ICICI Home Loan EMI Calculator

Home loans in India provide numerous advantages for individuals aspiring to own a house. They enable borrowers to fulfil their dreams of homeownership by offering attractive interest rates, flexible repayment options, and even tax benefits! However, such a big investment requires adequate research and analysis to make the right choice. You can compare interests on home loans by various providers and know the final loan cost to understand which is the most feasible. Loan EMI calculators help you assess the total interest and total amount payable to determine if a loan is right for you. One such tool is the ICICI home loan EMI calculator.

If you opt for a home loan from ICICI Bank, you can use the online ICICI home loan EMI calculator. The Angel One ICICI home loan EMI calculator helps you ascertain the total cost of a home loan and your monthly EMI liability. With near-accurate results, the tool can help you better plan your finances.

The ICICI home loan EMI calculator uses variables like the loan amount, tenure and interest rate to calculate your equated monthly instalments or EMIs. 

You just have to enter all the required variables on the Angel One ICICI home loan EMI calculator,and the online tool will estimate your EMIs in no time.

The ICICI home loan EMI calculator formula is –

Here,

P is the amount of money you borrow from the bank

R is the rate of interest per month charged by the bank

N is the tenure by which the loan has to be repaid (in months)

Using the ICICI home loan EMI calculator is quite straightforward. You need to follow the steps given below – 

1. Enter the amount you want to borrow as a home loan 
2. Use the slider to select the interest rate charged by the bank.
3. Select the tenure of the loan (in years).

The online ICICI home loan EMI calculator will then display your monthly instalments for the home loan. Suppose you want to take a home loan of Rs. 24 lakhs. The loan tenure is 20 years, and the bank charges an interest of 9.5%. Then the ICICI home loan EMI calculator will ascertain the EMI as Rs.22,371, total payable as Rs. 53,69,076 and interest payable as Rs. 29,69,076.

There are several benefits of using the ICICI home loan EMI calculator. Some of these benefits include: 

• Easy to use: The online ICICI home loan EMI calculator available on Angel One is quite easy to use and has a simple interface.

• Free: The ICICI home loan EMI calculator on Angel One is free of cost. You can use it anytime, anywhere, without paying anything. 

• Accuracy: The ICICI home loan EMI calculator is a reliable tool for calculating your EMIs. It factors in all the variables and gives a near-accurate EMI amount based on your inputs. 

• Time-saving: Using an EMI calculator saves time by eliminating lengthy manual calculations.

• Interest rate

The interest rate is the primary factor affecting your home loan EMI. Higher interest rates lead to larger EMIs, increasing the overall cost of borrowing. Also, the type of interest rate chosen, whether fixed or floating, impacts the EMI. While fixed rates offer stability, floating rates can fluctuate based on market conditions.

• Loan tenure

The loan tenure, or the duration for which you borrow the funds, affects your EMI. A longer tenure results in smaller EMIs, but the total interest paid over the loan's lifetime is higher. On the contrary, a shorter tenure leads to larger EMIs but lowers the overall interest burden.

• Loan amount

The loan amount directly impacts your EMI. The higher the loan amount, the larger the EMI. Thus, assessing your financial capacity and opting for a loan amount that comfortably fits your budget is essential.

• Credit score

Your credit score reflects your creditworthiness and impacts the interest rate offered by lenders. A higher credit score often translates to lower interest rates, reducing the EMI burden. 

• Down payment

The down payment you make while purchasing a home significantly affects your loan EMI. A larger down payment reduces the loan amount, resulting in smaller EMIs. 

• Prepayments and foreclosure

Prepaying your home loan or opting for foreclosure can alter the EMI amount. Some lenders charge a penalty for prepayment, while others allow it without any charges.

ICICI offers different types of home loans, such as the ones mentioned below – 

1. Home loan: This is a standard home loan offered by the bank to purchase a home. The tenure can be as high as 30 years.
2. Money Saver Home Loan: In this case, the home loan account is a money saver account where you can place your savings. This scheme allows the interest component to be reduced.
3. Home improvement loan: You can apply for a home loan even in home improvement cases. You can apply for a renovation home loan at ICICI Bank to help with the home extension or renovation.
4. Home loan balance transfer: If you already have a home loan, you can change your lender. These loans are ideal if the bank offers a lower interest rate than your current lender.