Home Loan EMI Calculator

Equated Monthly Instalment or EMI is a fixed repayment of a Home Loan, which you pay every month for a specific duration. This payment structure follows a pre-defined Amortisation Schedule.

An Amortisation Schedule is your financial roadmap, detailing:

• The outstanding balance before each EMI payment
• The total EMI amount
• Breakdown of principal repayment
• Breakdown of interest payment
• Remaining Loan balance post EMI payment.

Each EMI consists of two parts - the principal (the borrowed amount) and the interest on the outstanding principal. In the beginning, a larger portion of your EMI goes towards interest, however, the amount reduces in the later payments and a major portion goes towards the principal. This shift helps reduce your overall debt over time.

With part payments, you can reduce the outstanding balance, thereby lowering the interest.
Part payment is credited as principal amount. This lowers the total amount of interest you need to pay, where you can either keep the EMI amount same by reducing tenure or keep the tenure same by reducing the EMI amount.

Under the Indian Income Tax Act, 1961, you can claim Tax relief on Home Loan EMIs. This benefit is considered a popular option while availing a Home Loan.

An EMI Calculator is a perfect option for Home Loan borrowers. By simply entering the Loan amount, interest rate and tenure, you can:

• Quickly calculate your EMIs
• Understand the total interest payable
• Explore various scenarios (like prepayment or interest rate changes)
• Plan effectively, ensuring your Home Loan fits your budget.

ICICI Bank Home Loans offer a range of benefits that cater to aspiring homeowners:

• Flexible Tenure: Select a repayment period as per your finances, starting from a few years to a maximum of 30 years
• Swift Processing: Quick approval means faster access to funds
• Balance Transfer: Switch your existing loan for better rates, with ease
• Simplified Documentation: Simple documentation ensures a convenient application process
• Top-up Loans: Customers can avail extra funds on their ICICI Bank Mortgage Loan that comes with flexible end-use
• Insurance Options: Protect your Loan with insurance for added security
• Dedicated Support: Access round-the-clock assistance for any queries
• Easy Online Application: Experience hassle-free doorstep service
• Generous Loan Amounts: Secure higher Loan amounts at favourable terms

Calculating your EMIs is crucial for effective financial management. Here’s why:

• Financial Planning: Having an idea about your EMIs allows you to plan finances, ensuring you stay within your plans
• Loan Comparison: Start with a basic comparison of interest on Home Loans from various lenders, to assess the best deal
• Interest Savings: Assess different scenarios and get an understanding of long-term Loan specifics
• Prepayment Strategy: Plan for prepayments to shorten your Loan tenure and save on interest.