Express Home Loans

Home Loan EMI Calculator

Calculate Home Loan EMI

Home Loan EMI CalculatorWith lower EMIs, ICICI Bank Home Loans are light on your wallet. Lower interest rate and repayment tenure of up to 30 years ensure a comfortable EMI for you during the entire loan tenure. You can estimate your EMI by using our feature rich Home Loan EMI Calculator.

 

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

 

Opting for auto-debit facility on ICICI Bank Savings Account for paying ICICI Bank Home Loan EMI, earns you reward points that can be redeemed against exciting rewards from our partners.

 

 

 

 

 

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What is Home Loan EMI?

EMI is the abbreviation for Equated Monthly Installment. Home Loan EMI is the monthly repayment that borrower should make to repay the home loan as per amortisation schedule.

What is Home Loan Amortisation Schedule?

Home Loan Amortisation Schedule is the table, which details the following

  • Outstanding Balance before payment of each EMI
  • EMI
  • Contribution towards principal repayment
  • Contribution towards interest payment
  • Outstanding balance after payment of each EMI

How is the borrowed amount and interest due paid through EMIs?

Each EMI repays a part of principal i.e. the borrowed amount and the interest due on the borrowed amount. The proportion of each EMI utilised for repayment of principal and interest, however, varies over time.

 

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 EMI?

Since EMI is the fixed amount that you will need to pay to the bank towards repayment of your Loan, calculating the EMI helps you to plan your monthly budget.

What is the impact of part payments on EMI?

Part payments reduce the outstanding loan amount, which in turn reduces the interest amount due. Without changing the EMI post part payment, the contribution of EMI towards principal repayment increases. Thus the loan gets repaid faster.

How does Home Loan EMI payment reduce tax obligation?

Provisions under income tax laws allow Indian Nationals to claim income tax relief on payments made towards interest and principal of home loan. Click here to access our home loan tax saving calculator