Home is a basic necessity for common people in our country. But not everybody can afford to buy a home with full payment. Various leading banks and financial institutions of our country provide the home loan facility to their customers so that they can have own roof over their head. ICICI Bank is one of those leading banks that provide a home loan facility with amazing interest rates. Before taking this facility, one must have an estimation of the EMI amount which can be calculated by ICICI home loan EMI calculator.
A lot of people don’t take this EMI calculation part seriously and end up paying a higher EMI amount than they can afford. Why? Because they ignored to use ICICI home loan EMI calculator with which they can have an estimate about the monthly installments according to their repayment capability. So if you’re thinking about opting for a home loan facility and worrying about the EMI amount, fret not! Because in this article, we will be telling you about how to use the EMI calculator and its benefits in detail. Details you’ll need to use ICICI Home Loan EMI Calculator: Well, you must be thinking about that okay, we can use the calculator to know the EMI amount. But what are the details that you need to have in order to use? Worry not, you only need a few basic details to use ICICI home loan calculator in an efficient way. You can have a look at them below. Desired Loan Quantum: You must have figured out the loan amount that you’ll be needing. It is advisable to choose the loan amount only according to your repayment capability. Fill the desired amount in the required space or you can scroll to your desired value. Rate of Interest: It is the most important part of a home loan facility, as it can affect the amount of your EMI to a large extent. ICICI home loan interest rates range from 9.05% to 9.25% per annum which depends on a variety of factors like your age, employment type, gross income, and most importantly, your CIBIL score. Having a good CIBIL score (above 750) can get you a home loan at a lower rate of interest. Loan Tenure: Loan tenure is the number of years in which you will repay the loan amount with interest. You can scroll to your desired tenure or fill it manually in the calculator. ICICI bank offers a loan for a maximum of 30 years to both salaried and self-employed individuals. Remember that choosing a higher number of tenure can make you pay a higher amount of interest. After putting all these details into the calculator, you will get the exact amount of EMI in a flash of a second. This EMI amount is a part of your principal and part of your interest amount. ICICI home loan EMI calculator will also give you the total interest amount that you’ll pay over a period. Benefits of using ICICI Home Loan EMI Calculator: There are various benefits of using this calculator. You can have a look at the benefits mentioned below.
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Anika Sharma
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