Monthly EMI | ₹ |
Principal amount | ₹ |
Total interest | ₹ |
Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
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.
Calculation of EMI is manually carried out using the following formula –
EMI = {P * R * (1 + R)^n} / {(1 + R)^(n – 1)}
Here,
An ICICI Bank home loan EMI calculator integrates the formula mentioned above to calculate EMIs.
Example: Mr Ajay has applied for a home loan involving a grant amount of Rs. 25 Lakh for repayment tenure of 240 months or 20 years on 1.10.19. It attracts an interest rate of 9.5% or 0.95. The following would be his EMI calculation.
EMI = Rs. {2500000 * 0.095 * ( 1 + 0.095)^240} / {(1 + 0.095)^(240 – 1)}
Or, EMI = Rs. 23,303.
You can easily calculate EMIs using an ICICI Bank home loan calculator which eliminates the hassle of manual calculation.
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 –
An amortisation schedule for a home loan is a table on which the following specifics are mentioned –
The amortisation schedule for the example mentioned above is demonstrated using the following table.
Months | Interest (Rs.) | Principal (Rs.) | EMI (Rs.) | Outstanding Balance |
1 | 19,792 | 3,512 | 23,303 | 24,96,488 |
2 | 19,764 | 3,539 | 23,303 | 24,92,949 |
3 | 19,736 | 3,567 | 23,303 | 24,89,382 |
4 | 19,708 | 3,596 | 23,303 | 24,85,786 |
5 | 19,679 | 3,624 | 23,303 | 24,82,162 |
6 | 19,650 | 3,653 | 23,303 | 24,78,509 |
7 | 19,622 | 3,682 | 23,303 | 24,74,827 |
8 | 19,592 | 3,711 | 23,303 | 24,71,116 |
9 | 19,563 | 3,740 | 23,303 | 24,67,376 |
10 | 19,533 | 3,770 | 23,303 | 24,63,606 |
11 | 19,504 | 3,800 | 23,303 | 24,59,806 |
12 | 19,473 | 3,830 | 23,303 | 24,55,977 |
13 | 19,443 | 3,860 | 23,303 | 24,52,116 |
14 | 19,413 | 3,891 | 23,303 | 24,48,226 |
15 | 19,382 | 3,921 | 23,303 | 24,44,304 |
As is substantiated in the above table, the interest component is significantly higher than the principal component in the initial years.
There are few advantages to using the Groww ICICI bank home loan calculator. These are –
An ICICI Home loan calculator or any EMI calculator can extensively benefit individuals to make the right decisions. Hence, using it becomes paramount when availing of a home loan.
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