ICICI Home Loan EMI Calculator

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ICICI Bank Home Loan EMI Calculator

Last Updated 19th Oct 16

ICICI Home Loan - Lowest EMI is Rs. 826 per lakh

  • Get monthly EMI as low as Rs. 826 per lakh with ICICI Bank now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by ICICI Bank is 9.3%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,032 for a 15 year loan and Rs. 919 for a 20 year loan. Check the EMI for other tenures using the ICICI Bank home loan EMI calculator on this page.

Home Loan EMI Calculator ICICI Bank

ICICI Bank Home Loan EMI Calculator


  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to ICICI Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With ICICI Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 826 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by ICICI Bank on Home Loan is 9.3%. You can check EMI for other tenures using our ICICI Bank Home Loan EMI calculator.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 25,80522,97820,658
    5,000,000 51,61045,95541,315
    7,500,000 77,41468,93361,973
    10,000,000 103,21991,91182,630
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

ICICI Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how ICICI Bank Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 100,000,000
r = Rate of interest per month. Current rate is 9.3%, which is linked to 1 Year MCLR, last revised on 01st Oct 16
n = tenure in month. For ICICI Bank, this can be 360 months

Will the ICICI home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by ICICI Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, ICICI Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by ICICI Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • ICICI Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
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ICICI Home Loan EMI Calculator News - Oct 2016
05th Oct 16 ICICI Bank slashes the lending rates by 0.5 bps from 9.10 to 9.05 per cent
With the decision of RBI to lower the repo rate by 25 bps, second largest private sector lender ICICI bank also lowered the MCLR by 5 bps. Effective from 1st October, 2016, the one month MCLR will be 8.85 percent against 8.90 per cent, on the other hand the one year MCLR which is generally used to compute some of the products such as personal loans will be 9.05 percent as against 9.10 per cent.
02nd Jun 16 ICICI Bank cuts benchmark rate by 5 bps
ICICI Bank on Wednesday reduced its marginal cost lending rate (MCLR) by 5 bps to 9.15%, with immediate effect. With this reduction, ICICI Bank one year MCLR rate is now at par with that of SBI and HDFC Bank. This reduction in rates will impact home loan, personal loan and other loans rates too. The rate cut by ICICI Bank comes ahead of the monetary policy announcement by the RBI, slated for 7 June. Public sector lender State Bank of Bikaner and Jaipur too reduced its two year and three year MCLR by 5 bps each to 9.6% and 9.7%, respectively.
18th May 16 ICICI Bank inaugurates a new branch at Panipat
ICICI Bank Ltd inaugurated a new branch at HUDA, Panipat in Haryana. This is the fourth branch of the bank in city. The branch also houses a ATM at its premises. It will offer a comprehensive range of loans and deposits including saving, current and term deposits; auto, home and gold loans; NRI services along with lockers facility.
29th Apr 16 ICICI Bank inaugurates a branch in Itawa
ICICI Bank inaugurated its branch at Itawa, the first branch of any private sector bank in the city. The branch also houses a round the clock ATM at its premises. It will offer a comprehensive range of deposits and loans including saving, current and term deposits, auto, home, gold and tractor loans; Kisan Kalpvriksha overdraft facility and Kisan Credit Cards. ICICI Bank has 4156 branches and 13372 ATMs in the country (as on December 31, 2015). It has more than 400 branches and over 600 ATMs in Rajasthan.
12th Mar 16 ICICI Bank launches home loan with subsidy under Pradhan Mantri Awas Yojana
ICICI Bank launched a subsidy scheme for home loans under the Pradhan Mantri Awas Yojana targeted at helping weaker sections of society build homes. Under the scheme, loan applicants can construct a brick and mortar house by paying significantly lower EMIs, compared to the prevailing market average. ICICI Bank has signed an MoU with the National Housing Bank to provide loans for eligible borrowers at a subsidy at 6.5% per annum on a maximum amount of Rs 6 lakh or the loan amount, whichever is lower, for a maximum tenure of 15 years.