ICICI Home Loan EMI Calculator - Calculate Your Monthly Instalments Easily

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Buying a home is a dream of a lot of individuals. However, due to the increasing cost of living and expenses related to buying a property, it is always not feasible to make such a huge investment with just savings. In such a scenario, home loans come to the rescue.

ICICI Bank is a well-known Indian private sector bank providing different loan services to customers, including home loans. The interest rate on home loans starts at 8.75% per annum, and changes as per tenure and amount.

If you are someone looking to get a home loan, it is always advisable to check the EMI (Equated Monthly Instalment). This helps you make an informed financial decision and understand how much a loan will be feasible.

Keep reading below to learn everything about the ICICI home loan EMI calculator and understand how it works and how it is beneficial for you.

ICICI Home Loan EMI Calculator – Quick and Accurate Housing Loan EMI Calculation Online

You can take a home loan from banks or NBFCs to purchase, renovate, construct, or extend your existing house. It can provide much-needed financial support for a family to buy and fulfil the dream of owning a house. Usually, you have to let the lending institution keep the house as collateral till the loan is repaid. The main factors which decide the EMI are the loan amount, interest rate, and tenure of the loan.

The interest rate for the ICICI home loan starts from 8.75%. The maximum tenure it can go is up to 30 years. ICICI is one of the most important banks in India and offers highly competitive interest rates for home loans.

As taking a home loan is a financially significant decision, you need to read all the terms and conditions carefully when applying for one. Moreover, you also need to plan your budget so that you can pay the EMI on time and manage your expenses. You can use the ICICI home loan EMI calculator to select the best loan for buying a home.

How ICICI Home Loan EMI Calculator Can Enhance Your Financial Strategy?

There are several benefits of using the ICICI Home Loan EMI Calculator. We have listed some of them below:

Saves Time and Minimises Errors

It is highly time-consuming to calculate the EMI repayment schedule manually. Moreover, it is easy to make a mistake while doing calculations. You can avoid critical mistakes and save time by using ICICI Home Loan EMI Calculator. It will give you the results instantly and you can use it as many times as you want.

Amortisation Schedule

To plan your finances, you need to know how much you will have to pay monthly and how much of the loan will be outstanding before and after the EMI is paid. The online calculator will prepare the amortisation schedule based on the details of your home loan.

Financial Planning

You have to set aside a certain amount every month to pay the EMI. Once you calculate the EMI and see the amortisation schedule, you can plan your finances over the tenor of the loan. It will help you to plan your budget and balance your loan repayment and other expenses.

Loan Comparison

You can select a home loan based on your goals and capabilities. The EMI calculation will help you judge if you can afford the loan. By setting different values for the loan amount, the interest rate, and the tenure, you can see which loan conditions suit you the best.

A Guide to How ICICI Home Loan EMI Calculator Calculates EMIs

Before applying for a home loan, it is important to 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 the formula it uses 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.

Month	Beginning Loan Balance (Rs.)	EMI (Rs.)	Principal (Rs.)	Monthly Interest (Rs.)	Outstanding Balance (Rs.)
1	70,00,000	54,271	13,437	40,833	69,86,562
2	69,86,562	54,271	13,515	40,754	69,73,046
3	69,73,046	54,271	13,594	40,676	69,59,452
4	69,59,452	54,271	13,674	40,596	69,45,777
5	69,45,777	54,271	13,753	40,517	69,32,024
6	69,32,024	54,271	13,834	40,436	69,18,189
7	69,18,189	54,271	13,914	40,356	69,04,275
8	69,04,275	54,271	13,995	40,274	68,90,279
9	68,90,279	54,271	14,077	40,193	68,76,201
10	68,76,201	54,271	14,159	40,111	68,62,041
11	68,62,041	54,271	14,242	40,028	68,47,799
12	68,47,799	54,271	14,325	39,945	68,33,473

You can see that as loan repayment moves ahead, the amount going towards payment of principal increases and the amount for interest payment decreases.

How to Use ACKO ICICI Home Loan EMI Calculator: Simplifying your Home Loan Planning

Paying your EMIs on time is necessary to complete the loan repayment properly. With ACKO, using ICICI home loan EMI calculator helps you get a detailed breakdown of your loan repayment schedule. You can follow the following steps to use the ACKO EMI calculator.

Assemble the Loan Information

You will have to enter the details of your home loan to use the calculator. So gather all necessary details such as loan amount, tenure, and interest rate. You can find these details in the loan agreement or you can contact the lender for the same.

Visit the ICICI Home Loan EMI Calculator Page of ACKO

Scroll up to use the free ICICI home loan EMI calculator. It will show you the EMI amount instantly after you enter the details.

