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Home Loan EMI Calculator

Home Loan EMI Calculator

Calculate the EMIs on your home loan

Interested in availing a home loan, but unsure of the EMIs that you need to pay? Don’t worry, the home loan EMI calculator from ICICI Bank is just what you need. Using our online calculator, input the loan amount, the rate of interest and the loan tenure. The calculator will then display the EMI amount you will need to pay each month. It’s that simple!

 

 

EMIs on ICICI Bank Home Loans

Thanks to lower EMIs, ICICI Bank Home Loans are light on your wallet. Lower interest rate combined with a repayment tenure as long as 30 years*, make our EMIs more affordable for you. You can estimate your EMI by using our user-friendly Home Loan EMI calculator.
You can also opt for the auto debit facility on your ICICI Bank Savings Account to repay your home loan EMIs and earn reward points that can be redeemed against exciting rewards from our partners.

Balance Transfer facility

To save money and to reduce the burden of repaying the home loan that you have taken from another bank or Non-Banking Financial Company (NBFC), Apply here for balance transfer. 

Disclaimer


The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.

Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws .The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text without ICICI Bank's written permission. The information and/ or intellectual property contained herein is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.

Frequently Asked Questions (FAQs) for Home Loan EMI Calculator

What is a home loan EMI?


EMI is the abbreviation for Equated Monthly Instalment. Your home loan EMI is the monthly payment that you make to repay the home loan as per the amortisation schedule.

What is a home loan amortisation schedule?


A home loan amortisation schedule is a chart that shows the following:
⦁ Outstanding balance before payment of each EMI
⦁ The amount of EMI payable
⦁ The contribution towards the repayment of the principal
⦁ The contribution towards the interest component
⦁ The balance of loan outstanding after the payment of each EMI.

How are the principal and the interest due paid through EMIs?


Each EMI repays a part of the principal (or the amount borrowed) and the interest due on that principal outstanding. The proportion of each EMI used for repayment of the principal and the interest changes over time. The first few EMIs contribute more towards the payment of interest and less towards repayment of principal. But the later EMIs contribute more towards the repayment of the principal.

Banks and financial institutions generally calculate EMIs using a common mathematical formula. So, the EMI calculated and the amortisation schedule given by different banks and NBFCs will typically be similar for a given loan amount, tenure and interest rate. This also means that with the payment of each EMI, the pattern of reduction of the principal due generally follows a similar trend across all financial institutions.

Banks and financial institutions, in general, calculate EMI through a common mathematical formula. Thus, for a given loan amount, tenure and interest rate, the EMI calculated and the amortisation schedule offered by banks and Non-Banking Financial Companies (NBFCs) will typically be similar. This means that pattern of reduction of principal amount through payment of each EMI will typically follow similar trend across all financial institutions.

 

It is a well-known fact that the initial EMIs contribute more towards payment of interest due as compared to the principal amount. However, during the tenure of the loan, subsequent EMIs contribute more towards repayment of principal amount as compared to previous EMIs.

What is the benefit of calculating EMIs?


Since EMIs are the fixed amounts that you will need to pay the bank each month to repay your loan, calculating EMIs helps you plan your monthly budget.

What is the impact of part payments on your EMI?


Part payments towards your loan reduces the outstanding loan amount. This, in turn, reduces the amount of interest due. Your EMI remains unchanged even after you’ve made a part payment, but the proportion of the EMI utilised for the repayment of the principal and the interest changes. The amount going towards repaying the principal component in the EMI increases. Thus, the loan gets repaid faster.

How does the payment of EMI towards your home loan reduce your tax liability?


The provisions under the Indian Income Tax Act, 1961*, allow Indian nationals to claim income tax relief on the payments made towards repayment of home loans.
*Subject to Income Tax Act, 1961 and amendments thereto.


. Click here to access our home loan tax saving calculator

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