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ICICI Loan Against Property EMI Calculator

ICICI Bank Mortgage Loan EMI 2021

Last Updated 14th Jul 2021

Get monthly EMI as low as ₹ 991 per lakh on ICICI Bank loan against property. Mortgage loan EMI in ICICI Bank depends upon the type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate. Check Best Offers.

  • Use ICICI Bank mortgage loan calculator to evaluate your EMI before applying for a loan.
  • Check ICICI Bank property loan EMI for different tenures at the current rate of 8.60%
Loan Amount5 Year Loan7 Year loan15 Year loan
₹ 10 Lakh₹ 20,565₹ 15,887₹ 9,906
₹ 25 Lakh₹ 51,412₹ 39,717₹ 24,765
₹ 40 Lakh₹ 82,259₹ 63,547₹ 39,624
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback
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Loan Against Property EMI Calculator ICICI Bank

You can calculate your ICICI Bank loan against property EMI in advance to plan your expenses using a ICICI Bank mortgage loan calculator. ICICI Bank loan against property EMI calculator is an online tool that gives accurate results without hassle.

Why should you use ICICI Bank Loan Against Property EMI Calculator?

  • Calculate the EMI at Different Tenures : With ICICI Bank LAP EMI Calculator, you can compare the EMI on your loan against property with different loan tenures and loan amount. However, you must check the interest rate on ICICI Bank loan against property to calculate the EMI. As per the current rates, ICICI Bank offers the lowest EMI per lakh of ₹ 991 at 8.60 %
  • Compare ICICI Bank LAP EMI : You can also get a precise estimate on your loan against property compared to other banks at the same loan amount and tenure by using ICICI Bank loan EMI Calculator. On the basis of ICICI Bank Loan against property EMI, you can choose the most affordable offer.
  • Get Detailed Amortisation Schedule : ICICI Bank Loan against EMI Calculator helps you to calculate the division of total EMIs into interest and principal repayment at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance : Finally, you can also use ICICI Bank EMI Calculator to calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. Thus, it can help you reduce your loan tenure by prepayment or foreclosure or to avail loan at a lower rate with balance trasnfer.

ICICI Bank Mortgage Loan EMI Calculator to estimate the EMI that fits your budget

To calculate the EMI against ICICI Bank EMI loan against property at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the ICICI Bank Loan against property EMI calculator. The table below shows the ICICI Bank EMI calculation at the various combinations of loan amount and years at the lowest rate of 8.60%.

ICICI Bank Loan against property EMI is calculated for different loan amounts and tenures at 8.60% interest rate

Loan Tenure
Loan Amount (Rs.)10 years15 years20 years
EMI on ₹ 15,00,000 ₹ 18,678 ₹ 14,859 ₹ 13,112
EMI on ₹ 25,00,000 ₹ 31,130 ₹ 24,765 ₹ 21,854
EMI on ₹ 40,00,000 ₹ 49,808 ₹ 39,624 ₹ 34,967
EMI on ₹ 60,00,000 ₹ 74,713 ₹ 59,437 ₹ 52,450

Factors Affecting ICICI Bank Property Loan EMI

You can calculate ICICI Bank EMI for your loan against property using an online LAP EMI Calculator, which considers factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI on loan against property. You can avail of ICICI Bank loan against property for an amount ranging between ₹ 20,00,000 to ₹ 7,00,00,000.

Interest Rate

A higher interest rate increases your ICICI Bank loan against property EMI, increasing the total cost of the loan. As per the current rates, ICICI Bank provides loan against property at rates starting at 8.60%. Before applying for a loan, you must compare LAP rates and calculate EMI online using ICICI Bank loan against property loan calculator.

Loan Tenure

Your EMI will be lower if you avail mortgage loan for a maximum tenure of 15 years, and similarly, you will have to pay a higher EMI if your tenure is shorter.

