ICICI Home Loan EMI Calculator

Buying a house, in present times, is an expensive proposition and yet it is a dream that everyone wants to fulfill in their lifetime. Usually people do not have enough savings to purchase a home outright but since they see the value of the home going up in the coming times they find it to be a safe investment.  Many home buyers have the capacity to make a down payment of a smaller amount but they still need a big part of the amount to be funded. ICICI Home loan calculator helps calculate your monthly EMI payable towards the home loan.  You can get the equated monthly installment by entering basic information in various permutations and combinations.

icici home loan emi calculator

Benefits of ICICI Home Loans

Getting a home loan from ICICI Bank is quick and easy. ICICI offer higher eligibility and lower EMIs at attractive interest rates.

Application processing through their TABLET and Smart phone applications ensures faster approval of the home loan with ICICI home loans. They come with benefits like quick, easy and minimum documentation

How Does The ICICI Home Loan Calculator Works

The ICICI Home Loan EMI Calculator is a simple tool to calculate your Equated Monthly Installment.  You can also compare offers from several banks and take a decision as to what is best option for you.

The following information should be kept available before using the ICICI bank Home loan calculator – proposed loan amount and tenure, interest rate and processing fee (percentage), if any.

The below steps should be followed to use the ICICI bank home loan EMI calculator

Step 1 – this is used to select the proposed loan amount that the borrower wants from the ICICI bank.  The slider is required to be moved to the correct amount required. You can see the selected output at the end of the slider instantly.

Step 2 – this is used to select the proposed tenure of the loan in months. The slider should be slowly moved to right to make the selection for tenure.  You can see the selected output at the end of the slider instantly

In the next tab, enter the interest rate in percentage. For example, if the quote given to you by the bank is 9.45%, provide the same here.

In the next tab, enter the fees that the bank is charging for the processing of the home loan.

The last field is for pre-payments, in case you intend to make during the loan tenure.  You can select Yes or No.

The last step involves verification of all the requirement that you have entered in the ICICI home loan EMI calculator.  Click on “Calculate” to get the output

 

ICICI Home Loan EMI Calculation:

Tenure: 30 Years

Rate of Interest: 9.45 %

 

Year

Principal Paid(A)

Interest Paid(B)

Total Payment (A+B)

Outstanding Loan Balance

1st

356

5,504

5,860

99,644

2nd

658

9,388

10,046

98,986

3rd

723

9,324

10,047

98,262

4th

793

9,252

10,045

97,468

5th

873

9,173

10,046

96,595

6th

959

9,087

10,046

95,636

7th

1,054

8,992

10,046

94,582

8th

1,158

8,889

10,047

93,424

9th

1,272

8,774

10,046

92,152

10th

1,399

8,649

10,048

90,754

11th

1,533

8,514

10,047

89,219

12th

1,688

8,359

10,047

87,532

13th

1,853

8,192

10,045

85,678

14th

2,036

8,010

10,046

83,641

15th

2,239

7,810

10,049

81,404

16th

2,459

7,588

10,047

78,945

17th

2,701

7,346

10,047

76,244

18th

2,967

7,079

10,046

73,276

19th

3,260

6,787

10,047

70,015

20th

3,583

6,464

10,047

66,433

21th

3,937

6,111

10,048

62,497

22th

4,325

5,722

10,047

58,172

23th

4,751

5,295

10,046

53,420

24th

5,222

4,826

10,048

48,200

25th

5,736

4,311

10,047

42,464

26th

6,303

3,742

10,045

36,162

27th

6,925

3,123

10,048

29,238

28th

7,606

2,440

10,046

21,630

29th

8,359

1,688

10,047

13,272

30th

9,182

863

10,045

4,089

31th

4,089

97

4,186

0

In the above table you can see that as the loan repayment progressed, the EMI decreased.  The EMI consists of both principal amount and the interest. The proportion of these two keeps changing every EMI.  Gradually the principal repayment increases and the interest reduces.

 

Calculate Eligibility Using ICICI Bank Home Loan Eligibility Calculator

The ICICI Bank’s Home Loan Eligibility Calculator tool enables you to find out if you are eligible for a loan from ICICI Bank. Various factors like age, monthly income etc. is considered while calculating the eligibility.  You can visit https://loan.icicibank.com/asset-portal/home-loan/check-eligibility to calculate your eligibility for Home Loans from ICICI Bank.

 

Tax Saving Calculator – ICICI Bank Home Loan

The borrower is eligible to save tax by claiming deduction in IT return against the principal and interest payments.  This is administered by Income Tax Laws of Government of India. The borrower can enter a few basic details of the loan to calculate the amount of tax that he can save. You can visit https://infinity.icicibank.co.in/calculator/home-loan-tax-saving-calculator.jsp to calculate the amount of tax that can be saved by you.

