Watch as Home Loan EMI Calculator ICICI Takes You to Your Dream Home!

Watch as Home Loan EMI Calculator ICICI Takes You to Your Dream Home!

A home is a dream that one wants to make it a reality. But, for some, a dream home remains only in their dreams. This has a lot to do with their lack of preparedness as far as dealing with a home loan whose repayment is going to pan out for at least 15-20 years, if not the maximum of 30 years permitted by most lenders including ICICI Bank. But, with Home Loan EMI Calculator ICICI, you can turn the tide your way and sail through the repayment days with not much of a fuss. Let’s talk about the calculator and its function in detail.

How Does ICICI Home Loan EMI Calculator Work?

You can visit the official website of ICICI Bank to check the function of the EMI calculator. The calculator computes the EMI, abbreviated for Equated Monthly Installment, on the basis of the loan amount, interest rate and tenure. The EMI constitutes a portion of interest and principal amount payable towards a loan. So, in addition to the installment amount, you would also get to know the interest payable from a lender.

A Take on Home Loan Interest Rates ICICI Home loan interest rates ICICI is based on the quantum of finance being applied for. Loans of up to ₹30 lakhs are offered at 9.00%-9.05% per annum for salaried male and female borrowers, respectively. In contrast, self-employed needs to service the same loan amount at 9.05%-9.10% p.a. Loans between ₹30-75 lakhs are priced at 9.10%9.15% for salaried and 9.15%-9.20% for self-employed. On the other hand, loans above ₹75 lakhs are charged at 9.15%-9.20% and 9.20%-9.25% per annum, respectively.

How Should You Plan a House Purchase with ICICI Home Loan EMI Calculator?

As the interest rates are out now, you can use it in the calculator to see whether the income on hand can handle the EMI pressure. The repayment schedule would thus help you decide the property you should choose to buy. You should know that the property is not financed fully. As per the RBI guidelines, the property is financed up to 90% for loans of up to ₹30 lakhs, 80% for up to ₹75 lakhs and 75% for more than ₹75 lakhs. The remaining 10%-25% would go in the form of down payment. So, keep experimenting with the figures of loan amount, tenure and interest rate and pick out a repayment schedule that can enable the home dream with respect to your earning levels.

How Can You Apply for ICICI Home Loan?

You can apply on the website of ICICI Bank. All you need to do is to visit the home loansegment and click on Apply Now. Then, you must share the personal and professional details and then click on ‘Check Eligibility’ at the bottom. If you are eligible for the loan, you will be given a quote showing details of the loan amount offered with interest rate and tenure. If that appeals you, go ahead and apply.

The application will be processed, with the legal and technical verification of the property to be made next before the loan gets disbursed to your account.