How can ICICI Home Loan EMI Calculator be Useful to you? Be it personal loans or home loans, EMI payment is a must for both of them. A lot of questions related to EMIs start bothering us when we are about to take a personal loan or home loan. How much EMI will be going from my account? How long will I have to pay the EMIs? How much percentage of my salary will the EMI payment be? Only one thing can answer these questions - ICICI Home Loan EMI Calculator. A calculator? I know that’s just some normal stuff. Trust me, you wouldn’t ever call it normal after doing such complex calculations by yourself. ICICI home loan EMI Calculator gives you the Equated Monthly Installment (EMI) figure within milliseconds. All you have to do is enter just three details. You might be thinking whether the personal loan calculator or the home loan calculator are the same. They are absolutely the same and work on the same principle. Why should you Use ICICI Home Loan EMI Calculator? Bargaining Power: When you’ve access to some kind of knowledge, don’t you feel powerful? Similarly, when you’ve clarity about the EMI calculation, it helps you negotiate better with banks & NBFCs. Knowing the EMI and other calculations makes you feel confident and you can bargain easily with lending institutions. Enables Planning: If you know the EMI value well-in-advance, at least you’ll be clear about how to plan your monthly expenses. Home loan is the costliest debt that a person takes. It takes away 30-40% of your disposable income every month as EMI payment. Knowing the EMI will help you do a better evaluation of your needs and wants. During repayment of loans, you should always give preference to needs over wants. Servicing the debt is of prime importance. Easy to Use: Imagine doing a calculation based on this formula, EMI = [P x R x (1+R)^N]/[(1+R)^N-1], by yourself. It’ll be so complicated and will lead to errors. With ICICI Home Loan EMI Calculator, it’s all easy. It works just like your normal calculator. This EMI calculator takes three factors into consideration to determine the EMI. These are - Loan Amount, Tenure of the Loan and Rate of Interest. All you have to do is just enter these three details and the EMI results will flash on your screen within milliseconds. How to use ICICI Home Loan EMI Calculator?
Don’t worry, this is not like some other technology that will give you anxiety. Using ICICI home loan EMI Calculator is not some rocket science. Infact, there is no science involved. All you have to do is just fiddle around with three sliders. These three sliders is what constitutes the EMI - Interest Rate, Tenure and Loan Amount. Just move the slider or enter the loan amount you desire. Then, choose the interest rate you want from the bank. Lastly, enter the tenure you will be able to repay the loan. Hit enter, and the result will flash on your screen within milliseconds. You can use the ICICI home loan EMI calculator on the official website of ICICI. Alternatively, you can log on to the website of some financial technology companies and check your EMIs. What ICICI home loan Interest Rate like? Well, yeah, even I thought we missed something in the above mentioned list of awesome benefits provided by ICICI. The most important of it all, one that affects us so much - ICICI Home Loan Interest Rate. At the moment where banks & other NBFCs are providing excruciating interest rates, ICICI is providing home loans at interest rate starting from 8.60%. Maximum rate of interest given by ICICI is 9.25% per annum on home loans. It gives its customers the choice to opt between fixed rate of interest or flexible rate of interest. However, you end up paying more interest if you go with the fixed rate of interest because its immobile nature. Whereas, floating rate of interest depends on the market and has the ability to go down by a certain percentage over time. Purchasing a house is the most financially exhaustive process. That is why to reduce a little burden off your shoulders, ICICI home loan interest rate is low.