ICICI Home Loan EMI Calculator

ICICI Home Loan - Lowest EMI is Rs. 815 per lakh

Last Updated 08th Dec 2016
  • Get monthly EMI as low as Rs. 815 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 9.15%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,023 for a 15 year loan and Rs. 909 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
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ICICI Home Loan EMI

  • 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. 815 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 9.15%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 25,58022,73520,386
    5,000,000 51,16045,47040,772
    7,500,000 76,74168,20561,158
    10,000,000 102,32190,94081,544
  • 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 9.15%, which is linked to ICICI 1 Year MCLR, which is currently 8.90%. Last revised on 01st Dec 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.
ICICI Home Loan EMI Calculator News - Dec 2016
04th Nov 16 ICICI home loan rate at 9.15 percent from 1st November, 2016
ICICI Bank has reduced its home loan rates by 0.15 percent to 9.15 percent for female borrowers and 9.20 percent for male borrowers. The revised rates are applicable for loan amount upto Rs. 75 lakh. The new rates will be effective from 1st November, 2016. With this, ICICI home loans are now available at same rate as HDFC and Axis Bank but 0.05 percent higher than SBI home loans.
03rd Nov 16 ICICI Bank launches home loan overdraft scheme for salaried employees
ICICI Bank announced launch of home loan overdraft scheme for salaried employees. The scheme will provide benefits of home loan and overdraft simultaneously. T he lender will now provide overdraft option to customers with home loan. The minimum amount available for loan will be Rs. 5 lakh and maximum will be Rs. 1 crore. Customers can avail 10 percent of the total loan as term loan and the balance 90 percent as overdraft.
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.
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