Calculate ICICI Bank Home Loan EMI

5 Lac 40 Lac 80 Lac 120 Lac 160 Lac 200 Lac
148121620
1612182430
Total Payments

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

EMI payment starting from

Balance
EMI Payment/Year
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 6.7%
  • ₹0
  • 30

EMI payment starting from

About ICICI Home Loan EMI Calculator

Are you planning to invest in a property and cannot fund the entire investment through your savings? The only alternative is to avail of a home loan, but you are sceptical about the EMI. ICICI Bank Home Loan EMI calculator is a simple and user-friendly tool that will help you calculate the EMI and also gives you the option of using the calculator multiple times. All you have to do is input the variants, i.e., loan amount, interest and tenure and viola. You get the EMI in an instant. To arrive at the EMI to suit your pocket, you can try variations with the loan amount and tenure until you are convinced of the suitable EMI.

How to use ICICI Home Loan EMI Calculator?

ICICI bank home loan EMI calculator is designed to make the usage simple and comfortable even for persons who are not tech-savvy. All you have to do is enter the variants, i.e., the loan amount, interest, tenure, and EMI are calculated instantly. To understand how to access the Home Loan EMI Calculator to do the EMI calculation, follow the procedure given below.

  • Access the official website of the bank www.icicibank.com.
  • Go to the ‘Loans’ option on the home page.
  • Choose ‘home loan calculator’ under the ‘Loans’ option
  • The EMI calculator will be displayed.
  • Input the loan amount, interest and tenure
  • The EMI, total amount and the interest payable will be displayed.

You can also get an amortisation schedule with the ICICI Bank home loan EMI calculator that will give the details of the repayment proportion towards the principal and the interest for the entire tenure. On understanding the pattern of adjustment, you will understand at what stage repayments made towards the home loan will help in the reduction of the interest cost.

ICICI Bank Home Loan Interest Calculator Formula

ICICI Bank charges Home Loan Interest Rate on reducing balance. Once the repayment begins, a portion of the EMI will be adjusted towards the principal and the other portion towards the interest. All the financial institutions calculate the EMI and the total interest using a common formula. The formula for the calculation of loan interest is E = [P x R x (1+R)^N]/[(1+R)^N-1].

The description of the components of the formula are as given below:

P is the principal

N is the tenure

R is the rate of interest

EMI is the fixed monthly instalment.

The ICICI Bank Home Loan interest calculator will calculate the interest payable on a given Home Loan amount for a given period and rate of interest. With this, you will be able to understand the cost of the loan. By changing the tenure and loan amount, you can decide on the EMI that not only suits your budget. If the tenure chosen is longer, the interest cost will be higher. In such cases, by studying the amortisation schedule provided after the EMI calculation, you can decide at what stage the prepayments can be made to reduce the interest cost and plan your finances accordingly.

The ICICI home loan EMI calculator calculates EMI on a fixed rate of interest. But in the case of a floating rate of interest, the EMI keeps fluctuating with the change in the rate of interest. You should consider this situation as well and plan your finances accordingly to be prepared for any additional amount that could disrupt your budget planning.

Know in detail: Simple Interest Formula Calculation.

Benefits of ICICI Home Loan EMI Calculator

Buying a dream house is the biggest step in the life of most individuals. With the mounting cost of real estate, it is very difficult to purchase a house with a single down payment. The best way of funding for investment in residential property without disturbing your savings is to avail of a home loan from banks or other financial institutions. 

Financial institutions provide EMI options for repayment of the home loan. The EMI is calculated using a general formula. The EMI can be easily calculated with the home loan calculator provided by the bank/financial institutions by just entering the desired loan amount, interest rate, and the desired tenure. The benefits of the ICICI Bank Home Loan Calculator are as mentioned below:

Calculation made easy: It would take ages to calculate the EMI manually by applying the formula. Despite the efforts, the value would be approximate and inaccurate. With the EMI Calculator, the calculation has been made so easy that just by entering the three variants, i.e., the loan amount, tenure and the rate of interest, you can get 100% accurate results immediately.

Helps decide the tenure: Once the EMI is calculated, you can decide if you can afford a higher or a lower EMI and change the tenure accordingly.

Facilitates management of loans: During the repayment tenure, if the borrower has extra funds and want to make lump-sum prepayments, they can study the impact on the interest cost with such prepayments with the help of the ICICI Bank Home Loan EMI calculator.

Can choose the best deal: You can use the EMI calculator, compare the EMIs of various financial institutions with different interest rates, and choose the one that best suits your budget.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Why should you use ICICI Home Loan EMI Calculator?

Home loan EMIs are a long term financial commitment. More so if you have chosen tenures as long as 30 years. You should be able to consistently service the loans for the entire period despite any changes in your financial status. Keeping in mind all kinds of changes in the financial scene, you should decide on an affordable EMI on a long-term basis. Using the ICICI Home Loan Interest Rates EMI calculator becomes essential for the following reasons.

  • To get accurate results in the shortest time.
  • To arrive at the EMI that is affordable even under any stressful financial circumstances.
  • To get an insight into the interest payable on the loan amount for a given tenure.
  • To understand the impact of prepayments made on the cost of the loan and the EMI.
  • It helps compare various EMIs of different financial institutions or different home loan plans of any institution and choose the ideal deal.
  • It helps decide the loan amount and the tenure to arrive at an EMI at par with your income.

