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.
Find below an illustration of EMIs for different loan amounts and terms:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
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.
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.)|
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.
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.
Yes, every EMI calculator that uses the principal amount, interest rate, and tenure for calculation works in the same manner.
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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