HOME LOAN EMI CALCULATOR

Part payments towards your Loan reduces the outstanding Loan amount. This 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.

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.

ICICI Bank home loan calculator is an effective tool that assists you in planning and managing your Home Loan. By estimating the EMI on the basis of the loan amount, interest rate and loan tenure, you will know how affordable it is and how you can plan your finances. 

The Home loan calculator provides you with instant results of the EMI amount and the total interest payable. All you need to do is scroll the cursor and adjust the loan amount, tenure and interest rate to find the EMI that best suits your financial requirements. This also eliminates the need for manual calculations and provides you with a fair understanding of your repayment obligations without error. 

The Home Loan EMI calculator also helps evaluate the impact of different interest rates on your EMI and the total interest payable. This allows you to experiment with various scenarios such as prepayment or increasing the EMI amount to understand how they affect your repayment schedule.

ICICI Bank Housing Loan EMI Calculator can empower you to plan your Home Loan more effectively. It offers greater transparency, accessibility and accurate calculations, all that you need to make well-informed decisions for a smooth Home Loan experience.

ICICI Bank Home Loans come with a host of features and advantages that make them a preferred choice for individuals aspiring to own a home. Here are the key features and benefits of ICICI Bank Home Loans:

• Competitive interest rates: ICICI Bank offers attractive interest rates on home loans, ensuring affordability and cost-effectiveness
• Flexible repayment options: You can choose a loan tenure that suits your financial situation. The tenure can range from a few years to 30 years. This flexibility allows you to manage your EMIs comfortably
• Quick loan processing: ICICI Bank ensures a seamless and efficient loan processing experience, minimising waiting time and providing you with faster access to funds
• Balance transfer facility: You also have the option to transfer an existing Home Loan to ICICI Bank and avail the advantage of better interest rates and terms
• Simplified documentation: A simple and streamlined process makes it easy and convenient for borrowers to apply
• Top-up loans: Existing Customers can avail top-up loans for various purposes such as home renovation, education or meeting other financial needs
• Home Loan insurance: ICICI Bank also offers Home Loan insurance to protect borrowers and their families from unforeseen events, providing financial security
• Customer support: Dedicated customer support is available at ICICI Bank round the clock to address any queries and concerns throughout the Home Loan journey
• You can apply online: Experience the convenience of doorstep service. ICICI Bank will assist you in selecting a suitable Home Loan variant and repayment options
• Ample loan amount: Get higher loan amounts at attractive interest rates and low EMIs.

Calculating the EMIs for your Home Loan can assist you in managing your finances and making informed decisions. Here are the key advantages of calculating EMIs before applying for a loan:

• Sound Financial Planning: Knowing the EMI amount and duration will help you plan your finances effectively, allow you to budget your expenses accordingly and ensure that your EMI falls well within your income. You will be better placed to assess the affordability of your Home Loan by calculating your EMIs beforehand. This allows you to maintain financial stability and avoid any last-minute financial strain.
• Comparing Loan Offers: Calculating EMIs allows you to compare loan offers from various lenders. By entering the loan amount, interest rate, and tenure into an EMI calculator, you can evaluate the total repayment amount and determine the most cost-effective option. This way, you can choose the loan that meets your financial requirements.
• Saving on Interest: Accounting for different EMI scenarios will help you understand the impact of different interest rates on your loan repayment. You can assess long-term interest savings by comparing the EMIs for varying interest rates.
• Prepayment Planning: Calculating EMIs helps in planning for the prepayment of your Home Loan. Understanding the repayment schedule allows you to determine the ideal time to make additional payments and shorten the loan tenure. This can help you save on interest and achieve debt-free home ownership sooner.