Comparison of ICICI Bank Loan Against Property EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
ICICI Bank 8.60% ₹ 9,906 ₹ 29,718 ₹ 49,530
ICICI Bank 8.60% ₹ 9,906 ₹ 29,718 ₹ 49,530
IndusInd Bank 8.65% ₹ 9,936 ₹ 29,807 ₹ 49,678
HDFC 8.75% ₹ 9,994 ₹ 29,983 ₹ 49,972
Bank of India 8.85% ₹ 11,296 ₹ 33,888 ₹ 56,480
Yes Bank 8.95% ₹ 10,113 ₹ 30,339 ₹ 50,565
Bajaj Home Finance 9.00% ₹ 8,997 ₹ 26,992 ₹ 44,986
Jammu And Kashmir Bank 9.20% ₹ 16,191 ₹ 48,572 ₹ 80,954
Edelweiss 9.25% ₹ 10,292 ₹ 30,876 ₹ 51,460
Karur Vysya Bank 9.25% ₹ 13,676 ₹ 41,027 ₹ 68,379
Punjab and Sind Bank 9.35% ₹ 11,578 ₹ 34,735 ₹ 57,892

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 ₹ 20 Lakh from ICICI for 10 years at an interest rate of 8.60%, the EMI calculated for this loan amount would be ₹ 24,904 and the total annual EMIs to be paid annually is ₹ 2,98,851. The ICICI Loan Against Property EMI schedule for 10 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 20 Lakh over the 10 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 84,853 ₹ 64,573 ₹ 1,49,425 ₹ 19,35,427
2022 ₹ 1,61,101 ₹ 1,37,750 ₹ 2,98,851 ₹ 17,97,678
2023 ₹ 1,48,776 ₹ 1,50,074 ₹ 2,98,851 ₹ 16,47,603
2024 ₹ 1,35,349 ₹ 1,63,502 ₹ 2,98,851 ₹ 14,84,101
2025 ₹ 1,20,720 ₹ 1,78,131 ₹ 2,98,851 ₹ 13,05,971
2026 ₹ 1,04,782 ₹ 1,94,068 ₹ 2,98,851 ₹ 11,11,902
2027 ₹ 87,419 ₹ 2,11,432 ₹ 2,98,851 ₹ 9,00,470
2028 ₹ 68,501 ₹ 2,30,350 ₹ 2,98,851 ₹ 6,70,120
2029 ₹ 47,891 ₹ 2,50,959 ₹ 2,98,851 ₹ 4,19,161
2030 ₹ 25,438 ₹ 2,73,413 ₹ 2,98,851 ₹ 1,45,748
2031 ₹ 3,678 ₹ 1,45,748 ₹ 1,49,425 ₹ 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 44.16% of your EMI has been used to repay the principal amount. This means that the remaining 55.84% of the EMI went into interest payment. Thus, you end up paying only 6.6% of the loan amount of ₹ 20 Lakh after paying 12 EMIs in the first year to ICICI.

In year 10, the interest component of ICICI EMI is around 4.51%, while the principal component is around 95.49%. Upto 10 years, you have cumulatively repaid 100% of your total ICICI Loan Against Property.

ICICI Bank Loan Against Property EMI for ₹ 10 Lakh

The following table shows EMI on ICICI Bank loan against property for ₹ 10,00,000 for different tenures at an interest rate of 8.60%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 8.60% 5 Years ₹ 20,565
₹ 10,00,000 8.60% 10 Years ₹ 12,452
₹ 10,00,000 8.60% 12 Years ₹ 11,156
₹ 10,00,000 8.60% 15 Years ₹ 9,906

ICICI Bank Loan Against Property EMI for ₹ 25 Lakh

The following table shows ICICI Bank loan against property EMI for ₹ 25,00,000 for different tenures at an interest rate of 8.60%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 8.60% 5 Years ₹ 51,412
₹ 25,00,000 8.60% 10 Years ₹ 31,130
₹ 25,00,000 8.60% 12 Years ₹ 27,891
₹ 25,00,000 8.60% 15 Years ₹ 24,765

ICICI Bank Mortgage Loan EMI for ₹ 30 Lakh

The following table shows ICICI Bank loan against property EMI for ₹ 30,00,000 for different tenures at an interest rate of 8.60%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 8.60% 5 Years ₹ 61,694
₹ 30,00,000 8.60% 10 Years ₹ 37,356
₹ 30,00,000 8.60% 12 Years ₹ 33,469
₹ 30,00,000 8.60% 15 Years ₹ 29,718

FAQs

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

ICICI Bank 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 ICICI Bank 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 ICICI Bank Loan Against Property EMI change in case of prepayment?

