Tagged: apply home loan

Benefits & Types of Home Loan Calculator

A home loan calculator would include the eligibility calculator, interest calculator or EMI calculator and the amortization calculator. With the help of these calculators, an individual can know each and every detail of the loan he/she has taken. The advantage of using these calculators is that you get to know your loan affordability with the help of which you can take the right decision.

In this article, you will get the little description of each of the above-mentioned calculators:

EMI Calculator:

A home loan EMI calculator is also popular with the name interest calculator. It is the tool that is used to calculate the monthly installments of the loan. The major advantage of using a calculator is that you get accurate results instantly. Other than the accuracy, you get the advantage of knowing in advance, not only the EMIs or the equated monthly installments but also the total interest outgo and the total amount (principal+interest). This tool takes into account the following details:

home loan

  • Loan amount
  • Tenure
  • Interest rate

On the basis of the above data, this calculation tool would give you the details of the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan with the below details:

  • Loan amount- ₹20 lakhs
  • Interest rate- 8.50% p.a.
  • Tenure- 20 years

The payment details will be as follows:

  • Monthly EMI- ₹17,356
  • Total Interest Outgo- ₹21,65,552
  • Total Amount (Interest + Principal)- ₹41,65,552

The calculator is easy to use and gives accurate results within few seconds. Hence, it is time-saving and customer-friendly both. Also, there are n number of online EMI calculator for home loan available in the market that you can use according to your convenience. Most importantly, the calculator gives you the option to check the monthly installments n number of times before applying. With the help of this, you can change your mind if you find the loan out of budget instead of getting stuck with a decision that might not be so pocket-friendly. Also, it is important to note that the calculators do the calculation without adding the processing fees. As you know, there is a certain processing fee included other than the interest rate which is generally 1-2% of the principal amount. So, if you will know the monthly installments, you can add the processing fees into it and then take the right decision.

Amortization Calculator:

An amortization calculator is interconnected with the EMI calculator. The difference between an interest calculator and amortization calculator is that the first one is used for the calculation of monthly installments and the second one tells you the annual interest outflow at the end of your tenure. In simple terms, for the above loan details, the amortization table would tell you the detailed information for each year until the 20 years of tenure. It will give you the details of the principal, total interest outflow and the balance amount of each year.

The importance of this calculator is that it gives the borrower the idea about the future payments he/she will have to make and if possible he/she can initiate the foreclosure process and close his/her loan.

 Eligibility Calculator:

The eligibility calculator is the calculator that helps the applicant know his/her loan eligibility. Since the interest rate and the loan amount that an applicant get on a particular loan are subject to change from lender to lender and from an applicant to applicant. Having said that, the eligibility calculator takes into account the following details:

  • Type of employment
  • Monthly salary
  • City

After you will fill up the above details, you will get the list of options that you are eligible for. You can check your eligibility with the help of the home loan eligibility calculator as per your convenience and profile in just a few seconds.

Crux of the advantages of using calculators:

  • Time-saving
  • Accurate results
  • Flexible Options
  • Comparison facility
  • Convenient

Thus, it is quite clear that different types of calculators have different benefits and the usage. So, using these calculators in is also the right thing before applying for a home loan.

 

ICICI Bank Affordable Home Loans at Your Convenience

ICICI Home loan is a trusted brand name which is widely recognized by various customers. It offers a vast array of home loan products for the purpose of ready/under construction, residential property/construction of a residential property on own land. Other facilities encompass pre-approved home loan, step-up and balance transfer.  

home loan

ICICI Home Loan Interest Rate:

For Women customers ICICI levies following interest rates :

Floating Interest:

  • For loan amount upto ₹ 75 lakhs – 8.65% p.a.
  • For loans amount to ₹ 75 lakhs to ₹ 5 crore – 8.70% p.a.
  • For loans above ₹ 5 crore – 8.80% p.a.

Fixed Interest Rate for 5 Years, 10 years:

  • For loan amount upto ₹ 30 lakhs – 8.70% p.a.
  • For loans amount to ₹ 30 lakhs to ₹ 5 crore – 8.80% p.a.
  • For loans above ₹ 5 crore – 8.90% p.a.

