ICICI Home Loan EMI Calculator

For purchasing or constructing a property, home loans are the ideal financing option. The ICICI home loan is available to all businessmen, self-employed, and salaried people. Women borrowers can avail special interest rates. If you are unsure about the monthly installments, using an ICICI home loan calculator will prove to be beneficial. It will allow you to pre-plan the repayment process once you are accustomed to the interest and EMI amounts.

Benefits of ICICI Home Loan Calculator

ICICI is one of the largest banks in India with some of the most attractive interest rates for home loans. Most borrowers prefer to check the home loan affordability using an ICICI home loan EMI calculator before applying. The benefits include –

• It will enable you to determine the right tenure and amount to improve the affordability of your EMIs
• It eliminates manual and inaccurate calculation of EMIs
• Choosing the correct tenure will allow you to seamlessly manage your monthly installments
• You can access the home loan calculator from any device be it mobile, tablet or computer

How To Use RentSale Home Loan EMI Calculator?

Using the Magicbricks Home Loan EMI calculator is incredibly simple and easy. Follow these steps to effortlessly check your home loan EMI –

• Visit ICICI home loan page
• Enter your loan amount
• Enter the loan tenure (number of years for which you wish to borrow)
• Check the amount by clicking on 'Calculate Your EMI'

Home Loan EMI Calculation Formula

Curious about how the home loan EMI calculator works? Well, it works on the following standardized formula –

E = [P.r. (1+r)^n]/[(1+r)^n-1]

where P = Principal/Loan Amount
E= applicable amount of EMI
r = rate of interest per month (annual rate of interest divided by 12)
n = tenure (in months)

For example, if any borrower avails a loan of 40 lakh for a tenure of 10 years at a 6.80% p.a. rate of interest, the applicable EMI will be –

E = 40,00,000 × .0056 × (1+.0056)^120/([(1+.0056)^120]-1)
EMI = Rs. 46,032

ICICI Home Loan Amortization Schedule

An amortization schedule helps in evaluating different loan options. It is easier to make a comparison of lenders, select the loan tenure, or decide if it would be wiser to refinance an existing loan. It also helps in finding out savings in terms of paying off the debt early.

If you have taken a loan of Rs 20 lakh for a 8-year tenure at 6.80% annual interest, your monthly home loan EMI will equate to Rs. 27,069 and the total interest amount will be Rs. 5,98,606. Your amortization schedule will look like the following –