# ICICI Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

### Highlights

• Calculate your home loan EMI with ICICI loan calculator.
• Check your EMIs before applying for a home loan.

ICICI Bank is one of the best options you have for home loans. You can use a loan EMI calculator before applying for the loan so that EMIs are within your budget. Read this article to know how much you can save by using this magical tool. The calculator helps in knowing the following details:

• Monthly installment (EMI)
• Balance amount at the end of each year
• Suitable tenure, rate and loan amount
• Comparing different combinations before finalizing one

## ICICI Home Loan Interest Rate 2024

With the low-interest rate option, ICICI home loan is presently one of the best home loans in India. There is a concession for women applicants as well. Have a look at the rates below:

Particulars Details
Interest Rate 8.75% - 10.05%
Processing Fee Bureau Score>=700 & NTC - INR 2,999 + GST

- Bureau Score<700 - 0.50% + taxes
Loan Amount Customized
Loan Tenure 30 Years

## How to Use Wishfin ICICI Home Loan Calculator?

Wishfin Home Loan EMI Calculator functions online to make it convenient for you to know the EMI payments anytime and anywhere. The home loan EMI calculator, like other loan calculators, takes into account the basic details of your loan: the loan amount, the interest rate, and the tenure.

Once you enter these details, the calculator efficiently calculates your monthly EMIs, the total interest payable, and the overall amount you will repay, among other relevant details.

### ICICI Home Loan EMI Calculation Formula

The calculation in the EMI calculator is done through the below-given formula:

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

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

Imagine a scenario where a borrower secures a home loan of ₹40,00,000 at an annual interest rate of 9.5% for a duration of 25 years. Here's a breakdown of the calculation:

• Principal Amount (P): ₹40,00,000
• Interest Rate (R): 9.5% per year, which translates to 0.0079 per month
• Loan Tenure (n): 25 years, or 300 months

Using the EMI calculation formula:

[40,00,000 x 0.0079 x (1 + 0.0079) ^ 300]/[(1+0.0075) ^300 -1] = 34,948

This calculation yields a monthly EMI of ₹34,948.

## ICICI Home Loan Amortisation Schedule

Consider Shalini Bhatt, a 28-year-old Content Manager, who plans to build a house in Noida with a home loan of ₹30 Lakh from ICICI Bank. The bank has approved her loan at an interest rate of 7.50% per annum for a term of 30 years. Shalini is unsure if the monthly installments will be affordable within her budget. To clarify, she used the home loan EMI Calculator to figure out her monthly payments and the total interest she will incur. Let's review the outcome of Shalini's calculations.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 30,00,000 7.50% 1 ₹ 2,60,272 ₹ 1,23,267 ₹ 31,23,267
₹ 30,00,000 7.50% 2 ₹ 1,34,999 ₹ 2,39,971 ₹ 32,39,971
₹ 30,00,000 7.50% 3 ₹ 93,319 ₹ 3,59,472 ₹ 33,59,472
₹ 30,00,000 7.50% 4 ₹ 72,537 ₹ 4,81,762 ₹ 34,81,762
₹ 30,00,000 7.50% 5 ₹ 60,114 ₹ 6,06,831 ₹ 36,06,831
₹ 30,00,000 7.50% 6 ₹ 51,870 ₹ 7,34,664 ₹ 37,34,664
₹ 30,00,000 7.50% 7 ₹ 46,015 ₹ 8,65,246 ₹ 38,65,246
₹ 30,00,000 7.50% 8 ₹ 41,652 ₹ 9,98,555 ₹ 39,98,555
₹ 30,00,000 7.50% 9 ₹ 38,283 ₹ 11,34,569 ₹ 41,34,569
₹ 30,00,000 7.50% 10 ₹ 35,611 ₹ 12,73,264 ₹ 42,73,264
₹ 30,00,000 7.50% 11 ₹ 33,444 ₹ 14,14,610 ₹ 44,14,610
₹ 30,00,000 7.50% 12 ₹ 31,657 ₹ 15,58,578 ₹ 45,58,578
₹ 30,00,000 7.50% 13 ₹ 30,161 ₹ 17,05,134 ₹ 47,05,134
₹ 30,00,000 7.50% 14 ₹ 28,894 ₹ 18,54,242 ₹ 48,54,242
₹ 30,00,000 7.50% 15 ₹ 27,810 ₹ 20,05,867 ₹ 50,05,867
₹ 30,00,000 7.50% 16 ₹ 26,875 ₹ 21,59,967 ₹ 51,59,967
₹ 30,00,000 7.50% 17 ₹ 26,061 ₹ 23,16,501 ₹ 53,16,501
₹ 30,00,000 7.50% 18 ₹ 25,349 ₹ 24,75,427 ₹ 54,75,427
₹ 30,00,000 7.50% 19 ₹ 24,722 ₹ 26,36,699 ₹ 56,36,699
₹ 30,00,000 7.50% 20 ₹ 24,168 ₹ 28,00,271 ₹ 58,00,271
₹ 30,00,000 7.50% 21 ₹ 23,675 ₹ 29,66,095 ₹ 59,66,095
₹ 30,00,000 7.50% 22 ₹ 23,235 ₹ 31,34,122 ₹ 61,34,122
₹ 30,00,000 7.50% 23 ₹ 22,842 ₹ 33,04,303 ₹ 63,04,303
₹ 30,00,000 7.50% 24 ₹ 22,488 ₹ 34,76,586 ₹ 64,76,586
₹ 30,00,000 7.50% 25 ₹ 22,170 ₹ 36,50,921 ₹ 66,50,921
₹ 30,00,000 7.50% 26 ₹ 21,882 ₹ 38,27,254 ₹ 68,27,254
₹ 30,00,000 7.50% 27 ₹ 21,622 ₹ 40,05,533 ₹ 70,05,533
₹ 30,00,000 7.50% 28 ₹ 21,386 ₹ 41,85,705 ₹ 71,85,705
₹ 30,00,000 7.50% 29 ₹ 21,172 ₹ 43,67,718 ₹ 73,67,718
₹ 30,00,000 7.50% 30 ₹ 20,976 ₹ 45,51,517 ₹ 75,51,517

