ICICI Home Loan Calculator

Last Updated 21st May 2020

ICICI Home Loan EMI Calculator 2020

22nd May 2020 – RBI cuts Repo Rate by 40 bps to 4%

ICICI Bank home loan EMI per Rs lakh is Rs. 741, which is one of the lowest EMI offered by banks. Housing loan EMI in ICICI Bank is calculated based on loan amount, loan tenure and interest rate. Check Best Offers

Loan Amount10 year loan15 year loan30 year loan
₹ 10 Lakh₹ 12,186₹ 9,614₹ 7,407
₹ 25 Lakh₹ 30,464₹ 24,036₹ 18,519
₹ 40 Lakh₹ 48,743₹ 38,457₹ 29,630
Home Loan EMI Calculator
Lowest Interest Rate
Best Offers on Home Loan offerOffers
Bank/NBFCs Rate* EMI Per Lakh* Action
SBI7.35%₹ 689Check Eligibility
HDFC7.50%₹ 699Check Eligibility
ICICI Bank8.10%₹ 741Check Eligibility

* Starting From

ICICI Home Loan EMI

  • ICICI Home Loan EMI (or equated monthly instalment) is a fixed monthly instalment paid by borrowers to ICICI Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • ICICI Bank offers Home Loans with loan tenure upto 30 years, and the lowest EMI offered by the bank is Rs. 741 per lakh. The Lowest Rate of interest offered by ICICI Bank on Home Loan is 8.10% and is one of the most popular housing loans in India.
ICICI Bank Housing Loan EMI Calculator at different tenures
EMI for different Home Loan amounts and tenures @ 8.10% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
2,500,000 ₹ 24,036 ₹ 21,067 18,519
5,000,000 ₹ 48,072 ₹ 42,134 37,037
7,500,000 ₹ 72,108 ₹ 63,201 55,556
10,000,000 ₹ 96,143 ₹ 84,267 74,075
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30.
  • Your EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.
ICICI Bank Home Loan Interest Rate Calculator

ICICI Bank Housing loan Calculator is used along with EMI calculator is used to calculate the total interest a borrower will pay on housing loan at different loan tenure as well as various levels of interest rates.

Home Loan EMI for Rs. 1 Lakh loan amount at lowest 8.10% interest rate offered by ICICI Bank for different tenures
Calculated Results for ICICI Bank Home Loan EMI 5 years 10 years 15 years 30 years
ICICI Bank EMI for a loan amount Rs. 1 lakh at 8.10% ₹ 2,032 ₹ 1,219 ₹ 961 ₹ 741
Total amount you pay back to the bank including principal and interest ₹ 1.22 Lakh ₹ 1.46 Lakh ₹ 1.73 Lakh ₹ 2.67 Lakh
Interest you have to pay during the loan tenure ₹ 21,920 ₹ 46,280 ₹ 72,980 ₹ 1.67 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan for a period of 30, you pay the lowest EMI of Rs. 741 . However, you pay an interest of Rs. 1.67 Lakh on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from ICICI Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of Rs. 2,032 and pay an interest of only Rs. 21,920 which is less than half of what you paid in a 30 years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. This can be done using ICICI Home Loan Calculator.

ICICI Bank Home Loan Details

  • Purpose of Loan: ICICI house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.10% to 9.10%.
    • ICICI home loan EMI per lakh starts from Rs. 741. However, you can calculate your home loan EMI using ICICI home loan calculator 2020.
  • Processing Fees: 0.25% of loan amount Minimum Rs. 5,000 Maximum Rs. 5,000
  • Special schemes: ICICI offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of ICICI are:
    • Express Home Loan
    • ICICI Bank Saral Rural Housing Loan
    • ICICI Bank Extra Home Loan
    • Pradhan Mantri Awas Yojna
    • Land Loan for Self Construction
    • NRI Home Loan
    • PRAGATI HOME LOANS
    • ICICI Home Loan Balance Transfer
    • HOME IMPROVEMENT LOAN
    • ICICI Home Loan Top up
    • ICICI Land Loan
Factors Affecting ICICI Bank Home Loan EMI
  • Loan amount – This is the amount borrowed by a borrower from ICICI Bank. If you apply for a higher loan amount, your monthly EMI will be high. ICICI Bank gives a minimum home loan of Rs. 20 Lakh upto an amount of Rs. 7 Cr.
  • Interest rate - Interest rates is the rate charged by ICICI Bank on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. ICICI Bank current home loan interest rate starts at 8.10%. Do complete market research and compare rates and calculate EMI online using ICICI home loan calculator before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in ICICI Bank. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, ICICI Bank offers house loans for a maximum tenure of 30 years.

