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. Continue reading to get acquainted with all the benefits of using the ICICI Bank Home Loan EMI Calculator, the factors that might affect it, and the formula used to calculate the EMI.
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Break up of Total Payment
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Principal Amount
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Total Interest
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.
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. For your understanding, we are now showing the ICICI Home Loan calculation formula that can help you get an estimated monthly EMI:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
In the above formula:
P is for the Principal Amount
R is for the Rate of Interest
N is for the Number of Monthly Repayment Installments
Factors Affecting ICICI Bank Home Loan EMI
ICICI Bank Home Loan EMI may be affected by several factors. It is, therefore, crucial for borrowers to carefully consider these factors to assess their financial situation before availing a home loan. Read on to learn about the three main ICICI Bank Home Loan criteria that can influence your monthly installments, and they are:
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 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. Feel free to use the online EMI calculator available at the official website of the BASIC Home Loan: EMI.
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. With the help of Continue reading to understand the simple mathematical calculation done in the ICICI bank home loan calculator formula:
Total Interest = (P X R X T) / 100
In the above formula:
P stands for Principal Amount
R stands for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments
ICICI Bank Home Loan Eligibility Criteria
When trying to apply for a housing loan from any bank or NBFC, it is important to know about your eligibility for the same. You can easily check this using the ICICI home loan eligibility calculator. The online home loan eligibility criteria calculator helps you examine your eligibility based on information like nationality, age, credit score, and income.
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Comparison of ICICI Bank Home Loan EMI with other Popular Banks
If you have decided to apply for an ICICI Bank Housing Loan, you are already on the right track. But, in case you want to compare its EMI with the EMI payable of other lenders, do not worry! Watch out for the table given below that compares the ICICI Bank EMI with 5 established banks and housing finance companies for a tenure of 10 years:
| 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 |
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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. Each row in the amortization schedule represents a specific period during the loan tenure. It starts with the first month and continues until the last month of the loan tenure.
Steps to Calculate ICICI Bank Amortized Interest
Step 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
Step 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
Step 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
Step 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 |
FAQs
You should use the ICICI home loan EMI calculator because it is quick, accurate, and easy to use. Moreover, it allows you to do variation analysis for different loan tenures, loan amounts, and interest rates for informed decision-making.
It depends on whether your ICICI home loan is on a fixed rate or on a floater rate basis. In the former case, the EMI will remain fixed throughout the tenure, whereas in the latter case, it is subject to fluctuate depending on the current market conditions.
Borrowers who miss paying an ICICI home loan EMI may get charged a late EMI fee from the bank. It might also affect their future borrowing by reducing their credit score.
Yes, you may pay more than the EMI in a home loan ICICI in the form of prepayment. This certainly helps reduce the outstanding loan amount and reduces the loan tenure as well.
You can easily pay your ICICI home loan EMI online through Net Banking, NEFT, RTGS, and Auto Debit services.
Part-prepayment on your ICICI home loan can reduce the outstanding principal amount and reduce the EMI amount after the prepayment. It will also help you save on interest costs on the total interest paid over the loan tenure.
An amortization schedule helps borrowers gain insights into the interest and principal components of each payment they make for a home loan EMI.