How ICICI Home Loan EMI Calculator Helps You Choose Suitable Interest Rates?

Home is one of the most primary things that an individual needs in his or her life. Nobody wants to face the daily struggle of a rented house. To ensure people get their own homes, lenders provide home loans to customers at affordable interest rates. With a Home Loan, a customer can get a loan amount ranging from 75% to 90% of the overall property value. But people often ask about how to choose suitable interest rates for themselves. They don't know that ICICI Home Loan EMI Calculator can help them when they are choosing the best rates.

You must be thinking that how can a Calculator help you choose the best interest rates? Well, first of all, you need to understand that Home Loan Interest Rates is one of the crucial factors in a Home Loan. The reason behind this is the nature of a Home loan which is considered to be high ticket purchases among people. Other than this, people opt for a home loan for a long period; 15 to a maximum of 30 years. ICICI Home loan EMI Calculator helps customers in getting an estimate of the monthly installments.

In this article, we will be talking about how you can choose the best interest rates for you with this tool. Keep reading to know more!

How does ICICI Home loan EMI calculator work?

First of all, let's know what does ICICI Home Loan EMI Calculator work? Well, as you can see from the name, with this tool, you can know the EMI amount for your home loan. So, let's say you are going to opt for a home loan and want to have an estimate of the EMI before making the final decision, this tool can help you.

Customers only need to put a few basic details into the calculator and it will give instant results. So, what are these details? Well, these details are Required Loan Amount, Home Loan Interest Rates, and Tenure (maximum of 30 years). As soon as you feed these details into the tool, you will get the EMI amount within a second. Other than this you will also know about the Interest Outgo and Total Amount payable.

The best thing about ICICI Home Loan EMI Calculator is that it provides results instantly and you don't need to do the tiring and complex calculations.

How to choose the best Home Loan Interest Rates?

Any individual wants to choose the lower interest rates when going for a loan. The reason: rates directly affect your repayment amount. So, the higher the rates will be, the higher will be the EMI amount. The case is not different in a home loan too. And home loans are high ticket purchases, so if you choose a higher rate, the interest amount will also be high.

So, how can you choose the best rates with the ICICI Home loan EMI Calculator? Well, when going for a Home loan, always look if the EMI amount is low with the help of this amazing tool.

Let’s understand this with an example. Suppose you want to opt for a 15-year home loan of 30 lakh. But you are confused between the suitable interest rates between 7.10% and 8.50% per annum.

So, we will put these details into the EMI Calculator and whoever gives less EMI amount, that rate would be best for you.

On choosing the rate of 7.10% per annum, the EMI amount would be INR 27,217 and the interest outgo will be INR 18,99,070.

On the other hand, when you choose the 8.50% per annum, the EMI amount and interest outgo would be INR 29,542 and INR 23,17,594 respectively

So, you can see when you choose the lower rate of 7.10% per annum, the EMI amount is lower as compared to choosing the interest rate of 8.50% per annum. This is why you should always use the ICICI Home Loan EMI Calculator before going for any loan.