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 27,655 ₹ 2,24,062 ₹ 29,72,344
2 ₹ 29,801 ₹ 2,21,915 ₹ 29,42,542
3 ₹ 32,115 ₹ 2,19,602 ₹ 29,10,427
4 ₹ 34,608 ₹ 2,17,108 ₹ 28,75,818
5 ₹ 37,295 ₹ 2,14,422 ₹ 28,38,523
6 ₹ 40,190 ₹ 2,11,526 ₹ 27,98,332
7 ₹ 43,311 ₹ 2,08,406 ₹ 27,55,021
8 ₹ 46,673 ₹ 2,05,044 ₹ 27,08,347
9 ₹ 50,296 ₹ 2,01,420 ₹ 26,58,051
10 ₹ 54,201 ₹ 1,97,516 ₹ 26,03,849
11 ₹ 58,409 ₹ 1,93,308 ₹ 25,45,440
12 ₹ 62,943 ₹ 1,88,774 ₹ 24,82,496
13 ₹ 67,830 ₹ 1,83,887 ₹ 24,14,666
14 ₹ 73,096 ₹ 1,78,621 ₹ 23,41,570
15 ₹ 78,770 ₹ 1,72,947 ₹ 22,62,799
16 ₹ 84,885 ₹ 1,66,831 ₹ 21,77,914
17 ₹ 91,475 ₹ 1,60,242 ₹ 20,86,438
18 ₹ 98,577 ₹ 1,53,140 ₹ 19,87,861
19 ₹ 1,06,229 ₹ 1,45,487 ₹ 18,81,631
20 ₹ 1,14,476 ₹ 1,37,240 ₹ 17,67,154
21 ₹ 1,23,364 ₹ 1,28,353 ₹ 16,43,790
22 ₹ 1,32,941 ₹ 1,18,776 ₹ 15,10,849
23 ₹ 1,43,261 ₹ 1,08,456 ₹ 13,67,587
24 ₹ 1,54,383 ₹ 97,334 ₹ 12,13,204
25 ₹ 1,66,368 ₹ 85,349 ₹ 10,46,835
26 ₹ 1,79,284 ₹ 72,433 ₹ 8,67,551
27 ₹ 1,93,202 ₹ 58,515 ₹ 6,74,348
28 ₹ 2,08,201 ₹ 43,516 ₹ 4,66,147
29 ₹ 2,24,364 ₹ 27,353 ₹ 2,41,782
30 ₹ 2,41,912 ₹ 9935 ₹ 0

Once you have mentioned these details, you get your home loan EMI details in the form of pie chart. Since the interest offered to you by ICICI Bank is the annual rate, the calculating tool converts the annual rate into the monthly rate and then gives the result. Here is the formula used for the calculation.

## What is the Lowest EMI Offered by ICICI Bank on Home Loans?

Here are the monthly EMIs for different home loan amounts from ICICI Bank, calculated at annual interest rates of 8.75% and 10.05% over a 20-year period:

Interest Rate of 8.75%

I nterest Rate of 10.05%

10 lakh loan amount - ₹8,837 p.m.

10 lakh loan amount -  ₹9,683 p.m.

12 lakh loan amount - ₹10,605 p.m.

12 lakh loan amount -  ₹11,620 p.m.

15 lakh loan amount - ₹13,256 p.m.

15 lakh loan amount -  ₹14,525 p.m.

17 lakh loan amount - ₹15,203 p.m.

17 lakh loan amount - ₹16,462 p.m.

20 lakh loan amount - ₹17,674 p.m.

20 lakh loan amount -  ₹19,367 p.m.

