home-loans

ICICI Home Loan EMI Calculator- Prepare Yourself For Repayment

Finance

A home loan generally extends up to 30 years and if you are not prepared for the repayment, it can lead to a unnecessary stress on your pocket. To avoid that pressure, a loan EMI calculator can prove to be a great help. At ICICI Bank, you get the chance to choose the tenure as per your repayment capacity so that you can pay the particular EMI for the whole period.

It is also important to note that, if your existing home loan is not with ICICI Bank, here also an ICICI home EMI calculator can be helpful. You can transfer the loan to ICICI Bank and pay a much lower EMI as compared to the existing one. Let us see how the calculator works.

ICICI home loan calculator

A home loan calculator is a tool that is used to calculate the EMI on the loan. This calculator takes into account the loan amount, interest rate and the tenure and on the basis of which it tells the details of EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹20 lakhs for the tenure of 20 years at the interest rate of 8.35% p.a. Your payment details will be as follows:

EMI- ₹17,167

Total Interest Outgo- ₹21,20,094

Total Amount (Interest+Principal)- ₹21,20,094

What is the home loan interest rate at present?

The bank is presently offering home loans at starting rate of 8.35% per annum (for women) and 8.40% per annum (for men) which goes up to 8.85% per annum.

How much loan amount can you get for ICICI home loans?

The bank understands the needs of a home loan borrower as a result of which it believes in giving a higher loan amount so that major expenses are covered under the loan. The maximum loan amount you can get from the bank depends on your requirement and your loan purpose.

What is the eligibility required to apply for the loan?

The home loan eligibility at ICICI Bank is as follows:

  • Salaried and Self-employed individuals with the regular source of income
  • The applicant must be between the age of 21-65 years
  • The minimum age of the applicant should be 18 years

What are the documents that you must have?

The list of documents required to apply for the home loan is as follows:

For Salaried

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns

For Self-employed Professional

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns
  • Education Qualification Certificate & Proof of Business Existence
  • Last 3 Years Income Tax Returns with Computation of Income
  • Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

For Self-employed Non-Professionals

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns
  • Proof of Business Existence
  • Business Profile
  • Education Qualification Certificate & Proof of Business Existence
  • Last 3 Years Income Tax Returns with Computation of Income
  • Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

What are the schemes available for ICICI Home Loans?

The different types of schemes based on the requirement of the borrower are mentioned-below:

  • Cashback Home Loans
  • Step Up Home Loans
  • Extra Home Loans
  • Pragati Home Loans
  • Pradhan Mantri Awas Yojana
  • Saral Rural Housing Loan

 

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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