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# ICICI HLBT EMI Calculator

Calculate your EMI payments with ease

## ICICI Home Loan Balance Transfer EMI Calculator

### EMI term

₹ 5,000 ₹ 5,000
• Total amount payable
₹ 5,000 ₹ 5,000
• Interest rate
₹ 8.99% ₹ 8.01%
• Total interest
₹ 8.99% ₹ 8.01%
• Total interest
₹ 5,000

### EMI term

₹ 5,000 ₹ 5,000
• Total amount payable
₹ 5,000 ₹ 5,000
• Interest rate
₹ 8.99% ₹ 8.01%
• Total interest
₹ 8.99% ₹ 8.01%
• Total interest
₹ 5,000
01 ₹ 4,80,000 ₹ 50,000 8.5% ₹ 50,000 ₹ 50,000 ₹ 50,000

The ICICI Home Loan Balance Transfer facility allows its prospective customers to transfer their existing home loan to the ICICI bank at an interest rate starting from as low as 7.60%, ensuring they save more on the monthly EMIs.

Home loan borrowers who wish to avail of the ICICI Bank Home Loan Balance Transfer can now use their ICICI Home Loan Balance Transfer EMI Calculator beforehand to determine the monthly EMI for a given loan amount and tenure. With the aid of the ICICI Home Loan Balance Transfer EMI Calculator, you could check out your total savings on EMI along with a detailed comparison.

## ICICI Bank Housing Loan EMI Calculator at Different Tenures

ICICI Bank Housing Loan is one of the most popular home loans in India and the bank offers home loans with a tenure of up to 30 years. Currently, the bank offers home loans to its customers at a lower interest starting from 7.60% per annum. The EMI amount may vary based on loan tenure and amount. Here’s an EMI chart for different tenures and home loan amounts calculated using the ICICI Housing Loan EMI Calculator:

 Loan Amount Tenure 15 years 20 years EMI Amount EMI Amount Rs. 25,00,000 Rs. 22,401 Rs. 19,308 Rs. 50,00,000 Rs. 44,802 Rs. 38,615 Rs. 75,00,000 Rs. 67,203 Rs. 57,923

The Home Loan EMI comprises a principal and interest component. As the tenure progresses, the contribution towards the principal amount rises, and that of the interest portion decreases as part of the EMI payment.

## How to Use ICICI HLBT EMI Calculator

Here are the steps to Use ICICI Home Loan Balance Transfer EMI Calculator:

• Enter your Home Loan amount.

• Mention the current EMI amount payable to the existing lender

• Key in the existing loan tenure and the required loan tenure (in months)

• Press the ‘Calculate’ button

• You can now check out the total savings on EMI and view a comparison chart of monthly EMI and the total amount paid towards the loan.

## How Home Loan Balance Transfer EMI is Calculated

Each home loan EMI repays a principal amount, which is the total loan amount borrowed and any interest due on the borrowed loan amount at a given rate of interest.

Banks and Financial Institutions calculate the EMI for home loan balance transfer using a calculator based on a set, mathematical formula which is

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

where,

E: Equated Monthly Installment,

P: Principal or loan amount,

R: Interest rate per month

N: repayment tenure

Thus, almost all lenders shall fix similar EMI and repayment schedules for a given loan amount, tenure, and interest rate.

The lender shall take the outstanding loan amount at the end of every month and multiply it with the rate of interest applicable to the home loan, and then divide it by 12.

## Benefits of Using ICICI HLBT EMI Calculator

Using an ICICI Home Loan Balance Transfer EMI Calculator can have the following benefits:

• Provides an idea of total monthly savings on home loan EMI.

• Helps plan and balance one’s finances to avoid a shortage of money towards EMI payment.

• As home loans are usually large amounts, the ICICI HLBT EMI calculator is spot on in calculating the EMIs for various combinations of tenures and loan amount. There is no place for human error while using the calculator.

• User friendly and provides the output (EMIs) in a matter of seconds thereby saving your time.

## Factors Affecting ICICI HLBT EMI

The ICICI HLBT EMI amount primarily depends on factors such as loan amount, tenure, and rate of interest.

• Loan Amount: The amount borrowed from the lender decides your home loan EMI. Higher the loan amount or outstanding principal of an existing loan, higher shall be your ICICI Bank Home Loan Balance Transfer EMI amount.

• Tenure: This is the period during which you can repay your loan to the ICICI bank. The longer the tenure, the lower shall be the EMI amount. The tenure for ICICI Home Loan Balance Transfer depends on the borrower’s age at the time of balance transfer and his/her retirement age. Generally, the tenure for Home Loan Balance Transfer to ICICI bank is 30 years.

• Interest Rate: It is the rate of interest charged by the ICICI bank on the outstanding principal amount at the time of Home Loan Balance Transfer. Higher the interest rate, higher shall be the home loan EMI increasing the overall loan servicing cost.

## To Wrap It Up

The ICICI Bank Home Loan Balance Transfer is a smart way to reduce your EMI burden and save more. Some of its key features include:

• Cheaper EMIs at the lowest rate of interest linked with the repo rate

• Quick processing and minimal documentation for loan application and approval

• No additional collateral needed for loan approval

• Top-up Loan of up to 100 percent of your original loan amount

## FAQs on ICICI Home Loan Transfer EMI Calculator

• ### ✔️How can I pay my ICICI Home Loan EMI?

You can pay your ICICI Home Loan EMI by subscribing to a monthly auto-debit facility from your ICICI savings bank account and also by net banking.

• ### ✔️How can I reduce my ICICI home loan interest rate?

You can reduce the interest rate on your Home Loan, with increase in repayment tenure.

• ### ✔️How can I check my loan EMI in ICICI Bank?

You can check your ICICI home loan EMI by requesting the bank for a home loan statement /amortization schedule or by logging into your online home loan account.

• ### ✔️How can I check my ICICI home loan balance?

The amortization schedule for your ICICI Home Loan reflects your outstanding home loan balance after each EMI payment every month and the schedule can be requested online.

• ### ✔️ What is pre-EMI in a home loan?

If only a part of the home loan sanctioned has been availed by the borrower, he/she would be required to pay only the interest on EMI until the full loan amount is disbursed to the borrower. This amount paid is called pre-EMI payment and would continue monthly until the final loan amount gets disbursed. Thereafter, the borrower shall be charged with full EMIs.