## Why Should You Use an ICICI Bank Home Loan EMI Calculator?

If you are planning to apply for a home loan with ICICI Bank, we have enlisted a few advantages of using a loan calculator to get an idea about the EMIs you need to pay every month:

• Efficiency and Accuracy: Quickly calculate potential EMIs without the hassle of manual computations, ensuring accuracy and saving time.
• Explore Various Options: Easily compare different scenarios based on varying loan amounts, interest rates, and loan durations to make informed choices.
• Prepare Financially: Determine your affordability upfront to prepare yourself for the upcoming loan responsibilities.
• Accessible Anytime, Anywhere: Use the online calculator at your convenience, enabling you to make calculations on the go or from the comfort of your home.

## Factors that Determine Your ICICI Bank Home Loan EMIs

Here are the main factors that play a crucial role in determining your home loan EMIs of ICICI Bank:

• Duration of the Loan: The repayment period is a crucial factor that impacts your EMI. Extending the duration spreads out the repayment, resulting in lower monthly payments. Whereas a shorter repayment period means higher monthly expenses.
• Interest Rate Applied: This is another important factor as it dictates the cost of borrowing. Higher interest rates increase the EMI, while lower rates make the loan more affordable monthly.
• Principal Loan Amount: The total amount you borrow influences your EMIs directly. Larger loan amounts lead to higher EMIs.
• Credit Profile: Your creditworthiness can affect the interest rates you qualify for. Better credit scores often secure lower interest rates, thus decreasing the EMI.
• Repayment Scheme: The specific repayment plan you choose from ICICI Bank might also influence the structure of your EMIs, with options potentially including graduated payments or balloon payments toward the end of the tenure.

## ICICI Bank Home Loan Eligibility

To qualify for a housing loan at ICICI Bank, applicants must meet the following criteria:

• Both salaried and self-employed individuals with a steady income are eligible to apply.
• Applicants must be at least 21 years old and not older than 65 years at the time of loan maturity or retirement, whichever comes first.
• Earning spouses or other family members can be included as co-applicants.
• Co-owners of the property must also be co-applicants for the loan.

## ICICI Bank Home Loan Fees and Charges

Here are the main charges associated with ICICI Bank home loan:

Fee Type

Details

Loan Processing Charges (Non Refundable)

0.50% - 2.00% of the loan amount or ₹3000/- whichever is higher.

0.25 % of Facility Amount or ₹ 5000/- whichever is lower.

Part Prepayment Fees

Nil

Prepayment Charges

For the facility with a fixed rate of interest:

2% on home loan, home improvement loan, and top up on home loan.

For the facility with adjustable interest rate:
Nil prepayment charges on home loan, home improvement loan, and land loan.

Conversion Charges

For converting any floating (adjustable) rate linked term loan to either fixed or another floating (adjustable) rate, the fee is ₹3,000.

Switching from a semi-fixed or fixed interest rate to an adjustable interest rate incurs a charge of 2% of the principal outstanding.

For overdraft conversions, the fee is 0.5% of the principal outstanding.

Cheque/ECS/NACH dishonor Charges, per transaction

₹500

Penal charges on default or delay in the payment or repayment

Penal Charges will be 5% per annum on the overdue amount from the due date until payment is made, plus applicable taxes and levies.

Charges for Amortisation Schedule

₹200/- for physical print out at the branch

## Limitations of Using ICICI Bank Home Loan Calculator

While the ICICI Bank Home Loan Calculator is a valuable tool for estimating potential mortgage payments, there are several limitations to be aware of:

• Does Not Include Additional Charges: The calculator provides an estimated EMI based on the principal, interest rate, and loan term alone, omitting key costs such as processing and legal fees.
• Static Interest Rate Assumption: It calculates EMIs assuming a fixed interest rate, not accounting for the potential variations of floating rates which can influence monthly payments.
• Neglects Credit Score Effects: The calculator doesn't adjust for variations in interest rates affected by the borrower's credit score, which could lead to inaccuracies in the calculated EMIs.
• Ignores Prepayment Effects: It does not consider how advance payments might alter the overall interest or loan term, which could significantly affect the loan structure.
• Simplified Financial Modeling: The tool uses basic financial models that might not capture daily or monthly changes affecting interest accumulation and EMI amounts.
• Approximate Calculations Only: Results from the calculator should be taken as general approximations, not exact figures, and should be verified through a more detailed financial analysis during the loan application process.

### ICICI Home Loan Customer Care

ICICI Bank is known for its customer service as it has always helped its customers in case of any query. So, if you have applied for a loan and want to check the status of your application or you just want to contact the bank and want to know whether or not you can get the loan, just contact the customer care department. You can dial 1800 200 3344 between 9 AM to 6 PM from Monday to Friday.

### ICICI Home Loan Statement

The borrowers will get the loan statement every month on the registered email ID. It will include the monthly installment amount and other details related to your loan repayment which can be reviewed by the customer.