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ICICI Loan Against Property EMI Calculator

ICICI Bank Mortgage Loan EMI

Last Updated 21st Sep 2020

Get monthly EMI as low as ₹ 1,008 per lakh on ICICI Bank loan against property. Mortgage loan EMI in ICICI Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan15 Year loan
₹ 10 Lakh₹ 20,710₹ 16,038₹ 10,083
₹ 25 Lakh₹ 51,775₹ 40,096₹ 25,208
₹ 40 Lakh₹ 82,839₹ 64,154₹ 40,333
Loan Against Property EMI Calculator
Lowest Interest Rate
Best Offers on Loan Against Property offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
SBI8.80%₹ 1,002Check Eligibility
Citibank8.45%₹ 982Check Eligibility
HDFC8.75%₹ 999Check Eligibility

* Starting From

Loan Against Property EMI Calculator ICICI Bank

Use the above quick and easy tool to easily calculate and compare monthly EMI on ICICI Bank Loan Against Property.

ICICI Loan Against Property Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Loan Against Property of ₹ 10 Lakh from ICICI for 5 years at an interest rate of 8.90%, the EMI calculated for this loan amount would be ₹ 20,710 and the total annual EMIs to be paid annually is ₹ 2,48,518. The ICICI Loan Against Property EMI schedule for 5 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 10 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2020 ₹ 29,072 ₹ 53,767 ₹ 82,839 ₹ 9,46,233
2021 ₹ 77,344 ₹ 1,71,174 ₹ 2,48,518 ₹ 7,75,059
2022 ₹ 61,472 ₹ 1,87,046 ₹ 2,48,518 ₹ 5,88,013
2023 ₹ 44,129 ₹ 2,04,389 ₹ 2,48,518 ₹ 3,83,624
2024 ₹ 25,178 ₹ 2,23,340 ₹ 2,48,518 ₹ 1,60,283
2025 ₹ 5,396 ₹ 1,60,283 ₹ 1,65,679 -₹ 0

Each ICICI Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 66.87% of your EMI has been used to repay the principal amount. This means that the remaining 33.13% of the EMI went into interest payment. Thus, you end up paying only 16.62% of the loan amount of ₹ 10 Lakh after paying 12 EMIs in the first year to ICICI.

In year 5, the interest component of ICICI EMI is around 4.66%, while the principal component is around 95.34%. Upto 5 years, you have cumulatively repaid 100% of your total ICICI Loan Against Property.

How to process for Loan Against Property 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 Loan Against Property 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

Will the ICICI Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

ICICI Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

  • Typically, the Loan Against Property 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 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 the extent that the revised loan tenure is more than the maximum permissible by ICICI Bank, the bank may increase your EMI amount.

Will Loan Against Property EMI change in case of prepayment?

Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

  • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a 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.
  • Note that ICICI Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

  • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
  • ICICI Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

How much loan can I get against my property from ICICI Bank?

You can avail of a maximum loan of ₹ 7 Cr, depending on the value of the property. However, the loan amount cannot be more than 60% of the property value. ICICI Bank assesses the property before approving your mortgage loan application.


ICICI Bank Loan Against Property Reviews 3.7/5  by 12 customers
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Megha Rani, Pune
Reviewed on 15th Apr 2015
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Vijay kumar, Bangalore
Reviewed on 04th Mar 2015
3 / 5 stars
ICICI Bank Loan Against Property Availed in Feb-17

My LAP is through ICICI bank as they offered the lowest rate. They offered me loan for 10 years duraRead more...

sushil halder, Mumbai
Reviewed on 18th Feb 2015
4 / 5 stars
ICICI Bank Loan Against Property Availed in Jan-17

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ICICI Bank Loan Against Property News - Sep 2020
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2019-08-01 : Banks eye retail loans to augment business growth
    Most of the lenders, including SBI, ICICI Bank, and PNB, are eyeing on retail segment loans like home loans, mortgage loans, or personal loans to achieve business growth. The retail lending is up by 50% and is further expected to grow as per the numbers released by the lenders during first quarter.
  • 2019-07-10 : ICICI Securities enters into retail loans distribution, to sell ICICI Bank products online
    The subsidiary of ICICI Bank, ICICI Securities is planning to expand its business model by distributing retail loans to its customers. The financial services entity is eyeing for commission by selling the products offered by ICICI Bank including home, auto and personal loans and loans against property as well as credit cards.
  • 2019-07-02 : ICICI Bank lowers MCLR rates by 10 basis points
    Private sector lender, ICICI Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For overnight and one-month, the rate has been revised to 8.40% from 8.50% earlier. For six-month tenor, the MCLR now stands at 8.60%, which is down by 10 bps from the earlier rate of 8.50%. While for one-year tenor, the new MCLR stands at 8.65% from 8.75%. The revised rates are effective from July 1, 2019.
  • 2019-06-27 : ICICI Bank targets for a 20% growth in retail loans in Kerala in FY19-20
    ICICI Bank is looking at a 20% growth in its retail loan disbursement in Kerala at Rs. 3,100 crores in FY20. The lender hopes to achieve this target by increasing the disbursements of retail loans, including consumer as well as home loans and mortgage loans. This is because the state has witnessed a significant rise in retail loans over the previous year.
*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
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