fixed interest rate and floating interest rate.
- ICICI Bank keeps the paperwork and other formalities to a minimum. Proof of your identity, address, and income are some of the key documents that are required to be submitted for ICICI Bank home loan.