As the home loan remains invariably in large amounts, the repayment period has to be substantially longer to accommodate the EMI on your budget. But, at the same time, there needs an eye on the interest payment that would go through the EMIs whose extended form is Equated Monthly Installments.
So, there’s a need to research on the lenders that can offer you a loan and that too at an attractive rate of interest to rein in the outgo. While researching, you could come across ICICI Home Loan Interest Rate offers. As it is a reputed bank with around 5,000 branches across India, you could think of evaluating its offer. And so, you should, to assess your feasibility to the loan offered from the Mumbai-headquartered private lender. So, come and assess your feasibility here.
ICICI Home Loan Interest Rate for Existing Customers
You can get a home loan at 8.55%-9.05% per annum for a period as long as 30 years. The rates are based on the loan amount, which can be offered even beyond 5 crore, adequate finance to buy a property in India. For a ₹30 lakh loan, the interest rate is likely to be 8.55%-8.75% per annum. Loans between ₹30-75 lakhs are charged at 8.85%-8.90%. The interest rate would be 8.90%-9.05% for loans from ₹75 lakhs to more than ₹5 crores.
Home Loan EMI Calculator ICICI
Should you test the interest rate on the EMI calculator? You would answer in affirmative, right? This can be brought to you by ICICI Home Loan EMI Calculator. You just click on the same while going online. The calculator will open out on the screen, requiring you to just enter the loan amount, interest rate and tenure. The moment you enter these, the results will flash out on the screen in terms of EMI as well as total interest outgo.
Should You Only Check the EMI?
The question sounds apt here as many do this, apply and continue to remain in the same zone throughout. What happens then is the outflow of non-stop interest from your wallet. You may not even bother about it as you would be busy paying the EMI and managing your spends accordingly. In a way, you are right. But, if you see the payment summary entirely via EMI calculator, you will understand the depth of the matter.
The calculator also shows the amortization of loan into interest and principal repayments, along with the outstanding balance at the end of every year till the time you have chosen to service the debt. When you glance at it, the total outgo can so easily double to that you have owed. And, if you have just started off the loan journey, you should look to prepay at least 8-10 years before the expiry of the original loan tenure.
You can do so by investing in mutual funds, fixed deposits, recurring deposits, etc, to accumulate a surplus that would be sufficient to get you over from the debt much before it finishes off.
So, how has been the explanation of ICICI Home Loan? Please let us know about it in the comment section. Remember a loan is good when you are able to repay smoothly besides saving a lot of interest.