Loan amount

₹

Rate of interest (p.a)

%

Loan tenure

Yr

Monthly EMI | ₹ |

Principal amount | ₹ |

Total interest | ₹ |

Total amount | ₹ |

Principal amount

Interest amount

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.

- The lender provides a loan to both salaried and self-employed. Also, special rates offered to women, senior citizen and NRI borrowers.
- Individuals from 21 and 60 years can apply for a loan
- For security one can keep a mortgage of property that they are planning to purchase, renovate or construct.
- Loan to Value Ratio is 80%.
- The tenure of the loan ranges from 5 to 30 years.
- Interest rates range from 6.70% to 7.95%.
- ICICI home loan EMI per lakh starts is Rs. 645 (starting price). However, one can calculate the home loan EMI anytime using the ICICI home loan calculator 2022.

Calculation of EMI is manually carried out using the following formula –

**EMI = {P * R * (1 + R)^n} / {(1 + R)^(n – 1)}**

Here,

- P is the principal amount of loan availed.
- R is the rate of interest.
- n is the repayment tenure in months.

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 –

**Accuracy:**It provides an accurate figure which you need to pay as EMI depending on factors such as the loan corpus, repayment tenure, and interest rate applicable.**Helps in decision making:**You can easily decide on the loan amount and tenure, which will offer you maximum financial convenience during repayment. The ICICI housing loan calculator will help you reach a decision faster and without hassle.**Mobility:**An ICICI bank home loan EMI calculator will enable you to reckon your EMI across any device – cell phone, tablet, personal computer, etc. Therefore, you can calculate your EMI anywhere, at any time.

An amortisation schedule for a home loan is a table on which the following specifics are mentioned –

- Equated Monthly Instalment.
- The interest component of each EMI.
- The principal component of EMI.
- Outstanding amount prior to each EMI payment.
- Outstanding amount post every EMI payment.

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 –

**Free:**The Groww home loan EMI calculator is free to use. You do not need to register to Groww’s website to use it.**Use multiple times:**There are no restrictions on the usage frequency. Therefore, you can easily compare the various components to determine the ideal tenure and loan amount at your convenience.

An **ICICI Home loan calculator 2019 **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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**What is a home loan?**

A home loan is a subset of secured loans. Banks and NBFCs provide such credit against the papers of the property which the borrower is aiming to purchase or construct. Secured loans, in general, have an end-user restriction, i.e. the loan amount can only be used for the purpose of buying house property.

**How to apply for an ICICI housing loan?**

You can visit the official ICICI bank website or the nearest ICICI branch to apply for a housing loan.

**Who can apply for a home loan?**

Self-employed and salaried individuals can apply for an ICICI home loan.

- What is a loan to value ratio?

In the case of home loans, a portion of the property value is to be paid by the borrower as down payment, and the other portion is advanced by the lender directly to the realtor of such property. This proportion is called the loan-to-value ratio or LTV.

**What is the loan-to-value ratio on home loans?**

According to the RBI mandate, the LTV is

LTV |
Value of property |

90% | Less than Rs. 30 Lakh |

80% | Between Rs. 30 Lakh – 75 Lakh |

75% | Above Rs. 75 Lakh |

**What is the repayment tenure for home loans?**

The repayment tenure for ICICI home loans stretches to a maximum of 30 years.

**How does the repayment of loans take place?**

Repayment of loans takes place in the form of Equated Monthly Instalments (EMIs) where a fixed amount of money is to be repaid by the borrower every month. You can calculate your EMI using an ICICI Home loan calculator.

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