The dream of owning a house is emotionally connected to our hearts. Although, sometimes it becomes difficult to take the first leap to achieve our dream. Do you want to buy a new house or renovate your old residence? So, you must be planning to apply for a loan from banks. But, are you not being able to calculate the monthly repayment amount? Hence, ICICI Bank introduces the Home Loan EMI calculator. ICICI Home Loan Calculator helps you to plan out your future perfectly.
About Home Loan EMI Calculator
Home Loan EMI calculator is also called a Home Loan repayment calculator. Home Loan EMI Calculator ICICI calculates the monthly instalments that you need to pay. You should have a clear concept regarding EMI or Equated Monthly Instalment before applying for the loan. A home loan is a lifetime investment. You should be alert and well-informed. However, the complicated interest calculations may confuse you. Therefore, Home Loan EMI Calculator ICICI will clear all your doubts. The EMI calculator is a stress-free and easy to access online tool. You just need to follow a few quick steps to use this EMI calculator. Carry on with your reading task to know more.
Calculate Home Loan EMI In ICICI Bank – Steps
ICICI home loan EMI calculator helps you to calculate the complicated interest amount on the total sum. At first, you need to decide the sum of money that you want to take as a loan. Afterwards, the online tool will help you with the exact monthly instalment that you need to repay the loan. The following formula is used to calculate the EMI amount online :
EMI= [P*R(1+R)^ N-1]
“P” stands for the Principal Amount
“R” stands for the Rate of Interest on a loan
“N” stands for the time calculated in several months
The calculator will simply display the EMI amount you need to pay from your monthly income. Apart from that, the calculator will also display the Principal Amount. The tenure for the repayment of the home loan, and the rate of interest on the total sum will be visible on the same page So, you can easily understand if you can afford it or not.
Major benefits of Home Loan EMI calculator – ICICI Bank
Own house gives a sense of security and safety. Although, it is too burdensome to buy a house entirely from your savings. It is indeed difficult to spend a lump sum amount to buy a house. You may go through stress in making a single payment while purchasing a house. Therefore, the ultimate solution is to opt for EMI instalments. But you may face difficulty in calculating the instalment break-ups and the rate of interest levied on the loan. So, EMI Home Loan Calculator is very beneficial in this regard. Let’s dive deep into further add-ons related to the same.
The customer needs to feed in the Principal amount, rate of interest and tenure to calculate the exact EMI amount. You don’t need to worry about complex calculations. The Home Loan EMI calculator will do the job for you. The EMI amount will be generated on screen in a few minutes. It will instantly clarify all the possible queries.
Selection of The Tenure
You can choose the suitable tenure accordingly. The EMI amount will be affordable if you choose a longer period. While you may desire to choose a short tenure to get rid of the loan quickly. ICICI Bank offers many affordable Home loan schemes. You may choose your favourable tenure. ICICI Bank helps you to avail yourself of a pocket-friendly repayment facility by lowering the EMIs based on your tenure.
Helps to Manage your Finance
You can efficiently estimate and plan for the future in a few minutes. You should keep in mind that a home loan must not exhaust your savings. This EMI calculator smartly comes to your aid. You can figure out your home loan plan, keeping in mind your current financial status.
There is no scope of error in calculation. Manual calculations may turn faulty. But EMI Home Loan calculators will not show incorrect figures to the customers. Quick results are provided online. You can completely rely on the EMI calculator. It is 100% accurate and gives a cent per cent outcome. There is no chance for wrong calculation. Therefore, the customers will not be misguided.
Easy To handle
EMI loan calculator is very easy to use. You can access this calculator without any hassle. You can estimate the EMI amount by using EMI Home Loan Calculator without visiting the bank. By sitting at home, you can find out your monthly repayment amount. It is truly customer-friendly. You can even find a repayment table displayed on the screen. This repayment table will help you to confirm your repayment plan with ICICI Bank. You may also alter the repayment schedule if required.
Hence, the ICICI Bank home loan EMI calculator make your dream come true. You may refurbish or extend your existing residence under a home improvement loan and home extension loan, respectively. You can quickly estimate the monthly amount you need to repay the loan in a given time frame over the online tool. ICICI offers Home loans to NRIs too.