ICICI Bank Home Loan EMI Calculator

Owning a home is a cherished dream for many, but rising property costs and living expenses often make it challenging to achieve this goal solely through savings. That’s where home loans become a practical solution, offering financial support to turn your dream into reality.

ICICI Bank, one of India's leading private sector banks, offers competitive home loan options with interest rates starting at 8.75% per annum. The rates may vary depending on the loan amount, tenure, and borrower profile, with unique benefits available, such as attractive ICICI home loan interest rates for women. 

Calculating your Equated Monthly Installments (EMI) is crucial to make an informed decision. The ICICI home loan EMI calculator allows borrowers to estimate monthly payments precisely. Read on to understand how this calculator works and why it’s essential for financial planning.

Home loans from banks or NBFCs provide essential financial support for purchasing, constructing, renovating, or extending your dream home. Typically, the lending institution keeps the property as collateral until the loan is fully repaid. The loan amount, interest rate, and tenure significantly influence the Equated Monthly Installment (EMI). Using the ICICI home loan interest rate calculator or ICICI Bank home loan interest rate calculator, you can accurately estimate the monthly payments for various loan amounts and tenures. 

Planning your finances thoroughly is vital when applying for a home loan. Always read the terms and conditions carefully and use resources like the ICICI EMI calculator to evaluate and choose the best loan option.

Beyond home loans, ICICI offers tools like the ICICI personal loan EMI calculator, ICICI loan calculator, and ICICI credit card EMI calculator to manage diverse financial needs.

Before applying for a home loan, you must analyse the monthly payment you have to make against such a loan and plan your finances accordingly. Hence, to understand how an ICICI home loan calculator works, we need to look at its formula for the calculation.

An ICICI home loan EMI calculator works by using the following formula:

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

Here,

R stands for monthly interest rate

N stands for tenure of loan repayment in months

P stands for principal amount

EMI stands for Equated Monthly Instalment

Let us take an example to understand how ICICI home loan EMI is calculated

Sanket has taken a home loan of Rs. 70 lakh for a tenure of 20 years (240 months) at an annual interest rate of 7% p.a. (0.583% per month).

As per formula,

EMI = [70,00,000 x 0.583% x(1+0.583%)^240]/[(1+0.583%)^(240-1)]

EMI = Rs. 54,271

Thus, Sanket will have to make monthly payments worth Rs. 54,271 for 20 years to repay the home loan.

Amortisation schedule for the initial 12 months of loan repayment has been given below:

You can see that as loan repayment progresses, the amount paid towards principal increases, and the amount paid towards interest decreases.

Using the ACKO ICICI home loan EMI calculator, you can calculate your EMI. Here are the advantages it offers:

Final Words

You don’t need any financial expertise to use the ACKO ICICI home loan EMI calculator. It is designed with the ease of usage in mind. The user interface is easy to understand and requires the bare minimum effort to generate the result. You can customise the calculator by changing the values for loan amount, interest rate, and tenure. It will allow you to find the EMI which fits your budget and meets your goals. You can also compare different home loan plans by customising the ACKO ICICI home loan EMI calculator.

ACKO calculator is freely available online and has a very user-friendly interface. You can use it anytime and from anywhere by simply accessing the website. The home loan EMI calculator will get you started along with your home loan plans without any uncertainty about the EMI you will have to pay.