ICICI Home Loan Calculator

ICICI Home Loan EMI Calculator

Taking a home loan is not a decision anyone makes lightly. Some planning and research should go into the decision as it ensures that you don’t get in trouble with future repayments. The EMI calculator is a must-have tool for prior financial planning.

The ICICI Home Loan EMI Calculator is a powerful tool that helps you estimate your monthly instalments with ease, providing clarity and control over your financial commitments. By using this calculator, you can explore different loan amounts, interest rates, and tenures to determine the best fit for your budget. This gives you the confidence to make informed choices as you move toward owning your dream home.

What Is the ICICI Home Loan EMI Calculator?

The EMI calculator for ICICI Bank home loan is a digital tool that helps borrowers estimate their monthly repayment obligations for a home loan. By providing details like the loan amount, tenure, and applicable interest rate, the home loan calculator for ICICI Bank gives an accurate breakdown of your EMI (Equated Monthly Instalment).

This tool is essential for potential borrowers to assess their repayment capabilities before committing to a loan. Use of this tool ensures a balanced financial approach as you choose a loan that fits your lifestyle.

How to Use ICICI Bank’s Home Loan EMI Calculator?

Using the ICICI Home Loan EMI Calculator is simple and user-friendly. It allows borrowers to calculate their EMI in just a few steps. Here is how you can use it to streamline your home loan application process:

Step 1: Enter the Loan Amount

Specify the exact amount you are planning to borrow for your home purchase.

Step 2: Select the Tenure

Choose the repayment duration that aligns with your financial goals. Typically, a longer tenure reduces the EMI amount but increases the total interest payable.

Step 3: Input the Interest Rate

Enter the current annual interest rate offered by ICICI Bank for home loans. This rate varies depending on the loan amount, tenure, and borrower’s profile.

Once you input these details, the ICICI Bank housing loan calculator generates the EMI value instantly, helping you plan your loan repayment more efficiently. This feature lets you check if your financial commitments are within manageable limits.

Benefits of Using the ICICI Home Loan EMI Calculator

The ICICI home loan EMI calculator offers several advantages that make it a must-use tool for prospective homebuyers. Whether you are evaluating different loan offers or simply planning your budget, these benefits make the entire process more streamlined:

• Easy Calculation: The tool automates complex EMI calculations, reducing the chances of errors and saving you from the hassles of manual computations. 

• Accessible Anytime, Anywhere: You can access ICICI Bank’s calculators on the bank’s website or mobile app. This allows you to calculate your EMIs from the comfort of your home or on the go.

• Saves Time: Instead of waiting for bank executives or doing manual calculations, the ICICI Bank home loan calculator provides instant results, saving you valuable time.

• Loan Comparison Made Simple: By entering different interest rates, loan amounts, and tenures, you can quickly compare various loan offers and find the most suitable terms for your financial situation.

• No Personal Details Required: Unlike many online tools that require personal information, the ICICI home loan EMI calculator ensures complete privacy, as no sensitive data is needed to use the calculator.

Need to calculate EMIs or compare loans? Try NoBroker’s Home Loan EMI calculator now.

How Does the ICICI Bank EMI Calculator Work?

To use the ICICI Bank housing loan EMI calculator, all you need to do is insert values like the loan amount, tenure and interest rate. The monthly EMI is instantly calculated when you click “calculate”.

Input Requirements

To use the ICICI home loan calculator effectively, you will need to provide three essential pieces of information:

• Loan Amount: Enter the total amount you intend to borrow for your home loan.

• Tenure: Choose the repayment duration that suits your financial goals and capabilities.

• Interest Rate: Specify the applicable interest rate on your home loan.

Formula

To calculate the Equated Monthly Instalment (EMI) for your ICICI Bank home loan, you can use the formula provided:

• EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
• Where:
• P = Loan amount

Example

Let us say you have taken out a home loan of ₹1 crore for the maximum allowed tenure of 30 years at an interest rate of 9%.

