ICICI Bank Home Loan
EMI Calculator
ICICI Bank continues to help thousands of aspiring and existing homeowners get hassle-free home loans. ICICI home loan interest rate starting at 9% per annum has to be repaid within the decided loan tenure, and this is done by paying monthly EMIs by the borrower to the bank. To make the whole procedure of calculating EMIs, the bank offers you to use its online ICICI EMI calculator. The online ICICI Home Loan EMI Calculator has emerged as a useful tool to help borrowers get instant EMI estimates for different loan amounts, tenures, and interest rates.How to Calculate ICICI Bank Home Loan EMI?Use the ICICI Bank Home Loan EMI calculator to plan your monthly expenses with more confidence. This online tool allows you to calculate home loan EMI by entering key factors like the rate of interest at which the home loan is to be applied, the principal loan amount, and the tenure in months or years.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
ICICI Bank Home Loan EMI Calculator Formula
Borrowers prefer using the quick and accurate ICICI Home Loan Calculator Online as it helps them save time, giving them precise EMI estimates for their home loan.
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting ICICI Bank Home Loan EMI
Interest Rate: The most crucial factor that can determine your monthly housing loan EMI is the rate of interest on which you got the loan. A higher rate of interest means paying a higher EMI every month. So, looking for a home loan at a lower interest rate is important to save on the EMI.
Principal Amount: Whether you know or not, the principal amount borrowed from the bank as a home loan directly impacts the home loan EMI. Higher loan amounts always result in higher EMIs and just the opposite.
Loan Tenure: The period permitted by the lender to the borrower to repay the loan amount is called the loan tenure. Longer tenures may result in lower EMIs, but the total interest paid over the loan tenure would be higher. On the other hand, shorter tenures lead to higher EMIs but lower overall interest payments.
Benefits of Using the ICICI Bank Home Loan Calculator
We taught you how to calculate home loan EMI and what factors might impact the EMI. It is time now to proceed further to understand the benefits of the ICICI Home Loan EMI calculator and why one should use it instead of doing manual calculations:
Quick and Time Saving: Home loan calculators are user-friendly and provide instant results. This makes it easy for borrowers to explore various scenarios without the need for complex calculations.
Accurate EMI Calculations: Not to forget that the human mind may make errors in calculating the home loan EMI, but when you use an online ICICI home loan EMI calculator, there is no scope for errors, provided you have entered the accurate data.
Aids in Financial Planning: You can easily use the online EMI calculator to adjust the loan amount, interest rate, and tenure. This will help you make informed decisions for better financial planning depending on these different factors.
ICICI Bank Home Loan Interest Calculator Formula
The ICICI Bank home loan interest rate calculator simplifies the decision-making ability of a borrower considering applying for a home loan.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
ICICI Bank Home Loan Eligibility Criteria
Comparison of ICICI Bank Home Loan EMI with Other Popular Banks
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
HDFC Bank | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
Cholamandalam Home Loan | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
ICICI Bank Home Loan Amortization Schedule
To clear all your doubts about the monthly EMIs you will pay for a home loan, we suggest you go through the ICICI Home Loan Amortization Schedule. It is a useful chart that gives you the exact breakdown of the EMI, where you pay for the interest on the loan amount and other components each month.
Steps to Calculate ICICI Bank Home Loan Amortized Interest:
1. Divide your ICICI Bank Home Loan interest rate by the total number of EMIs you will make in a year. For instance, 9% p.a. and you make monthly payments, then you would divide 9% by 12 0.0075
2. Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 4,500,000, your first month's interest would be 4,500,000 x 0.0075 Rs. 33,750
3. Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 45,642, you will pay Rs. 45,642 - Rs. 33,750 Rs. 11,892 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month
4. Continue repeating these steps to calculate the interest, principal, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 1,48,740.22 | Rs. 3,98,963.78 | Rs. 4,500,000.00 | Rs. 547,704 |
| 1st Month | Rs. 11,892.00 | Rs. 33,750.00 | Rs. 4,500,000.00 | Rs. 45,642 |
| 2nd Month | Rs. 11,981.19 | Rs. 33,660.81 | Rs. 4,488,108.00 | Rs. 45,642 |
| 3rd Month | Rs. 12,071.05 | Rs. 33,570.95 | Rs. 4,476,126.81 | Rs. 45,642 |
| 4th Month | Rs. 12,161.58 | Rs. 33,480.42 | Rs. 4,464,055.76 | Rs. 45,642 |
| 5th Month | Rs. 12,252.79 | Rs. 33,389.21 | Rs. 4,451,894.18 | Rs. 45,642 |
| 6th Month | Rs. 12,344.69 | Rs. 33,297.31 | Rs. 4,439,641.39 | Rs. 45,642 |
| 7th Month | Rs. 12,437.27 | Rs. 33,204.73 | Rs. 4,427,296.70 | Rs. 45,642 |
| 8th Month | Rs. 12,530.55 | Rs. 33,111.45 | Rs. 4,414,859.42 | Rs. 45,642 |
| 9th Month | Rs. 12,624.53 | Rs. 33,017.47 | Rs. 4,402,328.87 | Rs. 45,642 |
| 10th Month | Rs. 12,719.22 | Rs. 32,922.78 | Rs. 4,389,704.33 | Rs. 45,642 |
| 11th Month | Rs. 12,814.61 | Rs. 32,827.39 | Rs. 4,376,985.12 | Rs. 45,642 |
| 12th Month | Rs. 12,910.72 | Rs. 32,731.28 | Rs. 4,364,170.50 | Rs. 45,642 |
Frequently Asked Questions
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