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    ICICI Home Loan EMI Calculator


    The role played by a home loan in realizing our housing dream is undisputed. Since paying off a housing loan is a long term commitment, we must carry out sufficient amount of homework to ensure we sign up for the right loan and choose the most appropriate terms. The most visible aspect of paying a home loan is the EMI (Equated Monthly Installment) component. Since it has the potential break into the monthly income and household budget, one must choose the right EMI value by altering key terms such as loan amount and tenure.

    Calculating the EMI amount manually can be tasking, specially with all those complex calculations which may not necessarily yield the desired results. In such situations, using an EMI calculator to arrive at numbers helps in this task.

    ICICI Bank Home Loans

    As a leading private sector banking institution in the country, ICICI offers housing loan for a variety of requirements such as purchasing a house/plot, construction and also balance transfer where you can transfer outstanding balance from other banks/HFCs to ICICI at low rates.

    ICICI also offers the Rewards Points program on housing loans which gives you rewards earning potential by paying the EMI by way of auto debit from ICICI bank savings account.

    ICICI Home Loan Calculator:

    Before throwing further light on how to use the Home Loan EMI Calculator, let’s get acquainted with some of the most common terms used in calculating the installment value so that it becomes easy to understand and obtain and the required output.


    1. EMI: An abbreviation for Equated Monthly Installment, it is a term used to denote the monthly payment amount payable by the borrower towards clearing the loan. The EMI value is uniform throughout the loan tenure chosen by the borrower and consists of the principal amount plus applicable interest charges billed at prevailing rates.

    2. Tenure: It is a pre-fixed term agreed between the lender and borrower in the loan contract during which the borrowed amount along with the applicable interest charges should be paid in monthly installments. The borrower is largely free to choose a tenure of their choice from the available options.

    3. Interest Rate: As the name suggests, it is the fixed or variable rate at which interest charges are billed by the lender on the outstanding loan amount every month to ascertain the EMI value. In housing loans, interest rates are of two types, fixed and floating depending on the loan offer.

    4. Amortization Schedule: It is like the loan statement issued in advance which contains in depth information about the loan such as outstanding balance before a specific EMI payment, installment amount, payment schedule and other numbers important to understand the loan repayment.

    5. Processing Fee: A fee charged by the borrower towards documentation and handling of paperwork relating to loan application. The fee is generally billed as a percentage of the approved loan amount.

    How to Calculate EMI for ICICI Bank Home Loan?

    BankBazaar hosts an all-inclusive calculator under the “Finance Tools” section under the main menu. This tool not only provides the required output in less than a second, but also offers graphs, pie charts and an amortization table to give a comprehensive view on the loan.

    Before using this calculator, keep handy, information such as the proposed loan amount and tenure, interest rate and processing fee (percentage), if any. Steps to use this tool as below.

    • Use slider 1 (Loan Amount) to freeze the proposed loan amount. Move the slider slowly to ensure the correct amount is chosen. The output is instantly displayed at the end of this slider.
    • The slider 2 (Tenure) is used to choose the proposed loan tenure. Move the slider slowly to select the tenure, to be displayed at the end of the scale.
    • In the following tab, key the interest rate in percentage. For example, if the quote given to you by the bank is 10.25%, provide the same here.
    • In the next tab, input the processing fee percentage as per the quote.
    • The last field deals with pre-payments. If you intend to make pre-payments during the loan tenure, say “Yes” and fill the required details. Otherwise, select “No”
    • Now, verify the correctness of numbers and click “Calculate”.

    What follows is a the EMI Amount followed by a pie chart that consists of overall costs involved in the loan along a bar graph and an amortization table consisting of breakup, year wise. Now that you’ve the required details, you can go ahead and choose/alter the term in the actual home loan application with ICICI. This calculator also does the needful if you’re looking at reassessing or paying off an existing loan with the bank.

    EMI per Lac for 30 Year Tenure at 9.45% Rate & 0.5% Processing Fee:

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    2016 356 5,504 5,860 99,644
    2017 658 9,388 10,046 98,986
    2018 723 9,324 10,047 98,262
    2019 793 9,252 10,045 97,468
    2020 873 9,173 10,046 96,595
    2021 959 9,087 10,046 95,636
    2022 1,054 8,992 10,046 94,582
    2023 1,158 8,889 10,047 93,424
    2024 1,272 8,774 10,046 92,152
    2025 1,399 8,649 10,048 90,754
    2026 1,533 8,514 10,047 89,219
    2027 1,688 8,359 10,047 87,532
    2028 1,853 8,192 10,045 85,678
    2029 2,036 8,010 10,046 83,641
    2030 2,239 7,810 10,049 81,404
    2031 2,459 7,588 10,047 78,945
    2032 2,701 7,346 10,047 76,244
    2033 2,967 7,079 10,046 73,276
    2034 3,260 6,787 10,047 70,015
    2035 3,583 6,464 10,047 66,433
    2036 3,937 6,111 10,048 62,497
    2037 4,325 5,722 10,047 58,172
    2038 4,751 5,295 10,046 53,420
    2039 5,222 4,826 10,048 48,200
    2040 5,736 4,311 10,047 42,464
    2041 6,303 3,742 10,045 36,162
    2042 6,925 3,123 10,048 29,238
    2043 7,606 2,440 10,046 21,630
    2044 8,359 1,688 10,047 13,272
    2045 9,182 863 10,045 4,089
    2046 4,089 97 4,186 0

    Frequently Asked Questions:

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

      When you infuse the loan account with additional payments, it reduces the outstanding amount in the loan account, which in turn reduces the interest charges. It also helps in clearing the loan much quicker.

    2. I see that the interest charges in the amortization table is slightly higher during the initial months into the loan. Can you please explain?

      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.

    3. 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 in the loan.

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