A home loan or housing loan is a popular financial product offered by financial institutions. It is a form of credit which is advanced by banks and Non-banking financial companies to borrowers, who then employ it to purchase or construct a housing property.

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.

In 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.

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.

How Can a Home Loan Calculator From ICICI Help You?

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 –

  1. 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.
  2. 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.
  3. 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.

How Does an ICICI Home Loan Calculator Work?

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

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


  • 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.

Amortisation Schedule

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

  1. Equated Monthly Instalment.
  2. The interest component of each EMI.
  3. The principal component of EMI.
  4. Outstanding amount prior to each EMI payment.
  5. 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.

Benefits of Groww ICICI Home Loan Calculator

There are few advantages to using the Groww ICICI bank home loan calculator. These are –

  1. Free: The Groww home loan EMI calculator is free to use. You do not need to register to Groww’s website to use it.
  2. 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 as per 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 a home loan.

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Frequently Asked Questions

  • 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 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.

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