Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About ICICI Bank Home Loan

The ICICI Bank is one of the largest banks that offer a huge variety of financial products and services to its customers. It has a robust and a wide network which is spread throughout India. This widespread network of the ICICI Bank helps the customers to know about the various products and services that the bank offers and these services are easily accessible for the borrowers. The ICICI Bank is known for its Home Loan products that help the borrowers to fulfill their dream to build or purchase a house or a flat.

When an individual plans to buy a house, arranging a huge amount of money happens to be one of the major concerns especially for a salaried middle-class family person. Home Loans come to their rescue by helping them to fulfil their wish to buy or construct a house of their own.

The ICICI Bank Home Loans can be used for purchasing/constructing a house, renovating, repairing, or even extending the existing house.

The benefits of taking a Home Loan from ICICI Bank are:

  • The eligibility of the Home Loan is high
  • NIL Processing Fee on the transfer of Home Loan balance
  • Zero pre-payment charges for floating rates Home Loans
  • Easy and simple documentation process

ICICI Bank Home Loan EMI Calculator

ICICI Bank EMI calculator is an online tool which helps you to calculate the equated monthly instalment (EMI) payable to the bank against your loan. This EMI is calculated on the basis of Home Loan parameters which are the amount of the loan, the rate of interest charged, and the tenure or term of the loan.

The EMI calculator accurately computes the EMI that you need to pay on a monthly basis and gives exact results within no time. You can also try a variety of combinations of the housing loan parameters in order to get the best EMI suited your requirements.

The ICICI's Home Loan calculator helps us to plan the monthly financial expenses so that we can pay the EMIs comfortably so that you will not feel the financial burden to repay the loan. When you enter the loan parameters the EMI calculator does the calculations and gives you all the results that you need within no time.

The ICICI Bank Home Loans come with a maximum tenure of 30 years and the lowest EMI for the same is 808 per lakh which is affordable and very convenient to pay. The lowest interest rate that is offered by ICICI Bank is 9.05%.

Results of ICICI Bank Home Loans EMI Calculator at different tenures and amounts at 9.05% interest rate.

Loan Amount

Loan Tenure


10 years

20 years

30 years

25 Lakhs




50 Lakhs




75 Lakhs




1 Crore




The above table shows different EMIs payable for different loan tenures and loan amounts. When the tenure of the loan is longer then the EMI payable every month is lower and vice versa.

The monthly EMI includes both the principal repayment and the interest component. Even though the EMI remains constant throughout the tenure, there is a change in the proportion of the interest component and the amount of the loan which is payable. With each EMI that is paid, the proportion of the principal amount of loan repayment in it keeps increasing and the interest component of the same keeps reducing.

Here's the table showing EMIs, total interest payable and total loan amount payable to the bank for different tenures (for the loan amount 1 Lakh and at 9.05 rate of interest) using ICICI Bank EMI Calculator:

  5 years 10 years 15 years 30 years

EMI when loan amount is 1 Lakh @ 9.05% interest rate





Total amount payable to bank (principal + interest)





Interest payable over the loan tenure





Seeing the above table, one can easily understand that the EMI will be lower for the longer loan tenure, but the total interest component payable is quite high. For instance, if the loan amount is 1 Lakh for a period of 30 years then the EMI is the lowest at 808 and you tend to pay the interest at 90,960. However, when the loan amount is 1 Lakh and the tenure is 5 years, then you tend to pay a higher EMI of 2,078 but the total interest to be paid is 24,860 which is much lesser than the previous situation of 30 years loan period. Hence, it is advised to take a decision after calculating the Home Loan EMIs well in advance.

Highlights of the ICICI Bank Home Loan

Purpose: The Home Loans from ICICI Bank are availed in order to fulfil the dream of owning a house. You can use this loan to buy, construct, repair, renovate, extend a house or a flat or a property.

Key Features:

  • Salaried employees or self-employed individuals, anyone can avail ICICI Bank Home Loans.
  • Home Loan to Value Ratio is maximum 90%, depending on the value of the property and loan amount availed.
  • There are special discounts and schemes for women borrowers, senior citizens and NRIs.
  • The Home Loan period ranges from 5 years to 30 years
  • The rate of interest begins at 9.05%
  • The property that you are planning to purchase or construct itself acts as a security for the Home Loan.
  • The age limit to avail the ICICI Bank Home Loan is 21 years to 60 years (minimum 21 years at loan application and maximum 60 years at loan maturity).
  • The lowest EMI per lakh for the ICICI Bank Home Loan is 808

Processing Fees: The processing fee on ICICI Bank Home Loan is up to 1% (Maximum 2,000), whichever is higher + applicable tax & surcharge.

Types of Housing Loan Schemes: The ICICI Bank offers the following types of housing loan schemes:

  • Home Loan
  • Pre-approved Home Loan
  • Pradhan Mantri Awas Yojana (PMAY)
  • ICICI Bank Step Up Home Loans
  • Balance Transfer
  • Top Up Loan on Your Home Loan
  • 30 Year Home Loan

ICICI Bank EMI Calculator Formula

The formula used by the EMI calculator is P*r* (1+r)^n/([(1+r)^n]-1)

Here, for ICICI Bank Home Loans:                            

P = Loan amount can be up to 3 Crores

r = Rate of interest/month, which starts at 9.05% at present and is linked to ICICI Bank's 1-year MCLR.

n = Tenure in months, which can be maximum 360 months for ICICI Bank Home Loans.

