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ICICI Home Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The ICICI Home Loan EMI calculator allows you to determine how much you must pay monthly to repay your home loan. The calculator uses details such as your loan amount, interest rate, and repayment tenure, to calculate your monthly EMI amount.

A house loan, also known as a home loan, can be defined as a sum of money borrowed from a financial institution or bank to purchase a home. Home loans have an adjustable or fixed interest rate and payment terms.

An EMI (Equated Monthly Installment) is the amount you need to repay your loan over a specific tenure. During that period, you will have to pay a certain amount every month. The EMI will comprise the principal amount and the interest. The monthly amount that you will pay every month is called the home loan EMI.

How Does The ICICI Home Loan EMI Calculator Work?

Below is the formula used to calculate your home loan EMI amount.

Home Loan EMI, E or EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]

Where,

P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are thinking of taking a home loan for ₹42 lakhs. The bank is offering the loan at an interest rate of 7% per annum. The repayment tenure of the loan is 25 years. Here's how much you will have to pay as monthly EMI:

EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 42,00,000 x (0.07/12 x (1 + 0.07/12)^25) / [(1 + 0.07/12)^25 - 1]
EMI = ₹29,685

If you take a home loan for ₹42 lakhs at an interest rate of 7% per annum, you would have to pay a monthly EMI of nearly ₹30,000 every month for 25 years.

How To Use The ICICI Home Loan EMI Calculator?

The steps to use the home loan EMI calculator are as follows:

  • Enter the home loan amount that you wish to borrow.
  • Mention the rate of interest that will be charged by the lender.
  • Specify the tenure over which you will be able to comfortably repay the home loan.

The calculator will instantly display the correct EMI amount as per the information you have provided.

Example:

Ms Sara is looking to take a home loan to buy a 3BHK apartment. She wants to take a loan for ₹85 lakhs. The interest rate of the loan is 6.8%. The repayment duration of the loan is 30 years. Let's calculate her monthly EMI amount using the calculator formula.

EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 85,00,000 x (0.068/12 x (1 + 0.068/12)^30) / [(1 + 0.068/12)^30 -1]
EMI = ₹55,414

If Ms Sara takes a home loan for ₹85 lakhs at an interest rate of 6.8%, she will have to pay a monthly EMI of ₹55,414 for 30 years.

Benefits Of Using The ICICI Home Loan EMI Calculator

The different advantages of using the home loan EMI calculator are as follows:

  • The home loan EMI calculator is extremely easy to use.
  • The calculator can be used multiple times for free of cost.
  • The calculator can be used to compare different home loan EMIs and find the most affordable one.
  • The calculator saves you time by performing calculations quickly.

ICICI - Frequently Asked Questions (FAQs)

What is the schedule for amortising a home loan?
Loan amortisation is the process of paying off debt throughout the loan in regular instalments. An amortisation schedule for a mortgage is a table that includes information on the principal, interest, and payback amount.
Is the EMI payment fixed?
It depends. If you take a home loan with a fixed interest rate, your EMI amount will be fixed. However, your EMIs will change over the tenure if you have a house loan with a fluctuating rate of interest.
Will my credit score be affected if I do not pay my EMI on time?
Yes. Your credit score will decrease if you do not pay your EMI on time.