Checking ICICI Home Loan EMI Calculator a Must Before Buying Your Dream Possession

Is the daily drama or the hassle of a rental accommodation bothering you? Are you fed up with the constant shifting of homes in all these years staying in a rented home? Do you dream to own a home to kick out the hassles of today?

Then, you need to consider taking a home loan available at several lenders across India. One lender that you may hear so often is ICICI Bank, a premier private sector bank that is the reason behind the smile posed by many homeowners in the country.

Offering home loans for a period of as long as 30 years, ICICI Bank has made it simple for many to own a home. But as you would know, a loan comes with an interest cost that adds over the years to become massive by the time the tenure is over.

How can you track interest in your ICICI Home Loan? Well, you can do so by glancing at ICICI Home Loan EMI Calculator. So, let’s study the function of the calculator in detail. But before that, it would be good to look at ICICI Home Loan Interest Rates first. It’s because interest rates set the tone of repayment.

ICICI Home Loan Interest Rate

Like its counterparts, ICICI Bank also prices its home loans on the basis of Marginal Cost of Lending Rate (MCLR). At the moment, the bank’s 1-year MCLR stands at 8.30%. The interest rate charged by the lender adds the portion of spread over the MCLR. The spread portion differs based on the loan amount and the type of profession one’s into. If you talk about the range, ICICI offers home loans at 8.45%-8.95% per annum.

Interest Rates on Loans Up to 30 Lakhs

Women borrowers (salaried) seeking a home loan of up to 30 lakhs would need to service at 8.45% per annum. Self-employed women borrowers, on the other hand, would have to pay the same quantum of loan at a higher rate of 8.60% p.a. For the same extent of the loan. though, male borrowers must be ready to pay interest at 8.50%-8.65% p.a.

How Much Interest Rates Likely on Loans Above 30 Lakhs?

A women borrower can expect to get an interest rate of 8.75% to service a loan of 30-75 lakhs. On the other hand, salaried and self-employed male borrowers would need to service the same quantum of finance at 8.80%. Women seeking loans past 75 lakhs to 5 crore and above 5 crore would be offered an interest rate of 8.80% and 8.90%, respectively. Male borrowers (salaried) can get loans of above 75 lakhs to 5 crore at 8.85% and above 5 crore at 8.95%. When it comes to self-employed counterparts, the interest rates for loans above 75 lakhs range from 8.85%-8.95% p.a.

How Does ICICI Home Loan EMI Calculator Work?

Now that you know the interest rates charged by ICICI Bank, it’s time to calculate the indicative installment using the calculator. All you need to do is to enter the loan amount, the rate of interest and the tenure to compute the applicable EMI, which forms a portion of both interest and principal amount that a borrower repays to the lender every month. As far as accessing the calculator is concerned, you can find the calculator online. Letting a borrower know their EMI beforehand, the calculator helps a loan seeker plan his budget in a way to pay the monthly repayment without any discomfort.

One more thing that you should take note of while using the calculator is a tenure. A longer tenure would most likely bring down the amount of EMI. However, the EMI over the years will lead you to pay excessive interest, which can be saved greatly with a relatively shorter tenure. The EMI amount will be slightly more, though, with a shorter tenure. Keep experimenting with tenures to find a one that can not only cut down the overall interest but also project an EMI amount you would be comfortable paying every month.

So, keep using the calculator to compute your home loan repayment. When you find the repayment to be a pocket-friendly affair, apply for a loan and step into your dream home. 
Checking ICICI Home Loan EMI Calculator a Must Before Buying Your Dream Possession Checking ICICI Home Loan EMI Calculator a Must Before Buying Your Dream Possession Reviewed by Internal on March 09, 2018 Rating: 5

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