Urban Money

ICICI Bank Home Loan Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Headquartered in Vadodara, Gujarat, ICICI Bank Limited is one of the leading private banks in India, with a strong presence in retail and corporate banking. The technology-driven bank was one of the first banks in India to offer internet banking. The bank has a strong focus on technology and provides a number of innovative features such as paperless account opening, instant credit cards, and instant loans. It offers its customers a wide range of products and services, including savings and current accounts, credit cards, loans, mortgages, investment products, and insurance.

ICICI Bank Home Loan

ICICI Bank home loan offers you the opportunity to fulfill your dream of owning your own home. With competitive interest rates, flexible repayment options and quick disbursal, it is very easy for you to get the home loan you need.

The home loan products are designed to suit your individual needs and requirements, whether you are a first-time home buyer or looking to upgrade your existing home. The bank also offers various value-added services to make your home loan experience more convenient and hassle-free.

ICICI Bank Home Loan Calculator

ICICI Bank 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 Bank 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 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 Bank Home Loan Calculator

ICICI Bank 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 Bank 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 Bank home loan calculator is a free online tool available 24x7.

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 Bank Home Loan EMI

Your ICICI Bank 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 Bank Home Loan EMI:

Loan Tenure

The tenure of a 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 Bank 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

ICICI Bank Home Loan Equated Monthly Installments

Loan Amount Tenure Rate of Interest EMI
INR 10,00,000 30 years 8.00% p.a. INR 7,338
INR 20,00,000 30 years 8.00% p.a. INR 14,675
INR 25,00,000 30 years 8.00% p.a. INR 18,344
INR 30,00,000 30 years 8.00% p.a. INR 22,013
INR 50,00,000 30 years 8.00% p.a. INR 36,688

Comparison of ICICI Bank Home Loan with Other Banks

Bank Name Rate of Interest
ICICI Bank 7.60% p.a. onwards
SBI 7.55% p.a. onwards
HDFC Bank 7.55% p.a. onwards
Axis Bank 7.60% p.a. onwards
LIC Housing Finance 7.55% p.a. onwards
PNB Housing Finance 6.99% p.a. onwards
IDFC First 7.50% p.a. onwards

Frequently Asked Questions (FAQs)

When does my home loan EMI start?

The first EMI on your home loan will be deducted on the subsequent due date in the month following your home loan disbursal.

How can I pay my ICICI home loan EMI online?

You can pay your ICICI Bank home loan EMI via internet banking.

What happens if I miss paying my ICICI home loan EMI?

If you miss paying your ICICI home loan EMI, the bank will charge a penalty on the overdue.

Can I change my home loan EMI payment date?

Yes, you can change your home loan EMI payment date. Contact the lender for the procedure.

How does home loan repayment work?

Home loan repayment typically works by having the borrower make monthly payments to the lender. The payments are typically made over the life of the loan, which is typically 30 years. The borrower typically pays interest on the loan as well, which is calculated based on the loan amount, interest rate, and term of the loan.