A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • ICICI Home Loan Calculator

    With the ICICI home loan EMI calculator, you can estimate the monthly repayment amount on your home loan. The minimum EMI per lakh you get with ICICI is Rs.741 with an interest rate of 8.10% over a period of 30 years.

    To use the home loan EMI calculator, you must know the current ICICI home loan interest rates, tenure and the loan amount. Enter the required values and you’ll be able to get the breakup of the EMI and the repayment table.

    ICICI Bank COVID-19 Home Loan EMI Moratorium

    In adherence with RBI's COVID-19 regulatory measures, ICICI Bank is currently offering up to 3 months of moratorium to its existing home loan customers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.

    You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.

    ICICI Home Loan EMI Calculator 2020

    Calculate Your ICICI Home Loan Monthly Repayment

    Find below an illustration of EMIs for different loan amounts and terms:

    Amount→
    Tenure↓
    Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh
    10 years Rs.12,186 Rs.24,371 Rs.48,743 Rs.60,928
    20 years Rs.8,427 Rs.16,853 Rs.33,707 Rs.42,134
    30 years Rs.7,407 Rs.14,815 Rs.29,630 Rs.37,037

    Suppose you’re applying for the ICICI regular home loan at an interest rate of 8.10% p.a. and a loan amount of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh, or Rs.50 lakh. By using the BankBazaar Home Loan EMI Calculator, you can find the EMIs, total interest payable on different tenures and the processing fee. In the above example, we’ve kept the processing fee at 0.50% of the loan amount and chosen ‘No’ for pre-payment charges.

    Home Loan EMI Calculator Formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

    In this formula, P is the loan amount, r is the rate of interest and n is the tenure of the loan in months.

    Example of ICICI Home Loan EMI

    Now that you know a little more about the bank’s home loan, let’s use an example to understand how much you will end up paying as EMI.

    Let’s assume that you have taken a loan of Rs.10 lakh for 20 years at 8.10% p.a. You open up BankBazaar’s Home Loan EMI Calculator and key in these details. You then enter the processing fee which is 0.50% of the loan amount. After deciding whether or not you plan to make any prepayments, you hit ‘Calculate’.

    The EMI for this loan is Rs.8,427.

    The break-up of the loan amount is as follows:

    Loan amount: Rs.10 lakh

    Total interest due: Rs.10,22,418

    Processing Fee: Rs.5,000

    Total Amount Payable: Rs.20,27,418

    Here’s what the repayment schedule for this loan will look like for a period of 20 years:

    Year Total Amount Paid (Rs.) Principal Paid (Rs.) Interest Paid (Rs.) Outstanding Amount (Rs.)
    2020 15,504 60,336 75,840 9,84,495
    2021 22,188 78,931 1,01,119 9,62,307
    2022 24,055 77,067 1,01,122 9,38,253
    2023 26,076 75,045 1,01,121 9,12,176
    2024 28,268 72,853 1,01,121 8,83,908
    2025 30,646 70,474 1,01,120 8,53,262
    2026 33,222 67,900 1,01,122 8,20,040
    2027 36,015 65,104 1,01,119 7,84,025
    2028 39,044 62,078 1,01,122 7,44,981
    2029 42,325 58,797 1,01,122 7,02,656
    2030 45,886 55,236 1,01,122 6,56,771
    2031 49,741 51,378 1,01,119 6,07,029
    2032 53,926 47,195 1,01,121 5,53,104
    2033 58,459 42,663 1,01,122 4,94,646
    2034 63,373 37,749 1,01,122 4,31,273
    2035 68,701 32,419 1,01,120 3,62,572
    2036 74,477 26,642 1,01,119 2,88,095
    2037 80,740 20,383 1,01,123 2,07,356
    2038 87,528 13,593 1,01,121 1,19,829
    2039 94,885 6,236 1,01,121 24,943
    2040 24,942 337 25,279 0

    ICICI Home Loan EMI Calculator FAQs

    1. Why are the interest charges in the repayment table slightly higher during the initial months of the loan?

      Since the interest rate 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 this amount reduces, the incidence of interest also comes down proportionately.

    2. How do part payments help in the long run?

      When you infuse your loan account with additional payments, it reduces the outstanding principal amount, which in turn reduces the interest charges. This will help you clear the loan a lot quicker.

    3. Do all EMI calculators function in the same way?

      Yes, every EMI calculator that uses the principal amount, interest rate, and tenure for calculation works in the same manner.

    4. Is the result 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.

      

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