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 repayment table.
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 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:
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 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 repayment schedule 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.)|
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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