HOME LOAN EMI CALCULATOR

All online home loan calculators rely on a specific formula to calculate home loan EMI amount. Our home loan EMI calculator uses a simple mathematical equation to ensure accurate results for your financial planning. Here’s the formula used:

Using the ICICI Bank Home Loan calculator is a simple way to calculate your Home Loan EMI. The housing loan EMI calculator uses the below formula to calculate your Home Loan EMI:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where:

P = Principal loan amount

N = Loan tenure in months

R = Monthly interest rate

The monthly interest rate (R) is calculated as the annual rate of interest divided by 12 and then by 100. For example, with a loan amount of Rs. 10,00,000, an illustrative annual interest rate of 7.25%, and a tenure of 120 months, the EMI would be approximately Rs. 11,740.

• Start by entering details like the loan amount, tenure and interest rate
• You can also adjust these details using the slider
• After you enter all the required details, the calculator will show you an estimate of your EMI, repayment amount and the total interest that you will pay over the course of your Loan. 

Thus, ICICI Bank Home Loan calculator comes in handy for financial planning as it helps you understand how various loan terms impact your EMI and total interest expenses.

Note: Your final Loan amount, tenure, interest rate and eligibility are subject to approval basis the Bank’s policies and criteria.

Part payments towards your Loan reduces the outstanding Loan amount. This reduces the amount of interest due. Your EMI remains unchanged even after you’ve made a part payment, but the proportion of the EMI utilised for the repayment of the principal and the interest changes. The amount going towards repaying the principal component in the EMI increases. Thus, the loan gets repaid faster.

The provisions under the Indian Income Tax Act, 1961*, allow Indian nationals to claim Income Tax relief on the payments made towards repayment of Home Loans.
*Subject to Income Tax Act, 1961 and amendments thereto.

Click here to access our Home Loan Tax Saving Calculator.

ICICI Bank home loan calculator is an effective tool that assists you in planning and managing your Home Loan. By estimating the EMI on the basis of the loan amount, interest rate and loan tenure, you will know how affordable it is and how you can plan your finances. 

The Home loan calculator provides you with instant results of the EMI amount and the total interest payable. All you need to do is scroll the cursor and adjust the loan amount, tenure and interest rate to find the EMI that best suits your financial requirements. This also eliminates the need for manual calculations and provides you with a fair understanding of your repayment obligations without error. 

The Home Loan EMI calculator also helps evaluate the impact of different interest rates on your EMI and the total interest payable. This allows you to experiment with various scenarios such as prepayment or increasing the EMI amount to understand how they affect your repayment schedule.

ICICI Bank Housing Loan EMI Calculator can empower you to plan your Home Loan more effectively. It offers greater transparency, accessibility and accurate calculations, all that you need to make well-informed decisions for a smooth Home Loan experience.

ICICI Bank Home Loans come with a host of features and advantages that make them a preferred choice for individuals aspiring to own a home. Here are the key features and benefits of ICICI Bank Home Loans:

• Competitive interest rates: ICICI Bank offers attractive interest rates on home loans, ensuring affordability and cost-effectiveness
• Flexible repayment options: You can choose a loan tenure that suits your financial situation. The tenure can range from a few years to 30 years. This flexibility allows you to manage your EMIs comfortably
• Quick loan processing: ICICI Bank ensures a seamless and efficient loan processing experience, minimising waiting time and providing you with faster access to funds
• Balance transfer facility: You also have the option to transfer an existing Home Loan to ICICI Bank and avail the advantage of better interest rates and terms
• Simplified documentation: A simple and streamlined process makes it easy and convenient for borrowers to apply
• Top-up loans: Existing Customers can avail top-up loans for various purposes such as home renovation, education or meeting other financial needs
• Home Loan insurance: ICICI Bank also offers Home Loan insurance to protect borrowers and their families from unforeseen events, providing financial security
• Customer support: Dedicated customer support is available at ICICI Bank round the clock to address any queries and concerns throughout the Home Loan journey
• You can apply online: Experience the convenience of doorstep service. ICICI Bank will assist you in selecting a suitable Home Loan variant and repayment options
• Ample loan amount: Get higher loan amounts at attractive interest rates and low EMIs.

