Calculate EMI, Interest, and Tenure

ICICI home loan or housing loan is one of the popular financial products offered by the lender. The EMI for the loan starts from Rs. 645 per lakh and is provided to both salaried and self-employed individuals. One can calculate the monthly EMI on the same by using an ICICI home loan calculator. A home loan is a form of credit that is advanced by banks and Non-banking financial companies to borrowers, who then employ it to purchase or construct a housing property.

Why Use FinLecture’s ICICI Home Loan EMI Calculator?

• Quick EMI Estimates: Input loan amount, tenure, and interest rate to calculate EMI in seconds.
• Amortization Schedule: Visualize monthly principal vs. interest breakdown.
• Compare Scenarios: Adjust tenure or loan amount to find affordable repayment options.
• Free & Unlimited Access: No signup required. Use it anytime, on any device.

How the ICICI Bank Home Loan Calculator Works

The calculator uses the standard EMI formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N−1]
Where:

• P = Principal Loan Amount
• R = Monthly Interest Rate (Annual Rate ÷ 12)
• N = Tenure in Months

Example:

Mr. Sharma borrows ₹35 Lakh at 9.1% interest for 20 years (240 months).

• Monthly Interest Rate (R): 9.1%/12 = 0.758%
• EMI = ₹{35,00,000 × 0.00758 × (1+0.00758)^240} /[(1+0.00758)240–1] = ₹31,842

With our calculator, skip manual math and get results instantly!

How Can a Home Loan Calculator From ICICI Help You?

ICICI is a premier financial institution and one of the Big 4 Banks in India. Since its establishment as a fully-owned subsidiary in 1994, it has been known to provide premium service to its customers.

The demand for home loans in India has risen significantly after the implementation of Pradhan Mantri Awas Yojana (PMAY). Under its CLSS scheme, first-time borrowers are eligible to receive subsidies on interest rates for a housing loan. ICICI, in this respect, has played an instrumental role owing to its affordable and competitive interest rates which starts from 9.05%. The following are the advantages of using an ICICI home loan EMI calculator –

1. Budget Planning: Align EMI with your monthly income.
2. Interest Savings: Shorter tenures reduce total interest paid.
3. CLSS Subsidy Integration: Check eligibility for PMAY subsidies up to ₹2.67 lakh.
4. Transparent Breakdown: See how much goes toward principal vs. interest monthly.

ICICI Home Loan Key Features 2024

• Loan Amount: Up to ₹5 Crore
• Tenure: 3–30 years
• Interest Rates: 9.05% p.a. (salaried) | 9.15% p.a. (self-employed)
• Processing Fee: 0.5%–1% of loan amount + GST
• Eligibility: Age 23–70 years, CIBIL score 750+

FAQs About ICICI Bank Home Loan Calculator

1. How accurate is the calculator?

It provides near-exact estimates but excludes processing fees or prepayment charges.

2. What is ICICI’s current home loan interest rate?

Rates start at 9.05% p.a. for salaried applicants (as of July 2024).

3. Can I check EMI for a joint loan?

Yes! Input the total loan amount to calculate combined EMI.

4. Does ICICI offer pre-approved loans?

Pre-approved offers are available for existing customers via Net Banking.

5. What is the maximum LTV ratio?

Up to 90% for loans ≤ ₹30 Lakh, 80% for higher amounts.

Plan Smarter with FinLecture
Whether you’re buying your first home or investing in property, our ICICI Bank Home Loan Calculator helps you make data-driven decisions. Compare tenures, optimize EMIs, and apply online for the best rates!