Similar to all loans, ICICI Bank 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 EMI calculator calculate ICICI Bank Loan Against Property EMI?

ICICI Bank Loan against property emi calculator 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 ₹ 7,00,00,000, 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.

How to pay your ICICI Bank Mortgage loan EMI Online?

You can pay the ICICI Bank mortgage loan EMI by logging in to your net banking account as provided when availing of the loan using your savings account or debit/credit card. You can also visit the ICICI Bank branch to submit the cheque of your EMI.

What is the EMI for ₹ 10 Lakh mortgage loan in ICICI Bank?

To determine different EMI for different tenures, you can use a 10 lakh loan against property EMI Calculator. Consider this example for a better understanding.

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 8.60% 5 years ₹ 20,565
₹ 10 Lakh 8.60% 10 years ₹ 12,452
₹ 10 Lakh 8.60% 12 years ₹ 11,156
₹ 10 Lakh 8.60% 15 years ₹ 9,906

How is ICICI Bank loan against property EMI calculated?

You can calculate ICICI Bank LAP EMI using the mathematical formula mentioned below or using an online ICICI Bank LAP EMI Calculator.

  • E = [P x R x (1+R)^N]/[(1+R)^N-1] where
  • ‘E’ means Equated monthly instalments
  • ‘P’ means the principal amount
  • ‘N’ is the number of monthly instalments
  • ‘R’ is the interest rate per month.

What is the EMI for ₹ 20 Lakh Loan against property in ICICI Bank?

To determine different Loan against property EMI ICICI Bank for different tenures, you can use a 20 lakh loan against property Calculator, as reflected in the table below:

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 8.60% 5 years ₹ 41,130
₹ 20 Lakh 8.60% 10 years ₹ 24,904
₹ 20 Lakh 8.60% 12 years ₹ 22,312
₹ 20 Lakh 8.60% 15 years ₹ 19,812

What is the EMI for ₹ 30 Lakh mortgage loan in ICICI Bank?

To determine different ICICI Bank EMI for different tenures, you can use a 30 lakh loan against property EMI Calculator.

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 8.60% 5 years ₹ 61,694
₹ 30 Lakh 8.60% 10 years ₹ 37,356
₹ 30 Lakh 8.60% 12 years ₹ 33,469
₹ 30 Lakh 8.60% 15 years ₹ 29,718

What is the EMI for ₹ 50 Lakh mortgage loan in ICICI Bank?

To estimate ICICI Bank EMI for different loans against property tenures, you can use a 50 lakh mortgage Calculator. The results are mentioned as follows:

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 8.60% 5 years ₹ 1,02,824
₹ 50 Lakh 8.60% 10 years ₹ 62,261
₹ 50 Lakh 8.60% 12 years ₹ 55,781
₹ 50 Lakh 8.60% 15 years ₹ 49,530


ICICI Bank Loan Against Property Reviews 3.7/5  by 13 customers
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ICICI Bank Loan Against Property News - Jul 2021
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-03 : ICICI Bank revised its Marginal cost of lending rates
    ICICI Bank revised its MCLR, with effect from 1 June 2021. The overnight and one-month MCLR is 7.05%. The rate for three months, six months and one year are 7.10%, 7.25% and 7.30%, respectively.
  • 2021-05-12 : ICICI Bank reduced its loan against property rates to 8.85%
    ICICI Bank cut its mortgage loan rates to 8.85%. The revised rates will be applicable for the month of May. The rate cut will help the mortgage loan borrowers to reduce the cost of the loan against property.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-05 : ICICI Bank reduced the home loan rates to 6.70%
    ICICI Bank revised its home loan rates for March 2021. The new home loan rate stands at 6.70%. Further, the LAP rate for the bank stands at 8.35%.
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