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Following are the faqs that are related to ICICI bank home loans
Written by Ramandeep Sadana, Experienced Home Loan Advisor from last 10+ years
Aspect | Details |
Typical Disbursement Time | 3 to 10 days after submission of all required documents and completion of formalities. |
Factors Affecting Timeline | - Complexity of the loan application- Property verification process- Financial profile of the applicant |
Steps to Expedite Process | - Ensure complete and accurate documentation- Respond promptly to bank queries- Maintain clear communication with the loan officer |
Additional Notes | Timeline may vary depending on the specifics of the loan and applicant. Regular follow-ups with SBI are recommended. |
Component | Details |
Formula | EMI = P×r×(1+r)n / (1+r)n−1 |
Components Explained | P = Principal loan amountr = Monthly interest rate = (Annual interest rate ÷ 12 ÷ 100)n = Loan tenure in months |
Example Inputs | Principal (P): ₹50,00,000Annual Interest Rate: 8.50%Loan Tenure: 20 years |
Converted Inputs | Monthly Interest Rate (r): 8.50% ÷ 12 = 0.007083 (decimal)Loan Tenure in Months (n): 20 × 12 = 240 months |
Example EMI | EMI = ₹43,391.43 |
Amortization Schedule (First 12 Months):
Month | Principal (₹) | Interest (₹) | EMI (₹) | Outstanding Balance (₹) |
1 | 7,108.57 | 36,282.86 | 43,391.43 | 49,92,891.43 |
2 | 7,159.12 | 36,232.31 | 43,391.43 | 49,85,732.31 |
3 | 7,209.89 | 36,181.54 | 43,391.43 | 49,78,522.42 |
4 | 7,260.88 | 36,130.55 | 43,391.43 | 49,71,261.54 |
5 | 7,312.09 | 36,079.34 | 43,391.43 | 49,63,949.45 |
6 | 7,363.52 | 36,027.91 | 43,391.43 | 49,56,585.93 |
7 | 7,415.17 | 35,976.26 | 43,391.43 | 49,49,170.76 |
8 | 7,467.04 | 35,924.39 | 43,391.43 | 49,41,703.72 |
9 | 7,519.13 | 35,872.30 | 43,391.43 | 49,34,184.59 |
10 | 7,571.45 | 35,820.98 | 43,391.43 | 49,26,613.14 |
11 | 7,624.00 | 35,769.43 | 43,391.43 | 49,18,989.14 |
12 | 7,676.76 | 35,717.67 | 43,391.43 | 49,11,312.38 |