Enter the Required Loan Details

You must enter facts about your loan such as the loan amount, the interest rate, and the tenure to calculate the EMI.

Calculate

Use the horizontal scroll bar to change the values for loan amount, interest rate, and loan tenure. The monthly EMI payment along with the total interest and principal amount to be repaid will be shown.

Study the Results

Your EMI payments should be aligned with your overall budget. You can continue changing loan information in the calculator till you get an EMI which suits your needs.

Save Results

Once you get an EMI amount which suits your needs, you can save the results or take a printout for future reference.

Home Loan and Term Insurance

A home loan can pave the way to your dream home. Even as you commit to repaying the loan, you must prepare for worst-case situations. For example, what if some unfortunate situation prevents you from repaying the loan? The loan could become a financial burden for your family.

It is important to stop the loan from becoming a burden in your life. A home loan insurance or term insurance can help to repay the loan in difficult situations. Let us consider their pros and cons so that you can make the best decision for your family.

Difference Between Home Loan Insurance and Term Insurance

Difference Between Home Loan Insurance and Term Insurance:

Premiums

The ICICI term insurance plans have lesser premiums than home loan insurance. While home loan insurance can cover the outstanding loan amount, term insurance can go even beyond that. You can use ACKO’s online term insurance calculator to calculate the premiums that you will have to pay.

Coverage

The ICICI home loan insurance provides coverage for the outstanding loan amount. As your EMI payments progress, the total outstanding amount of the loan decreases. Thus coverage provided by the insurance falls with the decrease in outstanding amount.

Coverage offered by ICICI term insurance is much bigger. It provides coverage for a certain period. The duration of term insurance can go beyond the tenor of the home loan. Beneficiaries get a lump sum amount as a death benefit. If term insurance exceeds outstanding loan, then your family can use the remaining amount for other purposes.

Tax Benefits

You can claim tax deductions of up to Rs. 1.5 lakh for both home loan insurance and term insurance. Provisions for the tax deduction can be found in Section 80C of the Income Tax Act, 1961.

Add-On Benefits

ICICI allows you to opt for optional benefits such as coverage for unemployment, accidental death, disability etc. under home life insurance and term insurance. Add-ons cost more under home loan insurance than term insurance.

Advantages of using ACKO ICICI Home Loan EMI Calculator

You can effortlessly calculate your EMI using ACKO ICICI home loan EMI calculator. Here are the advantages it offers:

The calculator perfectly calculates your EMI, thus making it simple for you to plan your budget.
You can save a lot of time as you don’t have to go through the hassle of doing calculations manually.
It removes the scope for errors as all calculations are done by a computer program.
You can evaluate EMIs and compare home loan plans by changing the loan amount, interest rate, and tenure.
ICICI home loan EMI calculator can be used online at any time from anywhere without the need to visit any bank or financial institution.
No need for developing financial expertise as the calculation can be done by changing values in the calculator.
Results are unbiased without any room for human judgement.

Customisation Options in ACKO ICICI Home Loan EMI Calculator

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.

Final Words

The ACKO ICICI home loan EMI calculator will help you plan your finances for repaying a home loan. You can see the repayment schedule and compare different EMIs to select the best home loan plan. The calculator can be used effortlessly by changing the values for loan amount, interest rate, and tenure of the loan.

ACKO offers you a solution to manage all your finances, buy insurance, and plan for the future by following just a few simple steps. Besides the EMI calculator, we offer several other tools and services which can make your life financially better.

Frequently Asked Questions

Here are some commonly asked questions about ICICI home loan EMI calculator:

Can the ICICI EMI calculator be used for all kinds of loans?

Yes, you can use ACKO ICICI home loan EMI calculator to find out the EMI for different kinds of loans such as home loans, personal loans, car loans, etc.

What is the maximum tenure of an ICICI home loan?

The maximum tenure of an ICICI home loan can be 30 years. The interest rate for ICICI home loans starts at 8.75% per annum.

Do I need any financial expertise to use the ACKO ICICI home loan EMI calculator?

No, you don’t need any professional training in financial management to use the ACKO EMI calculator. You can simply change the values in the calculator to generate your EMI instantly.

How much credit score do I need for using the ICICI home loan EMI calculator?

There is no requirement for a credit score to use the EMI calculator. You can use the calculator by simply visiting ACKO’s website.

Which formula is used by ACKO ICICI home loan EMI calculator?

Following formula is used to calculate EMI:

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

Here the letters stand for different variables. They have been described below.

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.

How many times can I change the values in ACKO ICICI home loan EMI calculator?

There is no cap on the number of times you can change the values in the calculator. The calculator helps to compare different home loan plans and see which EMI suits you the best. So you can customise it as per your needs.