EMI Calculator 890 views
ICICI Bank home loan is one of the best options you have in the banking sector today. With the facility of different home loan schemes, ICICI Bank makes it easier for a person to make a choice. The interest calculator or the EMI calculator is another helping hand for the customers who are either planning to take a loan or are already a loan borrower. There is a special home loan EMI calculator with tells you the monthly installments and the maturity value.
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Table of Contents
Housing Loan Interest Rates
With the low-interest rate option, ICICI home loan is presently one of the best home loans in India. There is a concession for women applicants as well. Have a look at the rates below:
|Interest Rate||8.35% - 8.85%|
|Tenure||Up to 30 years|
|Processing Fees||0.50% - 1% of the loan amount plus GST|
|Prepayment Charges||Nil (in floating rate) else 2% plus GST on principal outstanding|
Home Loan Calculator
EMI Calculator is also popular as an interest calculator. This tool functions online so as to make it convenient for you to know the EMI payments anytime anywhere. The home loan EMI calculator, like other loan calculators, takes into account the basic details of your loan: the loan amount, the interest rate, and the tenure.
Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Once you have mentioned these details, you get your home loan EMI details in the form of pie-chart. Since the interest offered to you by ICICI Bank is the annual rate, the calculating tool converts the annual rate into the monthly rate and then gives the result. Here is the formula used for the calculation.
EMI Calculation Formula
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
ICICI Home Loan Customer Care
ICICI Bank is known for its customer service as it has always helped its customers in case of any query. As a result of which there is a special assistance team for the loan borrowers with a separate one for home loans. So, if you have applied for a loan and want to check the status of your application or you just want to contact the bank and want to know whether or not you can get the loan, just contact the customer care department. The contact number is different for each city which is available at the official website of the bank. However, you can also dial 1800 200 3344 between 9 a.m. to 6 p.m. from Monday to Friday.
ICICI Home Loan Statement
The borrowers will get the loan statement every month on the registered email ID provided at the time of applying. The statement includes the EMI deduction details and other details related to your loan repayment which can be reviewed by the customer. In case of doubts, you can also contact the nearest bank branch or can dial the customer care number as mentioned above.