With a low-interest rate facility, ICICI Bank is no doubt one of the most trusted Indian institutions for home loans. ICICI home loan is often the most preferred option for many borrowers while constructing or purchasing a housing property.
Getting a home loan is a major financial commitment. It’s important that one should assess their financial capacity before borrowing. A Home loan EMI calculator allows you to analyze the details of your desired loan amount. It will help you to arrive quickly at the ideal home loan amount and tenure without much hassle.
ICICI has played a key role in providing competitive and affordable interest rates starting from 6.80%. Using a EMI calculator for ICICI home loan will offer the following benefits –
Manually calculating the home loan EMI is extremely time-consuming and daunting. Magicbricks home loan EMI calculator is a free tool that doesn't require you to register on the website. You can use the tool multiple times as there are no usage frequency limitations.
Not sure about how to use the Magicbricks home loan EMI calculator? Well, it is incredibly simple and requires only a few steps –
Interested in manually calculating your home loan EMI? Use the following formula to arrive at an error-free result –
E = P.r. (1+r)^n/[(1+r)^n-1]
where P = Principal/Loan Amount availed by the borrower
E= applicable amount of EMI
r = rate of interest per month (annual rate of interest divided by 12)
n = repayment tenure (in months)
For example, if any borrower avails a loan of 35 lakh for a tenure of 10 years at a 7% rate of interest, the applicable EMI will be –
E = 35,00,000 × .0058% × (1+.0058)^120/[(1+.0058)^120-1]
EMI = Rs. 40,638
All home loan EMI calculators use the above formula to generate your EMI details within seconds.
Amortization refers to the process that spreads out a loan into a series of payments made at fixed intervals. Thus the loan is finally paid off at the completion of the payment schedule. The Amortization schedule lists out the amount for monthly loan payment along with the amount going to interest and the principal from each payment.
If you have taken a home loan of Rs 30 lakh over a 10-year tenure at 6.80% annual interest from ICICI, your monthly EMI will equate to Rs. 34,524 and the total interest amount will be Rs. 11,42,893. Your amortization schedule will look like the following –
|Year||Beginning Loan Balance||EMI*12||Interest Paid Yearly||Principal Paid Yearly||Outstanding Balance|
ICICI Home Loan calculator is an online tool that allows convenient calculation of your EMIs. It requires basic details of your home loan including the loan amount, tenure, and interest rate.
A Home Loan Amortization schedule shows the following specifications relating to your home loan-
Using an ICICI home loan calculator before applying will help you to arrive at an EMI amount that falls within your budget. Knowing the EMI will enable you to plan your monthly spends accordingly. You can also prepay a part of your loan when you have a surplus amount in the future.
The maximum repayment tenure for home loans of ICICI stretches to 30 years.
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Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)
**This service is available in select cities only.
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.