ICICI Bank Home Loan EMI Calculator

Calculate your ICICI Bank Home Loan EMI by using the ICICI Bank Home Loan EMI calculator. By entering the loan amount, interest rate, and tenure, you can check whether the repayment fits your financial goals. Since a home loan is a long-term commitment, optimising it in advance is essential.

You can also make instant comparisons between loan offers from multiple Home Loan providers on Bajaj Markets. Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation.

The ICICI Bank Home Loan EMI calculator is easy to use and requires minimal effort. In fact, you only need to know the key loan terms, and you can get started. To use the calculator, follow the steps outlined below:

1. Enter your desired home loan amount 

2. Select the interest rate

3. Choose the preferred tenure for the home loan

Once you enter these values, the EMI amount will instantly be displayed on the screen. You can even change the variables as many times as you want to arrive at terms that are most comfortable to you. 

The ICICI Bank Home Loan EMI calculator is an efficient tool that provides instant estimates of your monthly instalments based on a few basic inputs.

By entering the loan amount, interest rate, and tenure, you can view the precise EMI, along with the total repayment amount and interest payable. The calculator applies a standardised mathematical formula to ensure accuracy in results:

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

Where:

• P = Principal loan amount

• N = Loan tenure in months

• R = Monthly Interest Rate (Annual ÷ 12 ÷ 100)

For instance, if you take a home loan of ₹30 Lakhs at an interest rate of 9% p.a. for 15 years, your monthly EMI will be ₹30,427. Over the tenure, the total interest payable will be ₹24,77,039, making the total repayment amount ₹54,77,039 at maturity.

Here is an overview of the eligibility requirements for an ICICI Bank home loan:

• You need to be an Indian resident

• A consistent credit record is necessary

• Your age should be between 21 and 65 years

The specific conditions vary depending on your employment category:

For Salaried Individuals

• You must earn a minimum monthly income of ₹25,000

• You should have at least two years of professional experience

For Self-employed Individuals

• Your monthly Profit After Tax (PAT) should be at least ₹30,000

• Your business must have been operational for at least three years

Additionally, when submitting your application, you may be required to provide certain supporting documents.