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 calculator formulates EMI:

In above formula,

P = Loan amount. This can range from Rs. 20 Lakh to Rs. 7 Cr

r = Rate of interest per month. Current rate is 8.10%, which is linked to ICICI

n = tenure in month. For ICICI Bank, this can be 360 months

ICICI Home Loan Interest Rate Calculator

Typically, Home Loan EMIs constitute a large proportion of the household’s monthly expenditure to pay for a long period. Being a long tenure loan, the total interest you pay on a housing loan for 30 years can be more than the original loan amount you have borrowed from the bank. ICICI Home Loan Interest rate Calculator online can help you calculate the interest rate you are eligible for and also, the total interest you will pay during the loan duration. Some of factors that are used for interest rate calculation are:

  • Occupation of the borrowers: Banks charge a slightly higher interest rate on home loans for self-employed as compared to that on loans for salaried borrowers.
  • Amount of the Loan: ICICI Bank offers loans of up to Rs. 35 Lakh at 8.10% and loans of above Rs. 35 Lakh at rates ranging from 8.25% to 9.10%.
  • Type of loan opted for: The bank also offers different rates on its various loan schemes such as fixed rate home loan, floating rate home loan and home loan with overdraft facility etc.
  • Existing bank customers: ICICI Bank may also offer lower interest to its existing bank account holders to maintain its relationship.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you need to estimate the amount of loan you need to borrow. Remember house loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible. Limit your loan amount to the balance funds you need to fund the property after accounting for your available funds. Also, using the ICICI Bank Housing Loan EMI calculator try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan. it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

How to process for Home Loan EMI moratorium in ICICI Bank?

After the announcement of RBI on 22nd May 2020, ICICI Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing ICICI Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Home Loan EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact ICICI Bank customer care or its nearest branch.

FAQs on ICICI Housing Loan EMI Calculator

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, the EMI will increase as per the reset frequency of your home loan.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.
  • You can plan your EMIs with ICICI Bank Home loan EMI calculator 2020.
Will home loan EMI change in case of prepayment?
  • ICICI Bank allows prepayment at nil charges in case of floating rate home loans.
  • When you make a prepayment, the outstanding balance of the principal amount on your home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying 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. After prepayment, you can calculate your home loan EMI using ICICI Bank home loan calculator.
Why should I calculate ICICI Bank loan EMI before taking a loan?

It is advised to calculate home loan EMI before taking a home loan. There are several benefits of calculating your ICICI Bank housing loan EMI which can be done using ICICI Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have surplus amount
What is the EMI for home loan in ICICI Bank?

The EMI will vary based on loan amount, tenure, rate of interest and can be calculated using ICICI Bank home loan calculator. Based on the lowest rate of 8.10% and maximum tenure of 30 years, the ICICI Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 7,407
₹ 30 Lakh ₹ 22,222
₹ 50 Lakh ₹ 37,037

You can compare home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

Can I use the same Housing payments calculator for an ICICI Bank home loan?

The home loan EMI calculator works in the same manner for all banks. So, you can use the EMI calculator for ICICI Bank home loan to calculate the monthly installments and know about. Besides, using the ICICI Bank home loan calculator will save your time and help you analyze different offers easily.

How accurate is a ICICI Bank Housing Loan EMI calculator?

Online ICICI Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.

Why should I calculate my ICICI Bank home loan EMI in advance before taking a loan?

By calculating the EMI before availing the ICICI Bank home finance will help you identify the amount you can pay each month as EMI. Plus, based on your budget, you can assess the maximum loan amount you can be eligible for and the applicable rate for it.

How to pay your ICICI Bank Home loan EMI?

To pay the EMI of ICICI Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card.
You can also visit the branch and submit the cheque of your EMI.

Compare Home Loan EMI of All Banks

ICICI Home Loan News - May 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More