Factors Affecting the ICICI Bank Home Loan EMI

  • Amount of loan to be borrowed: The amount of loan that is borrowed from the ICICI Bank in order to construct or buy a house is a crucial factor. The higher the loan amount, the higher will be the EMI to be paid. ICICI Bank gives a maximum Home Loan of 3 Crores.
  • Rate of interest: Next important factor is the interest rate applicable on the Home Loan that is borrowed. The higher the rate of interest, the more will be the EMI payable. This will also increase your total cost of the loan. The current interest rate for Home Loans from ICICI Bank starts at 9.05%.
  • The loan repayment tenure: The period in which you are bound to repay your Home Loan is called as loan tenure. The longer is the loan tenure, the lower is your EMI payable. Generally, the ICICI Bank offers Home Loans with a duration of maximum 30 years.
  • Occupation:The rate of interest that is charged is affected by the occupation of an applicant as well and it will in turn change your EMI. The bank charges a higher rate of interest for the self-employed professionals when compared to the salaried borrowers.
  • Type of Home Loan:The ICICI Bank provides different types of Home Loans. Each housing loan scheme comes at different interest rate. The bank offers floating rate Home Loans, fixed rate Home Loans, and even the over-draft facility for its customers.

Tips to Decide the Right EMI Amount

  • Decide the amount of loan you actually require: The best way to plan and manage your finances in advance is to decide how much Home Loan amount you actually require. Before you approach any bank for a Home Loan, it is always wise that you compute your EMI so that you know how much you will be paying monthly and also control your expenses. The Home Loan is a long-term loan and hence it is better to reduce the principal amount to be borrowed to the maximum extent. You can use the EMI calculator to know your EMI and also try different combinations to arrive at the best suited EMI for you as per your budget.
  • Review your existing obligations: Before you decide to borrow a Home Loan, it is advised that you evaluate your present obligations and payments on a monthly basis like any EMI that you are already paying, Credit Card bills, rent, and so on. Once you evaluate the same, then you can calculate and decide on the EMI for the fresh loan in a planned way so that it will not disturb your monthly budget.
  • Check your Home Loan eligibility: The Home Loan eligibility is dependent on the repayment capacity of the borrower, their age, income, and other such factors. It is important to check for how much loan amount you are eligible for before applying for the loan so that you can calculate your EMI in advance.

Change in the EMI with a Change in Interest Rate

  • When the floating rate on your housing loan increases then the ICICI Bank will usually keep the EMI stable and increase the tenure of the Home Loan. Hence, you will be paying the same EMI for a longer duration of the loan. If the rate of interest will increase to the extent that the revised loan duration is more than the permitted one then the ICICI Bank might increase the EMI amount.
  • The Home Loan EMI will increase with every disbursement when the partly disbursed loans are availed under tranched EMI scheme.
  • The EMI on a Home Loan remains the same without any change until the borrower requests for a change in the same. And in case of the change request, it is done with the approval of ICICI Bank Home Loan department subject to the eligibility conditions.

Why Calculate EMI before Getting an ICICI Bank Home Loan?

Before applying for any type of Home Loan, it is always better to calculate the EMI which you can pay comfortably on a monthly basis. There are following advantages of calculating the EMI which before availing an ICICI Bank Home Loan:

  • If the EMI tends to be higher than your monthly estimated budget, you can go for a lower Home Loan EMI amount which will suit your financial requirement and also do not hamper your monthly budget. This will also make the EMI payments easier.
  • Knowing your EMI payable every month, can help you plan your finances systematically as per your needs and available budget.
  • On the basis of the EMI amount, you can choose if you want to prepay your loan when you have surplus funds.

How to Use EMI Calculator on MyMoneyMantra to Calculate ICICI Bank Home Loan EMI?

The MyMoneyMantra EMI Calculator is extremely efficient and gives you accurate results within seconds. The steps to use this calculator to calculate your ICICI Bank Home Loan EMI are as below:

  • The first step is to log on to the MyMoneyMantra's website and open the EMI Calculator page which comes under the Financial Tools tab.
  • Enter the three loan parameters: Tenure of the loan, the rate of interest, and the amount of loan required.
  • Now you will get the result instantly and you can see the EMI that you will be paying each month till the end of the tenure.
  • To understand the best suited EMI for you, you can change the Home Loan parameters and try different combinations.  

The Benefits of Using MyMoneyMantra's EMI Calculator

The benefits of using an EMI Calculator at MyMonyMantra are as below:

  • Quick Access Anytime Anywhere

    The MyMoneyMantra's EMI calculator is an online tool which can be used instantly at any time and from any place with a proper internet connection. You can use this tool for any number of times without bearing any cost. The toll makes it easier and convenient to get instant EMI results by trying different combinations.

