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To help you plan better your financial goals, ICICI bank home loan prepayment calculator provides options to create best financial plan. You can see here how prepayments could impact on your overall tenure or to reduce your monthly EMI. It is simply visualizing your future actions to make you understand how extra interest burden is possible to reduce at great extend.
Buying a home is a big financial decision and as ICICI banks home loan makes it easier with eligible repayment options competitive interest rates of 8.75% onwards and simple processing. Whether you want to buy constructor or renovate, ICICI bank offers loans with tenure of 30 years An attractive features like prepayment options to reduce your overall interest burden.
ICICI Bank Home Loan Prepayment Calculator – Features
One of the standard feature offered here is the option to include lumpsum prepayments with this functionality, you can check Effects of prepayments on loan tenure and EMI amounts.
- Input and extra payment amount: Enter a one time payment made in addition to the regular emi and mention the month of EMI.
- Review its effects on EMI: Determine if the extra payment will reduce the emi amount allowing for lower monthly outgoing.
- Review impact on tenure: See how making a lump sum payment can shorten the overall duration of your home loan.
- You can print the amortization table easily.
Guide To Use Home Loan Calculator
- Enter the loan amount, rate of interest and loan tenure.
- For normal repayments with no lump sum amount you will get Estimate according to your tenure and interest selected.
- With prepayment of Lumpsum amount: by entering some repayment and month number at which repayment to be done, you will get two assessment towards reducing the tenure of your loan or to reduce the monthly EMI.
- assessment comments: in Ramsam Assessment Commands you will get highlights of what is the impact on tenure and monthly EMI, this section helps you to understand an impacts of lumpsum prepayments.
EMI Calculations
- EMI Calculations: The Monthly EMI computed as
- EMI Calculations:
- P= Loan amount, r= monthly intrest rate (annual/12), n = Total number of Months.
- Monthly Breakdown
- Intrest: Outstanding*r
- Principlal: EMI-Intrest
- New Outstanding: Previous Outstanding- Principal Paid.
Calculation Example
- Sushant taken loan of 25,00,000 for tenure of 20 years, and interest rate will be 8.5% per annum.
- With normal scenario without prepayments, Sushant has to pay 27 lakhs as an interest amount and total amount to be paid at the end of loan tenure will be 52 lakhs.
- If Sushant decided to make prepayment of 10,00,000 at 24th month. if he decides to reduce the tenure of loan with this prepayment, He will save loan tenure and interest as given below.
- It’s Sushant wanted to reduce monthly emi, then he will get following benefits.
ICICI Bank Home Loan Prepayment Rules
- Floating rate loans: no repayment Charges you can repay early without extra cost.
- Fixed rate loans: 2% prepayment charges + taxes if you pay off the loan before tenure ends.
- Lock in period: Some loans may have restrictions on early payment, so check your loan agreement.
For more correct information you can visit official website
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