Full Tenor Fixed Interest Rate:

  • For loan amount upto ₹ 30 lakhs – 9.70% p.a.
  • For loans amount to ₹ 30 lakhs to ₹ 5 crore – 9.80% p.a.
  • For loans above ₹ 5 crore – 10.05% p.a.

For Salaried & Self-employed borrowers except Women ICICI charges following interest rates:

Floating Interest:

  • For loan amount upto ₹ 75 lakhs – 8.70% p.a.
  • For loans amount to ₹ 75 lakhs to ₹ 5 crore – 8.75% p.a.-8.85% p.a.
  • For loans above ₹ 5 crore – 8.85% p.a.(for self-employed  borrowers)

Fixed Interest Rate for 2 Years, 3 years:

  • For loan amount upto ₹ 75 lakhs – 8.70% p.a.
  • For loans amount to ₹ 75 lakhs to ₹ 5 crore – 8.75% p.a.–8.85% p.a.
  • For loans above ₹ 5 crore – 8.85% p.a.(for self-employed borrowers)

Fixed Interest Rate for 5 Years, 10 years:

  • For loan amount upto ₹ 30 lakhs – 8.75% p.a.
  • For loans amount above ₹ 30 lakhs  – 8.85% -8.95% p.a.

Full Tenor Fixed Interest Rate:

  • For loan amount upto ₹ 30 lakhs – 9.75% p.a.
  • For loans amount above ₹ 30 lakhs – 9.85%-10.10% p.a.
  • For Weaker-section borrowers (Scheduled Caste/Scheduled Tribe) ICICI charges following interest rates:

Floating Interest:

  • For loan amount upto ₹ 28 lakhs – 8.65% p.a.

ICICI Home Loan Eligibility:

  • The borrowers home loan eligibility for home loans should fall in the category of salaried employees/self-employed professionals/self-employed non-professionals(businessmen).
  • The minimum age limit of the borrower should be 18 years and less than 70 years at loan maturity.
  • The processing fee ranges 0.50% – 1.00% of the loan amount or Rs. 2000/- whichever is higher + applicable Service Tax & Surcharge.
  • The applicable prepayment charges are :
      • No charges applied for Home Loans and  Home Improvement Loans with floating rate of interest
      • 2% plus applicable taxes on balance principal amount on full repayment for Home Loans with a fixed rate of interest.
      • 2% plus applicable taxes on balance principal amount on full repayment for Home Loan Top- Up loan if the applicant or co-applicant is Non-Individual.
  • 4% plus applicable taxes on principal outstanding where loan is sanctioned to Non- Individual borrowers or with fixed rate of interest to Individual borrowers. If the loan is approved prior to March 1, 2011, then prepayment charges would be 2% plus applicable taxes.

ICICI Home Loan Calculator:

Home Loan EMI is the amount payable to the borrower as a repayment towards their borrowed loan amount to finance your home. EMI is calculated subject to the borrowed amount, sanctioned rate of interest and loan tenure.

ICICI Home Loan Documents:

Common documents are required to be submitted by Salaried/Self employed professional/Self-employed non-professional(businessmen):

  • Duly signed application form along with photograph
  • Identity, Residence and Age proof-Any 1 (Aadhaar Card, PAN Card or Election Identity Card)
  • Last 6 months bank statements
  • Last 3-months salary slip
  • Processing fee cheque
  • Form 16/Income Tax Returns

Apart from the other documents, there are other documents which need to be submitted by both self-employed professional/self-employed non-professional(businessmen):

  • Educational qualification certificate and proof of business existence
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified/Audited Balance Sheet and Profit & Loss Account

Other documents need to be submitted by Self-employed professional :

    • Proof of business existence
    • Business profile

ICICI Home Loan Customer Care:

If you have any questions or doubts about prevailing interest rates on home loan products or know more about scheme related information, contact an experienced customer care personnel on :33667777 / 44455000(Mumbai).