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Your Monthly EMI is ₹13,432

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Home Loan Amortization Schedule

Below Home Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.

Opening Balance
Monthly Interest
Monthly Principal
Outstanding Balance

Home Loan EMI Calculator Overview

ICICI Bank Home Loan Calculator is your go-to tool for estimating your monthly EMI effortlessly. With just a few inputs, such as loan amount, interest rate, and tenure, you can quickly determine your EMIs. Our user-friendly interface and accurate calculations make planning your budget and making informed decisions easy. Take the guesswork out of your home loan calculations and use our home loan calculator today to pave the way for your dream home.

How is Home Loan EMI Calculated?

Calculating your Home Loan EMI is simple with our EMI calculator for home loan. The formula used is:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]


- P = Principal loan amount

- N = Loan tenure in months

- R = Monthly interest rate

The monthly interest rate (R) is calculated as the annual rate of interest divided by 12 and then by 100. For example, with a loan amount of Rs. 10,00,000, an illustrative annual interest rate of 7.25%, and a tenure of 120 months, the EMI would be approximately Rs. 11,740.

How to use ICICI Bank's Home Loan EMI Calculator?

Using ICICI Bank's Home Loan Calculator is easy. Follow these steps:

  1. Enter the amount you wish to borrow for your home loan.
  2. Input the desired duration for repaying the loan. A longer tenure may increase your loan eligibility.
  3. Enter the annual interest rate applicable to your home loan.

Once you input these details, the calculator will generate your EMI. Use ICICI Bank's housing loan emi calculator to plan your loan repayment effectively and make informed decisions.



Home Loan EMI Calculator FAQs

What is a Home Loan EMI?

EMI is the abbreviation for Equated Monthly Instalment. Your home loan EMI is the monthly payment that you make to repay the home loan as per the amortisation schedule.

What is a Home Loan amortisation schedule?

A home loan amortisation schedule is a chart that shows the following:

  • Outstanding balance before payment of each EMI
  • The amount of EMI payable
  • The contribution towards the repayment of the principal
  • The contribution towards the interest component
  • The balance of loan outstanding after the payment of each EMI.

How are the principal and the interest due paid through EMIs?

Each EMI repays a part of the principal (or the amount borrowed) and the interest due on that principal outstanding. The proportion of each EMI used for repayment of the principal and the interest changes over time. The first few EMIs contribute more towards the payment of interest and less towards repayment of principal. But the later EMIs contribute more towards the repayment of the principal.

Banks and financial institutions generally calculate EMIs using a common mathematical formula. So, the EMI calculated and the amortisation schedule given by different banks and NBFCs will typically be similar for a given loan amount, tenure and interest rate. This also means that with the payment of each EMI, the pattern of reduction of the principal due, generally follows a 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 impact of part payments on your EMI?

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.

How does the payment of EMI towards your Home Loan reduce your Tax liability?

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.

How does EMI Calculator assist with home buying plans?

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.

What are the main features and advantages of ICICI Bank Home Loans?

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.

What is the Benefit of Calculating 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.

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