 

Factors Affecting Home Loan EMI

The three key factors that affects the EMI of ICICI home loan emi calculator are as follows:

  • Loan amount – The amount of money borrowed by the borrower from ICICI home loan.  The higher the loan amount the higher the installment. The minimum amount of laon that ICICI offers is Rs. 15 lakh and the maximum being Rs. 10 crore.
  • Interest rate – The rate of interest is the amount to be repaid by the borrower over and above the principal amount.   A higher interest rate increases the housing loan EMI thus leading to an increase in the total cost of the loan. Currently ICICI home loan interest rate starts at 8.65%.
  • Loan tenure – The period in months in which the borrower can repay the loan spread in EMI is referred as the loan tenure.  The longer the tenure, the lower is the EMI on the home loan. The tenure is determined by the borrower’s age at the time of sanction of the loan and the retirement age. The maximum tenure of loan offered by ICICI is 30 years.

Year

Principal

Interest

Total Payment

Balance Due

1

83,112

76,259

1,59,371

7,16,888

2

91,815

67,556

1,59,371

6,25,073

3

1,01,429

57,942

1,59,371

5,23,643

4

1,12,050

47,321

1,59,371

4,11,593

5

1,23,783

35,588

1,59,371

2,87,809

6

1,36,745

22,626

1,59,371

1,51,064

7

1,51,064

8,307

1,59,371

0

 

FAQs- ICICI Housing Loan

Is the result in the ICICI housing loan EMI calculator displayed accurate?

There may be a slight difference due to the method of actual calculation by the bank and the inclusion of other charges and fees in the loan.


Who is eligible for ICICI home loan?

The borrower can calculate the eligibility using the ICICI home loan eligibility calculator.  In general the ICICI home loans are available for both salaried and self-employed people. There are special rates for women borrowers.

What is the maximum loan value can I receive from ICICI Bank?

Loan to Value Ratio is 90% of the value of the property can be obtained

What is the minimum and maximum loan tenure for ICICI home loan?

The loan tenure can range from 5 to 30 years depending on your retirement age at the time of borrowing the loan

How much is the processing fees?

0.50% – 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge

How does part payments help the home loan in longer run?

When you make part payment in the loan account with additional payments, it reduces the outstanding amount in the loan account, which in turn reduces the interest charges. This also helps in clearing the loan much faster.

The interest rate in the table is slightly higher during the initial months into the loan. Why?

The interest rate on ICICI house loan calculator is applied on the basis of “reducing balance principle”, the interest charges are slightly higher during the initial phase since the principal outstanding is higher. As the principal amount reduces, the interest also reduces proportionately.


Glossary

EMI – An equated monthly installment (EMI) is an amount fixed by a borrower to a lender to be paid on a specific date each month.  These include both interest and principal over a specified number of years till the full loan is paid.

Online Calculator – It is calculated directly from the computers numerical keyboard or mouse. Clicking on standard calculator displays the online mathematical calculator.  This is available online free of cost.

Interest Rate- This is the amount charged as a percentage of the principal amount by a lender to a borrower. They are typically calculated on an annual basis known as annual percentage rate (APR)

Principal Amount – Principal amount is the amount of loan opted by the borrower on which the lender calculates the interest based on the tenure

Repayment – It is the payback money by the borrower to the lender.  It includes part of principal amount and part of interest amount and is made periodically or in full.

Tenure – The duration for which the loan amount is sanctioned is known as tenure of the loan.  It may vary from 5-30 years depending on the bank you are taking the loan from and the EMI payment capacity of the borrower.

RBI – Reserve Bank of India is India’s central banking institution.  It controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934.

PMAY – Pradhan Mantri Awas Yojana was launched in June 2015 with an aim to provide affordable housing in urban poor and to address the gaps in the rural housing program and strengthen the government’s commitment to providing ‘Housing for All’ by 2022.  In this scheme the government will provide an interest subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme (CLSS) from the start of a loan. The houses under Pradhan Mantri Awas Yojana would be constructed through a technology that is Eco-friendly, while allotting ground floors in any housing scheme under PMAY, preference will be given to differently abled and older persons.

MCLR – Marginal Cost of Fund based Lending Rate (MCLR) is the internal benchmark rate used by banks to fix the interest rate on floating rate loans.  It refers to the minimum rate of interest of a bank below which it cannot lend, except in some cases permitted by RBI. It is an internal reference rate or benchmark for the bank. Since 1st April 2016, all Indian banks are required to benchmark and price their loans to MCLR. The guidelines for MCLR has been set by RBI that all banks are required to follow.

 

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