Additional Info: Check Banglarbhumi West Bengal Land Record in detail

Comparison of ICICI Home Loan EMI with other Popular Banks

Researching the rate of interest prevailing in the market and the EMI of different financial institutions for a given amount and loan tenure with varying interest is essential to decide on the best deal. The deal that is most comfortable for your pocket is the one you should pick on. Have a look at the EMI comparison of ICICI Bank with other popular banks given below and make the right decision. The tenure applied for the comparison is 30 years.

Name of the bankRate of interestEMI for Rs. 5.00 lakhsEMI for Rs. 10.00 lakhsEMI for Rs. 25.00 lakhs
ICICI Bank6.753243648616214
SBI6.803259651916298
Axis Bank6.753243648616214
LIC Home Loan6.663213642616065
Citi Bank6.503160632015801
Deutsche Bank6.753243648616214
Federal Bank7.653547709517737
Union Bank of India6.853276655216381
Indian Overseas Bank7.053343668616716

From the above comparison given, you can choose the deal ideal for you. You can change the tenure according to the budget available. The EMI arrived is for the maximum loan tenure.

Additional Info: You can also avail HDFC Home Loan

ICICI Home Loan EMI Calculator to Estimate the EMI That Fits Your Budget

Calculation of Home Loan EMI to fit into your budget is essential to avoid EMI missouts owing to funds crunch. EMI missouts can have a lot of negative impacts, including a dip in the credit score that can negate chances of future loans in case of need.

You can use the ICICI Bank home loan EMI calculator and estimate the EMI according to the surplus funds available out of your monthly income after providing for existing mandatory commitments like EMIs of loans already availed, payment of utility bills, school/college fees of children etc. All you have to do is enter the loan amount, tenure, and interest rate, and you will get the accurate EMI value. You can use the calculator multiple times to arrive at the affordable EMI. You can change the loan amount and the tenure till you get the desired result.

Additional Info: ICICI Bank Home Loan Customer Care Number

Factors affecting the ICICI Bank Home Loan EMI

The three major components that decide the ICICI Bank Home Loan are the tenure, rate of interest and the loan amount. The home loan EMI may undergo changes several times during the tenure due to various factors. Discussed below is the various factors that impact the ICICI Bank Home Loan EMI.

Change in interest rates: Every time the RBI announces a change in bank rate, the interest on the home loan will also change. If the interest rate is higher, the EMI will be higher, and if the interest rate is lower, the EMI will be lower. This happens if you have availed of the loan at a floating rate.

Tenure: If your budget allows a lower EMI, then you can go for a longer tenure. If you can afford a higher EMI, you can go for a shorter tenure. But you should be aware that though a longer tenure will make the EMI affordable, you will end up paying a higher overall interest. The prudent thing to do will be to make prepayments whenever you have surplus funds and repay the loan much before the loan maturity and save up on the interest cost.

Prepayments to the home loan account: If you make prepayments to the loan account, the EMI will remain the same if you wish so, and the tenure will reduce. However, if you opt for lowering the EMI by retaining the tenure, even that is permitted but will not help you in reducing the overall cost of the loan. 

Step-up and Step-down EMI: There are instances when ICICI bank will permit step-up or step-down EMI. For youngsters who have just started their career, the bank gives the option of step-up EMI where the EMI will be kept lower during the initial period and will increase as and when the income increases. Similarly, for borrowers who are on the verge of retirement, the initial EMIs will be kept on the higher side and retirement, the EMIs will be reduced.

On balance transfer: If you have transferred the home loan balance from a financial institution that charges a higher rate of interest to a bank/NBFC that charges a lower interest, the EMI will change accordingly.

Additional Info: You can also avail Navi Home Loan

What the Home  Loan EMI calculator cannot tell you

The EMI calculator tells you the overall interest payable by the end of the loan tenure and the EMI for a given interest, loan amount and tenure. But what it cannot tell you is about the various other charges that are associated with a home loan.

Apart from the interest, various other charges add up to the cost of the loan.

Processing charges: Banks charge 0.5% to 2% of the loan amount as processing charges.

Prepayment charges: Banks charge 2% to 4%of the outstanding principal amount as prepayment charges on the closure of the loan account before maturity.

Legal Fees: Legal fees at actuals for legal scrutiny of the property documents will be charged at actuals.

Valuation fee: Charges for valuation of the property at actuals will be collected.

All the above charges hike up the overall cost of the loan, and the home loan EMI calculator cannot tell you about these charges.

Additional Info: Also check SBI Home Loan EMI Calculator

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ Are there any charges for using the ICICI Bank Home Loan EMI calculator?

You can use the ICICI Bank  Home Loan EMI calculator for multiple charges, and you will not be charged for it.

✅ How does the ICICI Home Loan EMI calculator help?

ICICI  Home Loan EMI calculator gives you advance information about the EMI for the loan, which will help you plan your finances before actually availing of the loan.

✅ Are there any chances to lower the interest rate?

Yes. You can lower the rate of interest by transferring the existing home loan balance to a financial institution that offers home loans at a lower interest rate. Alternatively, you can avail of the loan from your existing lender and negotiate on the interest rate provided you have maintained a good relationship with the existing lender.

✅ What is the maximum loan provided by ICICI bank?

ICICI bank provides home loans up to  90% of the property value depending on your income, repayment capacity and credit score.

✅ How simple is the EMI calculation with the ICICI Home Loan EMI calculator?

You can calculate the accurate EMI instantly with the ICICi Home Loan EMI calculator by just entering the loan amount, tenure and rate of interest. It is that easy.