Calculate the monthly interest rate ®:

• Monthly Interest Rate = Annual Interest Rate / 12
• R = 9% / 12 = 0.0075
• Calculate the loan tenure in months (N):
• Loan Tenure in Months = Loan Tenure in Years x 12
• N = 30 years x 12 = 360 months

Plug the values into the ICICI Bank home loan calculator formula:

EMI = [1,00,00,000 x 0.0075 x (1+0.0075)^360] / [(1+0.0075)^360-1]

Calculate the EMI using an ICICI Bank home loan EMI calculator or spreadsheet:

• EMI = [1,00,00,000 x 0.0075 x 14.7305] / 13.7305
• EMI = 1104787.5 / 13.7305
• EMI = 80,462.30 (approx.)

What Is Amortisation?

Amortisation is the process by which your loan balance is gradually paid off over time through regular monthly payments. Each EMI you pay contributes towards both the interest and the principal. Initially, a larger portion of your EMI goes towards paying off the interest, but over time, the share of the principal increases.

Understanding the concept of amortisation is important because it explains how your loan evolves. As your loan term progresses, more of your payment goes towards the principal, and less goes towards interest, which means you start building equity in your home faster.

Amortisation Schedule

An Amortisation Schedule is a detailed table that shows how each EMI is divided between principal repayment and interest. It provides a comprehensive breakdown of how your loan will be repaid over time. 

This schedule helps you track how much of your outstanding loan is paid off each month and how much remains. Here is the amortisation schedule for the first year of a home loan of ₹10 Lakh over a period of 30 years at the interest of 9.25% p.a.:

Month	Principal (₹)	Interest (₹)	Principal + Interest (₹)	Balance to be Paid (₹)
1	518	7708	8227	999482
2	522	7704	8227	998959
3	526	7700	8227	998433
4	531	7696	8227	997902
5	535	7692	8227	997368
6	539	7688	8227	996829
7	543	7684	8227	996286
8	547	7680	8227	995739
9	551	7675	8227	995188
10	556	7671	8227	994632
11	560	7667	8227	994072
12	564	7663	8227	993508

Key Features of ICICI Bank Home Loans

ICICI Bank offers several features with their home loans, making it an attractive financing option for potential homebuyers. These features are:

• Simple Eligibility Criteria: ICICI Bank offers home loans to a wide range of individuals, including salaried employees, self-employed individuals, women, senior citizens, and even non-resident Indians (NRIs). This makes it convenient for various segments of the population to apply for a home loan with ICICI Bank.
• Flexible Repayment Tenure: Borrowers have the flexibility to choose loan tenures that suit their financial situation and goals. They can opt for repayment periods of up to 30 years, allowing them to tailor the loan to their specific needs and capacity to repay. Potential borrowers can use the ICICI Bank home loan calculator to determine the right tenure. 
• Loan-to-Value Ratio (LTV): ICICI Bank provides financing of up to 80-90% of the property’s value as a loan. This high LTV ratio can be advantageous for borrowers who may not have substantial savings available for a down payment. Borrowers can get a home loan of up to ₹5 crore from ICICI Bank.
• Interest Rates: ICICI Bank offers competitive interest rates, which start from 8.75% p.a. and go up to 10.05% p.a. The actual rate offered is dependent on the borrower’s eligibility and the specific terms of the loan. This range provides options for borrowers with different financial profiles.
• Low EMI per Lakh: Borrowers can benefit from relatively low EMIs, starting from ₹645 for every ₹1 lakh borrowed. The actual EMI amount is influenced by factors such as the loan tenure and the applicable interest rate. This feature can make the repayment burden more manageable for borrowers.

To Conclude

Are you considering a home loan? The ICICI Home Loan EMI Calculator is an essential tool that provides a clear and accurate understanding of your monthly repayments, helping you budget effectively and make informed financial decisions. 

When you are looking to purchase a new home, renovate your current one, or compare loan offers, the ICICI calculator simplifies the process. 

Ready to explore your home loan options? Try the ICICI home loan interest rate calculator today and take the first step toward securing your dream home!