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

    Updated as per Latest Rates on 26 Jun 2019

    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.790.

    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 amortisation table.

    ICICI Home Loan EMI Calculator 2019

    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.12,695 Rs.25,389 Rs.50,779 Rs.63,473
    20 years Rs.9,029 Rs.18,059 Rs.36,118 Rs.45,147
    30 years Rs.8,082 Rs.16,164 Rs.32,329 Rs.40,411

    Suppose you’re applying for the ICICI regular home loan at an interest rate of 9.05% 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 0.35% of the loan amount and chosen ‘No’ for pre-payment charges. 

    Home Loan EMI Calculator Formula: The formula used for calculation of Home Loan EMI is mentioned below:

    E = P . r . ( 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 9.1% p.a. You open up BankBazaar’s Home Loan EMI Calculator and key in these details. You then enter the processing fee which is 0.5% 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.9,062.

    Here’s what the amortisation table for this loan will look like for a period of 20 years from March 2019 to February 2039:

    Year Total Amount Paid (Rs.) Principal Paid (Rs.) Interest Paid (Rs.) Outstanding Amount (Rs.)
    2019 90,615 15,298 75,317 9,84,702
    2020 1,08,739 19,951 88,788 9,64,751
    2021 1,08,739 21,844 86,895 9,42,907
    2022 1,08,740 23,916 84,824 9,18,990
    2023 1,08,742 26,188 82,554 8,92,804
    2024 1,08,740 28,671 80,069 8,64,133
    2025 1,08,743 31,393 77,350 8,32,741
    2026 1,08,742 34,372 74,370 7,98,370
    2027 1,08,741 37,632 71,109 7,60,738
    2028 1,08,740 41,203 67,537 7,19,535
    2029 1,08,742 45,114 63,628 6,74,422
    2030 1,08,736 49,392 59,344 6,25,028
    2031 1,08,740 54,081 54,659 5,70,946
    2032 1,08,740 59,212 49,528 5,11,733
    2033 1,08,740 64,832 43,908 4,46,901
    2034 1,08,743 70,986 37,757 3,75,917
    2035 1,08,741 77,720 31,021 2,98,196
    2036 1,08,742 85,096 23,646 2,13,101
    2037 1,08,742 93,171 15,571 1,19,931
    2038 1,08,740 1,02,011 6,729 17,919
    2039 18,124 17,920 204 0

    ICICI Home Loan EMI Calculator FAQs

    1. What is amortisation?

      Amortisation is the way in which your loan has to be repaid over the tenure you choose. The amortisation table will show you exactly how much interest and principal you should repay each month.

    2. Why are the interest charges in the amortisation 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.

    3. 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.

    4. 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.

    5. 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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