6/7/2023 0 Comments Talking magic calculator![]() If you are not an individual borrower, then ICICI bank is allowed to charge prepayment.The cases when ICICI bank is allowed to charge prepayment penalty as per RBI guidelines in case of: Is there any Prepayment Charge on ICICI Home Loan? You should fetch the returns derived from your present investments into consideration.You should thoroughly evaluate & also compare all your savings through the ICICI home loan prepayment calculator.You should choose very intelligently between the EMI reduction and loan tenure.You should never ever redeem the existing investments that you have set aside for achieving your future financial goals.You should never opt to use even a part of your emergency fund for making your home loan prepayment.Things to Consider Before Making Home Loan Prepayment The bottom line is that the option of home loan prepayment works the best during the initial years of the loan. The ICICI home loan prepayment calculator is accurately programmed in such a manner that it would provide you with an accurately calculated figure. 40 lacs, actual home loan tenure opted for is 15 years, rate of interest is 8%, the number of installments paid is 50 and if the prepayment amount is 3 lacs, then you finally save the interest of Rs. Your total savings from an ICICI home loan prepayment is directly proportional to the tenure, the prepayment amount & the instalments that are already paid.įor instance, if you have an existing ICICI home loan of Rs. How Much Can You Save with Home Loan Prepayment? Once all the above details are correctly furnished, you can go ahead with the calculation. Step 5 – Then the part payment amount is to be entered. Step 4 - The remaining repayment tenure is to be entered. Step 3 - You need to enter the applicable interest rate of your existing home loan. Step 2 - The outstanding loan principal amount is to be correctly entered. Step 1 - Click the 'Part Payment Calculator' under the 'Home Loan' section. To use the ICICI home loan prepayment calculator, you need to know the present principal outstanding, remaining loan tenure, your existing interest rate and also the prepayment amount.įollow these simple steps to use the home loan prepayment calculator: All you need to do is to enter a few required values to ascertain if this transaction would facilitate you in saving a considerable amount of the total interest. The ICICI Home Loan Prepayment Calculator can be very easily used in Magicbricks as a free tool. How to use Home Loan Prepayment Calculator? The part payment amount should at least be three times the monthly EMI. The borrower should preferably have lump-sum access funds for initiating a home loan part payment. ![]() The borrowers can also determine the overall saving that can be done with the help of the ICICI home loan prepayment calculator. The selection of the prepayment option at the right time would ensure easier principal repayment and also keep the interest accrual in the right check. Part-payment of ICICI home loan also considerably influences in improving the borrower's credit score. The ICICI home loan part payment calculator helps a borrower to decide how much the advance payment would bring him profitability that they make against the housing loan liability. A part payment would largely limit your liabilities when opted for at the right time. The remaining reduced amount of principal also results in lower interest liabilities & EMI reduction in the subsequent future. When you opt for part payment of your ongoing home loan, then the amount of principal outstanding is lowered to an extent. In case you are willing to reduce your EMI after a partial prepayment, then you should consider talking to your bank for implementation of the same.īenefits of Home Loan Prepayment Calculator This will also help you in accessing your new amortization table that will clearly help you in understanding the savings you will make in the entire process. The ICICI Home Loan Prepayment calculator facilitates you in thoroughly understanding the amount you manage to save by reducing your tenure. This can be done as per your financial bandwidth.Īt times when you have adequate financial liquidity due to an unexpected bonus or if you have some provisions to pay off a partial amount of your home loan, you can preferably repay that in order to reduce your financial liabilities to a great extent.Ī partial prepayment can be done in two prime ways either by repayment of a lump sum of the home loan amount or by repaying the lump sum amounts at periodic intervals. The option of partial prepayment in an ongoing home loan gives you the flexibility of reducing the total tenure of your ongoing home loan, EMI or both of these. ICICI Bank Home Loan Prepayment Calculator
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