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Calculate ICICI Loan Against Property EMI

50000020000000
120
115
Total Payments-

₹5,000,000

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

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.35%
  • ₹0
  • 1
Updated:

ICICI Loan Against Property Details

ICICI Bank Loan Against Property is the best option to get funds in an emergency to meet your individual needs. The individual's needs can be anything, such as:

  • Medical emergencies leading to a major operation
  • Educational expenses of yourself, spouse, or your children
  • Home repairs such as exterior and interior decorating
  • Going on a long-awaited tour with the family
  • Marriage expenses of self or children
  • Business requirements like meeting working capital needs
  • Purchase business assets and office equipment for business expansion, and so on

The list can be an exhaustive one. As long as the purpose of the loan is not for indulging in speculative purposes, ICICI Bank Loan Against Property is available to its customers.

Features of the ICICI Loan Against Property

  • Funds readily available for satisfying a variety of personal and business needs
  • Relaxed eligibility norms with smooth processing
  • Simplified documentation
  • Attractive rates of interest that are significantly less than the personal loan interest rate
  • Easy repayment schedules with tenures extending up to 10 to 15 years
  • Get maximum loan amount up to 5 Crores
  • Balance transfer of existing Loan Against Property is possible
  • Loans are available as a term loan or an overdraft facility
  • Both residential and commercial properties are acceptable as collateral
  • Get a maximum of up to 70% of the value of the property
Loan ProductIdeal ForMaximum LoanInterest RateTenure
Loan Against PropertyMeeting all individual needs 5 Crores8.35%15 years
Lease DiscountingMeeting business requirements 3 Crores8.35%10 years
Home Loan OverdraftPersonal and business use 1 CroreAs applicable to overdraftOverdraft account

You can also Apply for 50 Lakh Home Loan

ICICI Loan Against Property - Types

ICICI Bank offers three types of Loan Against Property:

  • ICICI Bank Loan Against Property
  • ICICI Bank Lease Rental Discounting
  • ICICI Bank Home Loan Overdraft

Additional Info: Also check Rs. 1 Crore Home Loan EMI

ICICI Loan Against Property EMI Calculator

ICICI Bank offers the facility of an online EMI Calculator to help customers to calculate their loan EMIs. The simple tool requires customers to provide the following details:

  • The loan amount
  • The rate of interest applicable to the loan
  • The repayment tenure

The calculation is an instantaneous one, wherein the customer gets the EMI immediately. The customer can then proceed to Apply for the Loan Against Property from that page itself.

Besides, ICICI Bank has a facility whereby it calculates your loan eligibility based on the information you provide.

  • Click on the Apply Now option on the EMI Calculator page
  • Enter details like your name, mobile number, email ID, and date of birth
  • Use the dropdown box to select your place of residence
  • Enter the location of the property and its approximate value
  • Choose your employment type and enter your monthly income figure
  • Finally, provide details of your existing loan obligations
  • Tick the checkbox wherein you authorise ICICI Bank marketing officers to contact you to complete the application.
  • Submit the details and wait for the call from the bank
  • The bank will call within 24 hours to explain the product and complete the requisite formalities

Additional Info: Also check 75 Lakh Home Loan EMI

ICICI Loan Against Property - Concept of EMI

ICICI Bank offers Loan Against Property with repayment tenures extending up to 15 years. The mode of repayment is the EMI. It is the most convenient method of repayment for the customer and the bank, as well.

In the concept of the repayment of a loan, there will be two components, the principal repayment component and the interest repayment component. The repayment is adjusted in such a way that the loan is liquidated at the end of the tenure.

One can repay the loan in two ways. The first method is to divide the principal amount by the number of instalments to arrive at the principal repayment component. The bank charges interest every month on every account. Add this interest to the principal component and repay the loan instalment. This method is popularly referred to as Equal Monthly Instalments.

The second method is to use a specific formula for calculating the instalment. The formula is something like this.

Equated Monthly Instalment = {P x R x (1 + R)^N} / {(1 + R)^N-1}

  • P represents the principal amount of loan
  • R denotes the rate of interest per month - Example - If the rate of interest is 12% per annum, R = 12 / (12 x 100) = 0.01
  • N is the number of months in the repayment tenure

The ICICI Bank Loan Against Property EMI Calculator uses this formula for determining your EMI amount.

Which of the two is the better method?

Both these methods have their merits and demerits.

  • The instalment calculated by both these modes has the principal repayment and interest repayment component.
  • In the former method, the principal repayment component is equal throughout the loan repayment tenure. The interest component varies, and thereby the instalment that the borrower pays monthly varies, as well. Therefore, it can be inconvenient for the borrower to remember the amount of instalment every month. However, the borrower ends up paying less interest on the loan over the entire loan mandate.
  • In the latter method, the EMI mode, the instalment amount remains the same throughout the loan tenure. Thus, the borrower finds it easy to remember the amount to pay monthly. However, the borrower pays more amount as interest over the loan tenure.

Banks prefer the EMI mode because it serves their purpose well. The objective of the bank is to recover the interest it has charged during the month. The EMI model allows the bank to recover not only the interest cost but also a proportion of the principal amount. The EMI mode also enables the banks to recover the interest and the principal every month. The method of EMI calculation is easy for the banks as it entails the payment of a fixed amount monthly.

