HOME LOAN EMI CALCULATOR

All online Home Loan EMI Calculators rely on a specific formula to calculate the 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:

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, for a loan amount of ₹ 10,00,000, an illustrative annual interest rate of 7.25% and a tenure of 120 months, the EMI would be approximately ₹ 11,740.

Here’s a step-by-step guide that you can follow to calculate your EMI using ICICI Bank’s

1. Enter details: Enter the Loan amount, interest rate and tenure in the specified fields.

2. Adjust sliders: Use the sliders to modify Loan details as required.

3. View instant results: Once all details are entered, the calculator shows your estimated EMI, repayment amount and total interest payable over the Loan period.

4. Explore customisation: Customise your Loan details to suit your financial goals, adjusting values as needed to find the best repayment plan.

5. Optimise EMI: To reduce monthly payments, lower the Loan amount, choose a lower interest rate or extend the tenure. Alternatively, increase the Loan amount or shorten the tenure for higher EMI payments.

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

Making part payments reduces your outstanding Loan amount, lowering the payable interest. While your Home Loan EMI remains unchanged, a larger portion goes towards repaying the principal. Here’s an illustrative table showing Home Loan EMIs at a 9% interest rate for a tenure of 84 months, for varying Loan amounts:

The EMI depends on factors like Loan amount, tenure and interest rate. Use a Home Loan EMI Calculator to simplify Home Loan EMI calculations and estimate your monthly obligations easily.

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. It simplifies complex calculations and offers instant insights that can be beneficial for you. Here’s how it can help you:

• EMI Estimation: Instantly calculates EMI based on the Loan amount, interest rate and tenure.

• Ease of Use: You can adjust values to find the EMI that suits your budget.

• Transparency: Clearly shows total interest payable and monthly EMI.

• Scenario Analysis: You can test different scenarios like pre-payment or increased / decreased tenure to see their impact on the EMI.

• Financial Planning: Offers a comprehensive view of repayment obligations, helping you plan your finances effectively and make informed decisions.

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 for a Home Loan.

• Top-up loans: Existing customers can avail a top-up loan on their existing Home Loan 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.

• Convenience: Experience the convenience of doorstep service. ICICI Bank will assist you in selecting a suitable Home Loan 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 help 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 of paying the EMIs will help you plan your finances effectively and ensure that your EMI amount 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 your EMI amount 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 different interest rates.

Pre-payment Planning:

Calculating EMIs helps in planning for the pre-payment 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 might 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 of your Loan.

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

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

If we take the tenure of the loan as 10 years (120 months) 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 Home 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 higher 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. 

The EMI of a ₹ 20 lakh Home Loan at 9% interest for a tenure of 84 months is ₹ 32,178. Use the Home Loan EMI Calculator to ensure accurate Home Loan EMI calculations.

For a ₹ 25 lakh Home Loan, the EMI at 9% interest for a tenure of 84 months is ₹ 40,223. The Home Loan EMI Calculator can simplify your financial planning effectively.

The EMI of a ₹ 30 lakh Home Loan, at 9% interest for a tenure of 84 months is ₹ 48,267. Try the Home Loan EMI Calculator for calculations based on loan amount, tenure and interest rate.

For a ₹ 40 lakh Home Loan at 9% interest and with a tenure of 84 months, the EMI is ₹ 64,356. Use the Home Loan EMI Calculator to find out EMI amounts for other tenures or interest rates.

At an interest rate of 9%, the EMI of a ₹ 50 lakh Home Loan with a tenure of 84 months is ₹ 80,445. Use the Home Loan EMI Calculator for quick and transparent calculations and better financial planning.