Urban Money

ICICI Loan Against Property (LAP) 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

Better financial planning and a realistic estimate of payback capabilities are crucial to preventing financial stress. The ICICI Bank Loan Against Property EMI Calculator is a tool that aids in calculating the number of monthly instalments required to repay a loan secured against real estate.

The monthly payments that must be paid toward the ICICI bank mortgage loan balance are calculated using the online ICICI bank loan against the property EMI calculator. The calculator yields accurate answers based on relevant data, such as loan amount, interest rate, and loan tenure.

Loan Against Property EMI Calculator ICICI Bank

The loan against property rate at ICICI Bank is 8.35% per annum for loans up to INR 5 crore with durations of up to 15 years. Furthermore, it offers individuals access to a special programme with quick loan approval for up to 70% of the home's value. ICICI Bank provides a home overdraft facility with a credit cap of up to INR 1 crore for salaried borrowers and up to INR 5 crore for self-employed borrowers. Additionally, it provides current LAP clients with top-up loans.

The online tool - loan against property EMI calculator helps a person gain knowledge of their EMI on loans taken by them. It allows you to get to terms with the loan you will be eligible for.

Why Should You Use ICICI LAP EMI Calculator?

The ICICI loan against property EMI calculator provides you with the utmost benefits. You should use the LAP EMI calculator ICICI for the following reasons:

  • The quickness with which it computes your EMIs is an advantage. The system will calculate your EMI in a matter of seconds after you submit the three essential details above.
  • You can schedule your funds in advance, which is another significant advantage. It shows you whether the amount in question is appropriate for you by figuring out your EMIs. By doing this, you can steer clear of any potential future financial difficulties.
  • The ICICI LAP loan calculator also provides you with precise EMI figures. Manually calculating your EMIs can be a laborious and error-prone operation. Use the online calculator to determine your ICICI LAP EMIs since it will provide you with the most accurate results.
  • The ICICI Bank loan against the property processing fee is zero. Therefore, the ICICI LAP EMI calculator is free to use.

Factors Affecting ICICI Bank Property Loan EMI

When computing the due amount or EMI, the ICICI bank loan against property EMI calculator takes into account the loan amount, the interest rate, and the period. The following are the variables that determine the ICICI LAP loan EMI calculator:

  • Interest Rate

The critical factor in choosing a borrower's ability and ease of loan repayment is the interest rate. A higher interest rate can make obtaining a loan for a more significant sum of money challenging or increase the payback period. On the other hand, a lower interest rate makes it simpler to qualify for a more considerable loan amount and increases the possibility of a straightforward prepayment. The interest rate is influenced by the kind of property that will be mortgaged, the borrower's history, and their credit score. Numerous banks and home finance companies provide interest rates subject to regular modification. Both fixed and variable interest rates guarantee they won't change during the loan's term. 

  • Principal Amount

The amount that can be borrowed from a bank or other financial institutions against the mortgaged property depends on its value. As a result, the EMIs rise in line with the loan balance.

  • Tenure

The length of the mortgage loan is based on the borrower's current age and retirement age. Longer loan periods are correlated with lower EMIs.

Comparison of ICICI Bank Loan Against Property EMI with other Banks

A comparison has been drawn between ICICI Bank Loan Against Property EMI with other banks. It can be examined in the table below:

Name of the Bank Rate of Interest EMI on INR 10 Lakh (in INR) EMI on INR 30 Lakh (in INR) EMI on INR 50 Lakh (in INR)
ICICI Bank 8.10% 7,407 22,222 37,037
HDFC Bank 8.10% 7,407 22,222 37,037
SBI Bank 8.05% 7,373 22,118 36,863
LIC Housing Finance 7.50% 6,992 20,976 34,961
Axis Bank 7.05% 6,687 20,060 33,433

ICICI Bank Loan Against Property Amortisation Calculator

Your monthly EMI is divided into principal and interest payments according to the ICICI Bank Home Loan amortisation plan. The sanction letter from ICICI Bank includes a thorough amortisation schedule that you can use to calculate the total interest expense and the rate at which your loan will be repaid.

Amortisation Schedule

Consider obtaining a loan of INR 35 lakh from ICICI Bank for 15 years at an interest rate of 8.10%. The EMI for this loan amount is INR 33,650, and there will be a total of INR 4,03,802 EMIs due yearly. The table below explains the 15-year loan's EMI schedule.

Year Interest Paid During The Year (in INR) Principal Repaid During The Year (in INR) Total Amount Paid During The Year  (in INR) Outstanding Principal (in INR)
2022 1,17,444 50,807 1,68,251 34,49,193
2023 2,74,660 1,29,142 4,03,802 33,20,051
2024 2,63,802 1,40,000 4,03,802 31,80,051
2025 2,52,032 1,51,771 4,03,802 30,28,280
2026 2,39,272 1,64,531 4,03,802 28,63,749
2027 2,25,438 1,78,364 4,03,802 26,85,385
2028 2,10,442 1,93,360 4,03,802 24,92,026
2029 1,94,185 2,09,617 4,03,802 22,82,409
2030 1,76,562 2,27,241 4,03,802 20,55,168
2031 1,57,456 2,46,346 4,03,802 18,08,822
2032 1,36,745 2,67,058 4,03,802 15,41,764
2033 1,14,291 2,89,511 4,03,802 12,52,254
2034 89,951 3,13,852 4,03,802 9,38,402
2035 63,563 3,40,239 4,03,802 5,98,163
2036 34,957 3,68,845 4,03,802 2,29,318
2037 6,233 2,29,318 2,35,551 0

ICICI Bank Loan Against Property Fees and Charges

Fees and charges are a legitimate fear when applying for ICICI Bank loan against property. The breakdown for the same is listed below:

  • Processing Fees

When you avail of a loan, there is a fee that must be paid for the bank to process your loan request. The maximum fee assessed by ICICI Bank is 1% of the loan amount plus any applicable taxes.

  • Charges on the CIBIL Report 

The bank assesses a person’s CIBIL score before approving a loan. When a CIBIL report is required for LAP, the bank will charge a cost of INR 50 plus relevant taxes.

  • Administrative Charges 

After your loan has been approved, you must pay an administrative fee set at INR 5,000 plus taxes or 0.25% plus taxes, whichever is smaller. This is a non-refundable seat.

Frequently Asked Questions (FAQs)

How much loan can I get against my property from ICICI Bank?

One can avail of a 70% up to INR 5 crores loan against their property from ICICI Bank.

What is the EMI for INR 30 lakhs home loan in ICICI bank?

The current interest rate of ICICI Bank is 8.1%. Based on this, the EMI for INR 30 lakhs for a tenure of 10 years is INR 36,557, for a tenure of 20 years is INR 28,843, and for 30 years, the EMI is INR 22,222.

What is a loan's interest rate against property in ICICI bank?

The interest rate of loans against property in ICICI Bank is 8.35%.

Is the ICICI Bank loan against my property available in my city?

The ICICI bank loan against property can be availed online. You can always go online even if you can’t locate a bank branch in your city.

How is the rate of interest on a loan against property calculated?

The formula to calculate interest on a loan against property is  – E = [P x R x (1+R)^N]/[(1+R)^N-1], where ‘E’ stands for Equated Monthly Instalment or EMI, ‘P’ stands for the principal amount, ‘N’ is the abbreviation of the number of monthly instalments and ‘R’ represents the monthly rate of interest.

What is the tenure of the LAP loan?

The LAP loan tenure can go up to 30 years. However, in ICICI Bank, the tenure is up to 15 years.