Additional Info: Also Apply for Home Construction Loan

ICICI Loan Against Property - Alternative EMI Calculators

Customers can also check out their loan EMIs on the internet using other EMI Calculators. One such tool is available on the MyMoneyMantra website.

  • Access the website and proceed to Financial Tools
  • You will find various calculators in this section. Select the EMI Calculator option.
  • Enter the data as requested, such as the loan amount, the interest rate, and the loan tenure.
  • Hit the 'Calculate EMI' button to get your EMI immediately
  • Apart from the EMI, this calculator provides the breakup of total repayment of interest and principal.

People who are familiar with MS Excel can calculate the EMI using Excel tables. The formula is a simple one.

Type "=PMT(rate, nper, pv)" on the formula bar to get the EMI, where

  • The rate represents the monthly rate of interest - 12% denotes 12/(100 x 12) = 0.01
  • Nper denotes the number of instalments in your loan repayment tenure
  • PV is the present value of the loan amount or the principal amount of loan

Additional Info: Also check ICICI Home Loan EMI Calculator

ICICI Loan Against Property EMI Calculator - The Importance

The EMI concept is of great significance. It not only helps the borrower to know the extent of the loan repayment liability monthly but also helps in determining the eligibility.

The borrower has to satisfy various conditions to qualify for a Loan Against Property. The following factors play a significant role:

  • The value of the property: Usually, ICICI Bank sanctions Loan Against Property up to a maximum of 70% of the property value.
  • The income of the borrower: Generally, banks consider a maximum of four to five times the gross annual income for determining the eligibility.
  • The repaying capacity: The borrower should have sufficient money in their hands after the payment of all the loan instalments. Therefore, the banks follow an EMI/NMI ratio. The quantum of the loan depends on this figure primarily.

The EMI Calculator thus, proves its significance, as the borrower can judge their affordability before applying for the Loan Against Property. Therefore, the Home Loan EMI Calculator is also referred to as the affordability calculator.

ICICI Loan Against Property EMI Calculator - The Advantages

Using the EMI Calculator to calculate your Loan Against Property EMI has the following benefits:

  • The borrower can be aware of the EMI amount before applying for the Loan Against Property
  • Using the reverse calculation method, the borrower can judge the maximum loan affordability.
  • The EMI Calculator gives you the details of total interest payable on the loan across the entire tenure.
  • Some EMI Calculators also provide you with the amortisation schedule displaying the breakup of the EMI into principal repayment and interest repayment.

Additional Info: Also check Banglarbhumi West Bengal Land Record

Amortization Table

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

ICICI Loan Against Property EMI Calculator FAQs

What are the factors that decide the EMI of a Loan Against Property?

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The EMI of any loan depends on the following three factors:

  • The loan amount
  • The rate of interest
  • The loan tenure

The holiday period or moratorium on the loan is also a deciding factor. However, the ICICI Bank Loan Against Property EMI Calculator cannot calculate the EMI if there is a moratorium.

Can we trust this EMI Calculator to deliver accurate results?

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Yes, the ICICI Bank EMI Calculator is an accurate tool. You can check it out by using the alternative methods discussed above.

Will this EMI Calculator help in determining the EMI of all my loans?

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Yes, the EMI calculation is the same for all loans provided,

  • The bank charges interest on a compounding basis
  • There is no moratorium on the loan

If there is a moratorium, the calculation is different from the one you do for determining the EMI. This EMI Calculator cannot help you in this regard. Other calculators are available that help under such circumstances.

How can I calculate my affordability using the EMI Calculator?

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Some EMI Calculators like the one provided by the Central Bank of India help to reverse calculate by entering the EMI, ROI, and tenure to get the principal loan amount. The ICICI Bank EMI Calculator does not offer this facility. Therefore, the borrower should use the trial and error method to determine the principal amount depending on the affordable EMI.

How is the amortisation chart useful?

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The amortisation schedule provides the details of the breakup of your EMI into principal repayment and interest repayment components. It helps you to know the total amount of interest you end up paying across the entire tenure of the loan.

Is the loan amortisation schedule an accurate depiction of the interest and principal repayment breakup?

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The amortisation schedule works on the following assumptions:

  • The rate of interest remains the same throughout
  • The tenure does not change midway
  • The borrower pays the EMI on the due date regularly

Even if one of the above figures vary, the amortisation schedule can go wrong. However, it is a fairly accurate depiction.

How will the change in the rate of interest affect the EMI?

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The EMI depends on three factors, the loan amount, rate of interest, and tenure. If the rate of interest increases, the EMI will also increase, and vice versa.

Can I ask the bank to keep the EMI constant and vary the tenure?

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Yes, you can do so, provided you have the necessary leeway in the tenure. In the case of Loan Against Property, the mandate cannot extend beyond 15 years. Thus, if you reach the maximum tenure, you do not have any option but to increase the EMI.

What is beneficial to the borrower, increasing the EMI or the tenure?

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Increasing the EMI is always beneficial, as you pay more towards the principal repayment. It affects the future interest that you have to pay on loan.