ICICI Bank Home Loan Calculator

ICICI Home Loan EMI Calculator Formula

ICICI home loan calculator is an online tool that helps you calculate your home loan EMI hassle-free. It allows you to see how much your monthly repayments would be, based on the loan amount and repayment period you select. You can use the ICICI home loan calculator to estimate your monthly payments, compare interest rates, and see how different loan terms will impact your payment amount.

You just have to use the slider and enter the loan amount, interest rate, and loan tenure, and the calculator will do the rest. The calculator will first calculate the monthly interest payable on the loan and then add this to the principal amount to arrive at the total monthly repayment. This repayment will be divided equally between the years you have chosen to repay the loan so that you can see how much you will need to pay each month.

Note: This estimate is based on the current icici home loan interest rate and is subject to change.

The calculator uses the following formula to compute the EMI value of your home loan:

EMI = P × r × (1 + r)n/((1 + r)n – 1)

Here:

• P is referred to as Principal
• r is referred to as the rate of interest
• n is referred to as tenure of the loan

Key Features and Benefits of ICICI Home Loan Calculator

ICICI home loan calculator is a simple and easy-to-use online tool that helps you calculate your monthly home loan repayments. The key features and benefits of the ICICI home loan calculator are:

• It is easy to use and only requires you to input a few details, such as the loan amount, interest rate, and loan tenure.
• It can help you to determine how much you can afford to borrow and estimate your monthly repayments.
• It is a quick and easy way to calculate your repayments and compare different home loan options.
•  ICICI home loan calculator is a free online tool available 24×7.

How Does EMI Calculation Help in Planning the Home Purchase?

EMI calculation is an essential tool that helps in planning a home purchase. It helps in deciding the amount of loan that can be availed and the tenure of the loan. The home loan EMI calculation considers the interest rate, the loan amount and the tenure of the loan. It helps in creating a systematic plan for repayment of the loan.

This, in turn, helps avoid any future financial difficulties. It helps you determine how much you can afford to borrow and also gives you an estimate of the monthly payments you will need to make. This information is vital in ensuring you do not over-extend yourself financially and can also help you budget for the purchase.

Factors Affecting ICICI Home Loan EMI

Your ICICI home loan EMI depends on a number of external and internal factors. The EMI mainly depends on the interest rate, the higher the interest rate, the higher the EMI amount. Given below are some of the factors that affect the ICICI Home Loan EMI:

Loan Tenure

The tenure of a ICICI home loan refers to the period for which the loan is taken out. It can range from 1 year to 30 years. Home loan EMI is directly proportional to loan tenure. If you want a lower EMI, extend the tenor of your home loan. On the other hand, if you’re going to save on processing fees and get home quickly, opt for a shorter tenure instead.

Interest Rate

The interest rate on your home loan has a direct impact on your EMIs. If the interest rate is high, your EMIs will increase, and vice versa. Therefore, keeping an eye on the interest rate when taking a home loan is essential to budget your EMIs accordingly.

Loan-To-Value Ratio

LTV, or loan-to-value, is a ratio that expresses the relationship between the loan amount and the property’s value. The higher the LTV, the higher the risk to the lender, and the higher the interest rate on loan.

ICICI Home Loan Amortization Schedule

An amortization schedule is a table that shows the periodic payments required to pay off a loan. The schedule shows the amount of each payment that is applied to both principal and interest and the remaining balance after each payment is made.

This schedule will help you budget your payments and see how much your payment is towards principal and interest. It is important to remember that your interest payments will be lower during the early years of your loan when the majority of your payment is applied to the principal. Let’s assume that an individual borrows a home loan of INR 25 lakhs at 7.60% p.a. for an extended tenure of 10 years.

Year	Opening Balance	Interest Paid	Principal Paid	Closing Balance
1	INR 25,00,000	INR 1,69,330	INR 1,78,990	INR 23,21,004
2	INR 23,21,004	INR 1,56,390	INR 1,91,935	INR 21,29,069
3	INR 21,29,069	INR 1,42,515	INR 2,05,811	INR 19,23,258
4	INR 19,23,258	INR 1,27,637	INR 2,20,689	INR 17,02,570
5	INR 17,02,570	INR 1,11,683	INR 2,36,642	INR 14,65,927
6	INR 14,65,927	INR 94,576	INR 2,53,749	INR 12,12,178
7	INR 12,12,178	INR 76,233	INR 2,72093	INR 9,40,086
8	INR 9,40,086	INR 56,563	INR 2,91,762	INR 6,48,324
9	INR 6,48,324	INR 35,472	INR 3,12,854	INR 3,35,470
10	INR 3,35,470	INR 12,856	INR 2,25,470	0

Repo Rate Cut Impact on ICICI Home Loan EMI Calculations

The Reserve Bank of India (RBI) reduced the repo rate by 0.25%. It went from 6.25% to 6.00%. Since ICICI Bank’s floating-rate home loans are linked to the repo rate, this cut can lower your interest rate and EMI.

For Existing Borrowers

• Floating-rate loans: EMI will reduce, but it may take 1–3 months, depending on your loan reset cycle.
• Fixed-rate loans: No change unless you switch or refinance.

For New Borrowers

• ICICI may offer lower starting interest rates.
• Helps reduce monthly EMI and total repayment.

Example (₹50 Lakh Home Loan)

Tenure	Before Rate Cut (9%)	After Rate Cut (8.75%)	Savings
10 yrs	₹63,304	₹62,402	₹902/month
20 yrs	₹44,986	₹43,983	₹1,003/month