It’s important to gauge your expenses with regard to the repayment of any loans you may have. Online EMI calculators help you do this with tremendous precision. ICICI’s Home Loan calculator helps you decipher and plan your monthly financial expense payable towards your loan, so that you won’t have to burden yourself in future with any unexpected costs. By entering basic details such as loan amount, interest rate, etc., the EMI calculator will give you all the information you need, including how much interest you’d be paying, what the principle is, and of course, what your Equated Monthly Instalment is going to be.
Bank Wise Home Loan EMI Calculator
You can also use Bank Bazaar’s EMI calculator to comprehend your Equated Monthly Instalment. This can be very helpful to compare offers from several banks, which in turn will help you avail the best possible offer for Home Loans.
Before using this calculator, keep handy, information such as the proposed loan amount and tenure, interest rate and processing fee (percentage), if any. Steps to use this tool as below.
To use the ICICI Bank EMI Calculator, follow the below mentioned link:
Tenure: 30 Years
Rate of Interest: 9.45 %
Processing Fee: 0.5%
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
ICICI Bank’s Home Loan Eligibility Calculator makes it easy to assess whether a person is eligible for a loan offered by the bank or not. Your eligibility is calculated by considering various factors like age, monthly income, etc. By entering these simple details, the calculator will let you know if you’re eligible or not. To calculate your eligibility for Home Loans from ICICI Bank, Visit: https://loan.icicibank.com/asset-portal/home-loan/check-eligibility
By taking a Home Loan, one may be eligible to save tax by claiming deductions in your IT against principal and interest payments. This is administered by Income Tax Laws of Government of India. And, by just entering a few basic details of your loan, you will be able to comprehend the amount of tax that can be saved. To calculate the amount of tax that can be saved by you, Visit: https://infinity.icicibank.co.in/calculator/home-loan-tax-saving-calculator.jsp
Calculating your EMI before acquiring for a loan has several benefits:
When you infuse the loan account with additional payments, it reduces the outstanding amount in the loan account, which in turn reduces the interest charges. It also helps in clearing the loan much quicker.
Since the interest rate is applied on the basis of “reducing balance principle”, the interest charges are slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest also comes down proportionately.
There may be a slight difference due to the method of actual calculation by the bank and the inclusion of other charges and fees in the loan.