ICICI Home Loan EMI Calculator allows calculating EMIs for Home Loan that further helps the borrower to make a decision about buying a new house. It allows one to plan the cash flows for home loans and offers home loans with EMIs starting from INR 645 per lac and interest rates starting from 9.00% p.a. It has some added features like flexible repayment options and top-up loans, low-interest rates, long repayment tenure, and reasonable EMIs.
Home Loan EMI Calculator basically assists in the calculation of the loan installment i.e. EMI. It is an easy-to-use calculator and acts like a financial planning tool. The full form of EMI is Equated Monthly Installment which includes repayment of the principal amount and the interest amount of the home loan. It has a longer period of 30 years which helps in reducing the EMI.
The formula for calculating EMI is:
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
The rate of interest (R) on your loan is calculated per month.
A Snapshot of ICICI Bank Home Loan
| ICICI Bank Home Loan – A Snapshot | |
| Interest Rate | 9.00%-10.05% p.a. |
| Loan Amount | As per the applicant’s eligibility |
| Tenure | Up to 30 years |
| Processing Fees | INR 2,999 (Special processing fee as a part of Festive Offer, applicable to applicants with Bureau Score ≥ 750 & Loan amount ≥ 50 Lakhs & inclusive of all taxes, CIBIL & CERSAI charges, if applicable) |
Features of ICICI Home Loan EMI Calculator Online
- ICICI Direct home loans offer a choice from multiple lenders. As a result, the ICICI home loan interest rate is the most competitive in the industry. The ICICI home loan rate is decided per the CIBIL score of the home loan applicant.
- ICICI Direct home loan has a record of higher approved rates and high sanction value
- f you wish to enhance your home space in ways like flooring, constructing additional rooms, or painting, ICICI home loan offers a ‘home improvement loan’ tailored perfectly to suit your need
- You can opt for the ‘top-up loan’ facility if you are someone with an existing ICICI home loan, home extension loan, or home improvement loan. ICICI home loan offers this top-up facility to finance the refurbishing of your house.
- ICICI home loan also offers easy and hassle-free loans to NRIs under the NRI home loans at lucrative interest rates
- The home loan EMI calculator and the EMI comparison calculator on the ICICI Direct website facilitate more tenure and interest rates.
- ICICI home loan for construction on land can be opted for when you wish to build your own dream house.
- ICICI home loan ensures a dedicated team of experts and constant customer support for quick disbursement of the loan amount.
How to use Home Loan EMI Calculator
If an individual opts for a Loan against Property, to know the amount of EMI he/ she should go through the Loan against Property EMI Calculator.
- Loan Amount: Enter the desired loan amount that is to be availed.
- Loan Tenure: Enter the desired loan term for which the loan is to be availed.
- Interest Rate: Enter the rate of interest.
The benefits of the ICICI Home Loan EMI Calculator are as mentioned below:
- Helps in the planning of finances in advance: EMI Calculator allows borrowers to plan cash flows in advance so that home loan payments can be made easily. It is a useful tool for financial planning and loan servicing needs.
- Easy to use:They are very simple and easy to use. Borrowers are required to provide three details namely Loan Amount, Interest Rate, and Loan Tenure. Informational blogs can guide you through understanding these terms better.
- Helps in property search: It helps find the right home loan according to the monthly budget. Also, it helps in deciding the EMI amount and loan tenure that best suits the financial position of the borrower.
- Easily accessible: It can be easily accessed online from anywhere to get the right loan amount, EMIs, and loan tenure.
Steps to Apply for a Home Loan
Below mentioned are the steps to apply for a home loan:
- Sign Up / Register
- Fill in the home loan application form
- Upload Documents
- Pay Processing Fee
- Get Loan Approval
ICICI Home Loan Interest Rates
Special Home Loan Interest Rates
| Bureau Score | Salaried | Self – Employed |
| > 800 | 9.00% | 9.00% |
| 750 – 800 | 9.00% | 9.10% |
Standard Home Loan Interest Rates
| Loan Slab | Salaried | Self-Employed |
| Up to ₹ 35 lakhs | 9.25% – 9.65% | 9.40% – 9.80% |
| ₹ 35 lakhs to ₹ 75 lakhs | 9.50% – 9.80% | 9.65% – 9.95% |
| Above ₹ 75 lakhs | 9.60% – 9.90% | 9.75% -10.05% |
ICICI Bank Interest Rates Vs. Other Bank’s Interest Rates
Below mentioned is a comparison of the interest rates of ICICI Bank and other banks:
| Name of Lender | Up to INR 30 Lakh | Above INR 30 Lakh to INR 75 Lakh | Above INR 75 Lakh |
| SBI | 9.15% – 10.15% | 9.15% – 10.05% | 9.15% – 10.05% |
| HDFC | 8.50% – 10.35% | 8.50% – 10.60% | 8.50% – 10.70% |
| LIC Housing Finance | 8.90% – 10.35% | 8.90% – 10.55% | 8.90% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.50% – 14.50% | 8.50% – 13.00% | 8.50%-10.85% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 9.15% – 10.65% | 9.15% – 10.65% | 9.15% – 10.90% |
| Union Bank of India | 9.00% – 10.75% | 9.00% – 10.95% | 9.00% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
ICICI Home Loan Processing Fees & Other Charges
| Particulars | Applicable Fees & Charges |
| Loan Processing Charges / Renewal Charges | INR 2,999 (Special processing fee as a part of Festive Offer, applicable to applicants with Bureau Score ≥ 750 & Loan amount ≥ 50 Lakhs & inclusive of all taxes, CIBIL & CERSAI charges, if applicable) |
| Prepayment Charges | · NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest
· 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest · 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual · 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers. |
| Charges for late payment | · Home Loans: 2% per month
· Home OD: 1.5% of the outstanding amount subject to a minimum of INR 500/- & Maximum of Rs.5000/- |
| Conversion charges for ICICI home loans | · Floating to Floating: 0.5% of the principal outstanding
· Dual fixed rate to Floating: 0.5% of the principal outstanding · Floating to Dual fixed rate: 0.5% of the principal outstanding · Lifetime fixed to Floating: 1.75% of the principal outstanding |
| Repayment mode swap Charges | INR 500 |
| Document Retrieval Charges | INR 500 |
| Cheque bounce charges | INR 500 |
| Duplicate No Objection Certificate / No Due Certificate | INR 100 |
| Revalidation of No Objection Certificate | INR 100 |
| Administrative Charges | INR 5000 |
| CIBIL Report Charges | INR 50 |
| Legal, Repossession, and Incidental Charges | At Actuals |
Documents Required
Below mentioned are the documentation that is required to apply for ICICI Home Loan:
In case of Salaried Individuals/ Businessman/ Professionals:
- Application Form with Photograph
- Identity & Residence Proof
- Last 6 months Bank Statements
- Processing Fees Cheque
Income Documents:
- Latest Salary Slip
- Form 16
- Educational Qualification Certificates & Proof of Business
- Business Profile & Last 3 years ITR (Self & Business)
- Statement of Loan availed in Last 2 years
- Last 3 years P & L and Balance Sheet