ICICI Home Loan EMI Calculator | ICICI EMI Calculator

Home loans are quite common these days. Several Financial institutions and Non-banking Financial Companies are offering financial aid to individuals with a flexible repayment tenure and rate of interest. In this article, we will look into ICICI bank home loan emi calculator, its benefits, types, mortgage rates, and other related information.

An Overview of ICICI Home Loans EMI Calculator.

The most popular financial product offered by financial and non-banking sectors is a home loan or house loan. These are the category of secured loans, end-user restricted. The borrower needs to submit their property documents before loan approval and can use the approved loan amount only for purchasing housing property. Repayment of the loan amount is made easy with EMIs. They remain fixed for every month of the repayment tenure. To know EMI amount an individual needs to pay over a loan amount and for a particular period, a tool called EMI Calculator is used to plan investments proficiently.

Under the CLSS scheme of Pradhan Mantri Awas Yojana or PMAY, first-time borrowers get subsidy on the rate of interest. The bank offers an affordable and competitive rate of interest starting from 9.05% for home loans and repayment tenure extended up to 30 years. 

Features and Benefits of ICICI home loans.

• Lower EMIs and an attractive rate of interest allow customers to make a convenient and feasible loan repayment.
• The bank uses all the latest technologies that make the application process simple and faster loan approval.
• The eligibility criteria are simple. The loan repayment amount is determined as per the borrower’s monthly income.
• Two types of interest rates – fixed interest rate and floating interest rate are offered to the customers. One can enjoy a fixed rate of interest for the initial 10 years of the loan approval and the remaining tenure with at a floating rate.
• Minimum formalities and a few paperwork are required.
• The ‘Balance Transfer’ feature provided by the help allows customers to transfer existing home loans from other financial institutions to the bank and helps in long term savings.
• Home loan eligibility calculator ICICI and EMI calculator are the unique online tools available on the bank’s official website.

Equated Monthly Installment or EMI consists of two parts – the loan amount and the interest charges. ICICI bank home loan EMI Calculator, takes the principal amount as P, the rate of interest as R, and the repayment tenure is N. Then it calculates the EMI, a customer needs to pay on the loan amount. The formula used by the EMI calculator ICICI bank to identify the EMI amount is,

EMI = {(P*N*(1+R) N) / ((1+R)N-1)}

Importance of Using ICICI bank EMI Calculator.

• EMI Calculator repayment helps an individual to identify the total repayment cost of the loan including the principal and interest charges.
• ICICI home loan interest rate calculator provides an accurate interest figure that is to be paid on the loan amount.
• With the help of EMI calculator home loan, you can make a decision faster and hassle-free by considering the loan amount, repayment period, and the rate of interest charged.
• You can access the calculator with multiple devices at any time and from anywhere.
• It is more convenient and time-saving than manual calculations.

Beside ICICI bank, EMI calculator SBI and other top large banks of India offer an easy, convenient, and accurate loan repayment amount details to the customers before they apply for a loan and select a particular tenure.

Eligibility criteria to apply for ICICI Bank home loan.

One needs to look into the eligibility criteria beforehand to have their loans approved easily and conveniently. With the help of eligibility criteria, you can understand the total cost of the loan repayment and considering your affordability you can select loan amounts and the tenure you require to repay the entire amount.

The eligibility criteria are  –

• The applicant must be within 18 to 65 years of age.
• The co-applicant must be within 21 to 65 years of age.
• For NRIs, the age limit is 25-60 years.
• The borrower can be either a Resident of India or a Non-resident Indian (NRI).
• Salaried, self-employed, and self-employed professional can apply for house loans.

The documents required for home loans are –

• Identity Proof – This can be Voter ID, Aadhar Card, valid Passport Driving License, or Pan Card.
• Residential Proof – A copy of utility bills can also be submitted.
• Age Proof – Any of these are required – Birth Certificate, Aadhar card, valid passport, and Voter ID card.
• Income proof – This includes bank statement of the previous six months and Form 16 or Income Tax Returns.
• Other documents such as application form, processing fee cheque, and property documents.

Different Home Loan Schemes of ICICI Bank.

1. ICICI Bank Instant Home Loan –

• Customers having salary account in the bank can avail pre-approved housing loans up to Rs. 1 crore.
• The processing fee for both salaried and self-employed individuals is up to 2% of the total loan amount along with the applicable tax.
• The floating rate of interest for salaried ranges between 8.65 – 9.25 % and for Self-employed individuals is 8.80 – 9.40%.
• At the time of loan sanction, no documents of the borrower are asked by the bank to submit.

2. ICICI Bank 30 Year Home Loan –

• Customers can avail competitive interest rates on both fixed and floating-rate loans.
• For Salaried employees, the floating rate of interest is 6.90-7.95%, and for Self-employed individuals, the rate of interest is 7.05-8.05%.
• The processing fee is up to 2% of the loan amount or Rs. 1,500. It applies to a higher amount either of the two.
• The repayment tenure can be extended to 30 years.
• For per 1 lakh, the EMI is as low as Rs. 808.

3. ICICI Bank Step Up Home Loans –

• The monthly income (minimum) should be Rs. 20,000 and is suitable for young salaried professionals.
• The tenure of the loan can be extended up to 20 years.
• The floating rate of interest ranges from 6.90% to 8.05%.
• The processing fee can be up to 2% of the loan amount or Rs. 1,500 and Rs. 2000 for Bangalore, Mumbai, and Delhi.

4. ICICI Bank NRI Home Loan –

• Customers can avail competitive rates of interest.
• The processing fee is up to 2% on the home loan with addition to the applicable taxes.
• The rate of interest is determined on a monthly reducing basis. This allows the customer to save more from the interest amounts.
• The part-prepayment is having zero charges.

5. ICICI bank Pradhan Mantri Awas Yojana – Under PMAY, the eligible beneficiaries of Credit Linked Schemes or CLSS can apply for this home loan scheme. Customers can either purchase a new flat/property, construction of the house, renovating, remodelling, or extension of an existing house. under this scheme, the beneficiaries can avail several advantages for the first-time.
6. A microloan scheme named ‘Apna Ghar Dreamz’ is launched by ICICI Home Finance for skilled professionals working in the informal sectors of the country. The loan amount may range between Rs. 2 lakh and Rs 50 lakh with a bank account balance of Rs. 1,500.
7. Saral-Affordable Home Loan Schemes is offered by the bank for women and Middle Income Group having an annual income of Rs. 3 to 6 lakh. The rate of interest starts from 7.98% and the repayment tenure can be extended up to 20 years.

Also read : Axis Bank Home Loan Interest Rate 2020

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