Buying your home turns out to be an investment which you can cherish till lifetime. The feeling of living in your own house can’t be described in words. There comes a point in your life when you are settled and wish to buy your own house. Since you can not arrange the entire finance at one go, you end up taking a home loan from a bank.
ICICI bank is one of the major players in the Home loan segment and provides affordable interest rates to the loan seekers.
Now it is very important for you to consider many factors before taking the decision of securing a loan from any bank. People who don’t pay much attention to such factors often end up paying more to the bank. A home loan seeker should always keep in mind that a home loan is a long term commitment and goes on for a maximum period of thirty years. So can you tell me those main factors which have to considered while availing a home loan? Your answers will be interest rates, processing fee or tenure right? But the main factor is missing here. That crucial factor is EMI. Truth to be told, there are many people who are not aware of the fact that even a small difference in the EMI amount can make a change to your total interest payable. This will make quite a change in your loan journey.
So today I am going to provide you with an interesting topic of discussion. To all those who are planning to avail a home loan from ICICI bank but are not well versed with the calculation aspect, I have some essential information for you. I will be telling you about ICICI Home Loan EMI Calculator through which calculation can be made instantly.
Yes, this article will give you all the relevant information about the magical tool that has made complex calculations easier for us. Before we move forward to main crux, I would like to inform you about EMIs.
EMI stands for equated monthly installments and has to be paid every month to the bank till the time the loan term matures. EMI is a combination of the principal and interest amount that has to paid every month. In case, the EMI amount is higher, there is a greater possibility that you will end up disturbing your monthly budget. You are required to pay the monthly EMI till the time your loan amount is fully repaid along with the interest.
It is very important to keep a tab on your EMIs because then you will be able to decide whether the amount is pocket friendly or not. As a matter of fact, there are many people who don’t take into consideration the calculation and hence end up paying more. This is where an ICICI Home Loan EMI Calculator will turn to be useful for them.
The tool is simply magical because it has made the calculation process very easy and hassle free. You can now bid farewell to the manual calculation which is complex and confusing. You can instead use ICICI home loan EMI calculator to calculate your monthly EMI amount.
The best part is the tool not only saves your time but also is very effective. You can compare the EMI amount offered on different interest rates and then take a decision accordingly. In case, you feel a particular interest rate can cause a hole in your pocket, then you can ask for a better rate from the bank. Since you are able to compare, you will end up taking the best interest rate for a home loan product. By using the calculator, you will not only find information about your EMI amount but also the total interest which you will be paying to the bank. Let’s make things crystal clear for you with the help of an example.
Suppose Abhishek Ranjit, a software engineer working in a leading company wishes to buy a home in New Delhi. He is earning a monthly salary of ₹80,000 and wishes to avail a home loan from ICICI Bank.
The bank after checking his eligibility offers him a loan amount of ₹20,00,000 for a tenure of 15 years. Now using this calculator, Abhishek can check out the monthly EMI he will have to pay to the bank. He will also be able to find out the total interest payable.
So let the magic begin. Abhishek will have to pay an EMI of ₹25,011 to the bank every month till the tenure expires. The total interest payable will amount to ₹10,01,389. This means, Abhishek will be paying a total amount of ₹30,01,389 to ICICI Bank. The tool will help Abhishek in taking a good and balanced decision and provide him a hassle free loan journey.