  • Better Financial Planning

    Calculating the EMI well in advance gives you a fair idea of the amount that will be spent from your pocket each month as an EMI to the bank till the complete loan repayment. Hence this will help in your monthly financial planning in a way that it will not hamper your budget and you will not feel the financial crunch.

  • Accurate Results

    When we calculate the EMI manually, it is very difficult to concentrate and get the right results because the calculations are complex and repetitive in nature. This is also very time consuming and needs a lot of effort which might also give some errors and mistakes. The difference of even a decimal point can change your EMI drastically. Hence using an online EMI calculator will help you to get accurate results within seconds of time and you can also try different combinations to get a suitable EMI.

  • Saves Time

    Calculating the EMIs manually takes a lot of time and efforts since it involves a number of calculations which are very confusing and complex. They are also repetitive in nature and hence when done manually will lead to errors and mistakes. But when you use the EMI tool online, it will give you exact results within a very short period of time and hence it saves your time and energy.

FAQs on ICICI Bank Home Loans

How do the part-payments help the housing loan in the long run?

If you make part prepayments of the loan by the surplus funds, it reduces the outstanding loan amount. Doing this will also reduce the interest component. Also it will help you to pay off the entire loan amount sooner.

What is ICICI Bank Home Loan application procedure?

It is very easy and simple to get a Home Loan from ICICI Bank. All you need to do is visit MyMoneyMantra's website and apply for the ICICI Home Loan online. Once you have applied for the loan, your application will be processed within a few days. Our Mortgage Specialists will get in touch with you for further proceedings. They will assist you with all the information and the details that need to be completed. Our loan advisors will make sure that all the formalities are completed accurately and you get a Home Loan that best suits your requirements.

Is the result displayed online using MyMoneyMantra's EMI Calculator accurate?

Yes, MyMoneyMantra's EMI Calculator gives you the accurate result based on the parameters (interest rate, loan amount, and, tenure) entered by you.

Does MyMoneyMantra's EMI Calculator charge any fee?

No, you don't have to spend anything to use MyMoneyMantra's EMI Calculator. It comes at free of cost for you no matter how many times you use it.

How will the rate of interest for the ICICI Bank Home Loan change in future?

The floating rate on ICICI Bank Home Loan is linked to its 1-year MCLR rate, which is presently at 8.75% (as on 16.04.2019). In case the bank changes its MCLR, interest rates on Home Loans will also witness the change. Usually, MCLR changes when the Reserve Bank of India (RBI) increases repo rates.

I have an existing Home Loan from another bank. Am I eligible for a top up from ICICI on my current Home Loan?

ICICI Bank allows a top up on your current loan from another bank only if you transfer the balance to ICICI.

What is the minimum amount of part-payment that I need to pay when I avail a Home Loan?

The minimum amount of part pre-payment should be an amount that is equivalent to 1 EMI.

If I choose to increase my EMI amount now, can I decrease it in the future?

The EMI once increased cannot be decreased later except in case of part pre-payment or conversion. For further assistance you can visit the nearest ICICI Bank branch.

What does MCLR mean?

Marginal Cost of Funds Based Lending Rate (MCLR) is the benchmark rate of the banks below which they cannot offer loans (linked to MCLR) to their customers. MCLR is applicable for new loans that are sanctioned on or after 1st April, 2016.

What is the current MCLR rate of ICICI Bank?

The current MCLR rate of ICICI Bank is 8.75% (as on 16.04.2019)

ICICI Bank Home Loan - Latest News

17.04.2019: ICICI Bank expects faster growth of loans

ICICI Bank expects to faster the pace of auto loan growth after the launch of instant loans for customers who want to buy cars and two-wheelers. Pre-approved customers of ICICI Bank can now get a sanction letter for a car loan instantly. This letter can be used to get a loan of the full on road price of the vehicle within 15 days. This facility is extended for salaried customers initially having a steady cash flow using their income estimates, analysing their monthly expenses and using credit bureau scores.

02.04.2019: ICICI Bank cuts its MCLR by 5 basis points making Home Loans cheaper

ICICI Bank has cut down its MCLR by 5 basis points across tenors. The recent cut down in MCLR has resulted in reducing the Home Loan interest rates. The overnight and 1-month tenors have been reduced to 8.5% from the previous 8.55%, 3-month tenor to 8.55% from the previous 8.60%, 6-month tenor to 8.7% from the previous 8.75% and 1-year tenor to 8.75% from the previous 8.8%, according to the bank's website.

28.03.2019: ICICI Bank launched two 'Instant Home Loan' products of up to 1 Crore

ICICI Bank on Thursday has launched two instant housing loan products for up to 1 Crore. The instant Home Loan facility enables borrowers to get final sanction letter for their new home loans as well as for top up loans in a complete digital way. The two products are Instant Home Loan and Insta Top Up Loan.

Instant Home Loan lets bank's pre-approved salaried customers to avail loans of up to 1 Crore for a tenure of up to 30 years (on the basis of the customer's age) using internet banking facility. Insta Top Up Loan enables existing housing loan customers of the ICICI Bank to avail the facility of top up loan up to 20 Lakh instantly for a tenure of up to 10 years in a digital manner.