Calculating the EMIs for your Home Loan can assist you in managing your finances and making informed decisions. Here are the key advantages of calculating EMIs before applying for a loan:

• Sound Financial Planning: Knowing the EMI amount and duration will help you plan your finances effectively, allow you to budget your expenses accordingly and ensure that your EMI falls well within your income. You will be better placed to assess the affordability of your Home Loan by calculating your EMIs beforehand. This allows you to maintain financial stability and avoid any last-minute financial strain.
• Comparing Loan Offers: Calculating EMIs allows you to compare loan offers from various lenders. By entering the loan amount, interest rate, and tenure into an EMI calculator, you can evaluate the total repayment amount and determine the most cost-effective option. This way, you can choose the loan that meets your financial requirements.
• Saving on Interest: Accounting for different EMI scenarios will help you understand the impact of different interest rates on your loan repayment. You can assess long-term interest savings by comparing the EMIs for varying interest rates.
• Prepayment Planning: Calculating EMIs helps in planning for the prepayment of your Home Loan. Understanding the repayment schedule allows you to determine the ideal time to make additional payments and shorten the loan tenure. This can help you save on interest and achieve debt-free home ownership sooner.

Repayment for a home loan usually starts a month after you receive the loan amount. The specific start date is mentioned in your loan agreement. During this period you may be required to pay EMI interest depending on the terms of your loan and whether you are already making EMIs or waiting for full disbursement.

A housing loan calculator assists in estimating your EMI amount, total repayment figure and interest expenses. It simplifies planning by illustrating how adjustments in the loan amount, tenure or interest rate impact your payments. This tool empowers you to make informed choices and manage your finances effectively.

Certainly, you can change the EMI payment date for your home loan by reaching out to your lender. However, remember to inquire about any charges or terms related to altering the EMI payment date.

Pre-EMI interest denotes the interest accrued on the disbursed loan amount before EMI payments commence. This interest is relevant either during the construction stage or prior to complete disbursement. It is usually paid on a basis until the EMI payments commence.

Home Loan EMIs generally start 1 month after loan disbursement. The exact date depends on the loan agreement and terms. 

With a Home Loan EMI calculator, you can compare various loan situations, estimate your EMI amount and create an efficient budget. 

If we take the tenure of the loan as 10 years and an illustrative interest rate of 9%, the EMI of a Home Loan of ₹ 40 lakh can be calculated using the EMI formula as given below: 

EMI = [P x r x (1+r)^n] / [(1+r)^n​ - 1]

where P = ₹ 40,00,000; r = 0.0075 (monthly rate); n = 120 (months)

EMI ≈ ₹ 50,670

The EMI for a 20-year loan with the same interest rate is ₹ 35,989.

You can use the Home Loan EMI calculator for quick and hassle-free calculations. Enter the loan amount, illustrative interest rate & tenure and the calculator will instantly display your EMI.

Your Home Loan EMI is influenced by several factors, such as:

• Interest Rate: A lower interest rate makes monthly payments more manageable whereas a higher rate leads to larger EMIs

• Loan duration: A shorter tenure increases the EMI but decreases the total interest paid. A longer duration reduces your EMI but increases the overall interest paid.

• Loan Amount: A higher loan amount means a higher EMI; likewise, a lower amount means a lower EMI

• Credit Score: A higher credit score can help you secure a lower interest rate, which reduces the EMI amount. 

A Home Loan calculator assists in loan comparison, budgeting and estimating your possible EMI amount. By showing how various loan amounts, terms and interest rates affect your EMI amount, a Home Loan calculator helps you plan your monthly budget.