Taking a home loan is a big decision, and understanding your EMI is crucial. The ICICI Bank Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
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ICICI Bank Home Loan Highlights
| Category | Highlights |
|---|---|
| Interest Rate | 8.70% p.a. onwards |
| Loan Amount | Maximum Amount: Rs. 5 Crores |
| Loan Tenure | 30 Years |
| Processing Charges | Upto 2% of loan amount. |
| Prepayment Charges | NIL |
ICICI Home Loan Interest Rates
ICICI provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
ICICI Home Loan Interest Rates (Pre-Approved)
ICICI Bank offers preferential Home Loan rates to pre-approved customers, rewarding loyalty and financial stability with lower-than-standard rates.
| Current Home Loan Interest Rate | 8.75%* p.a. |
ICICI Standard Home Loan Interest Rates for Salaried/Self-Employed
ICICI Bank’s Standard Home Loan Interest Rates offer competitive and accessible options tailored to diverse borrowing needs.
| Loan Amount | Salaried Customers | Self-Employed Customers |
|---|---|---|
| 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 Special Home Loan Interest Rates for Salaried/Self-Employed
Special Home Loan rates, often below standard rates, are offered for a limited time or to eligible customers as promotional incentives. Here are the current special Housing Loan rates:
| CIBIL Score | Salaried | Self-Employed |
|---|---|---|
| >800 | 9.00% | 9.00% |
| 750-800 | 9.00% | 9.10% |
Also Read: ICICI Home Loan Top-Up
Get Exclusive rates starting @ 9.00% for your ICICI Bank Home Loan!
ICICI Bank Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by ICICI Bank:
| Criteria | Details |
|---|---|
| Age | 21 years – 65 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Salaried: Minimum 1 year of employment overseas Self-Employed: Minimum 3 years in current business overseas |
| Minimum Income | 26000 USD |
Must Read: Find Out How Much You Can Save with a Home Loan Overdraft
Check Out: Home Loan Eligibility Checklist for ICICI
How is ICICI Bank Home Loan EMI Calculated?
The EMI for an ICICI Bank home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example Calculation:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Pro Tip: If your credit score is low, consider working on it for 3-6 months before applying for a home loan.
Check Out: ICICI Home Loan Interest Rate Calculator
How to Use ICICI Bank Home Loan EMI Calculator
The ICICI Bank Home Loan Calculator is a powerful tool to help you calculate your monthly EMI, total interest payable, and overall repayment amount with precision. Follow these steps to use the calculator effectively:
- Input the Loan Amount
Use the slider or enter the amount you wish to borrow in the “Loan Amount” field (e.g., ₹88,00,000).
The loan amount determines the base on which your EMI is calculated. - Set the Interest Rate
Adjust the interest rate slider to match Canara Bank current home loan interest rate (e.g., 11.85% p.a. in this example).
Refer to the ICICI Bank Home Loan Interest Rate to get the latest applicable interest rates. - Choose the Loan Tenure
Select the repayment period using the slider or input the desired loan tenure in years (e.g., 15 years).
Longer tenures lower your EMI but increase the total interest payable. - Review the Results
The calculator will display:
Monthly EMI: The fixed monthly payment (e.g., ₹1,04,767).
Interest Amount: The total interest you’ll pay over the loan tenure (e.g., ₹1,00,58,069).
Total Payable: The total amount you’ll repay, including the loan amount and interest (e.g., ₹1,88,58,069).
A pie chart visually represents the split between the loan amount and the interest payable.
Documents Required For ICICI Home Loans
When applying for a home loan with the ICICI, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Income Proof
| Salaried | Self Employed |
|---|---|
| Latest Form 16 | Last 6 months Bank statement of all operative accounts |
| Latest one-month salary slip | Last 2 years CA Certified/Audited Income Tax Returns (ITR), Computation of income, Profit and Loss Account Statement and Balance sheet |
| Bank statements of the last 6 months. | GST return of the last 1 year. |
Check Out: ICICI Home Loan Interest Certificate
How to Reduce ICICI Bank Home Loan EMI?
Here are some strategies to reduce your ICICI Bank Home Loan EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Pro Tip: Use the ICICI Bank Home Loan Prepayment Calculator to learn how to make prepayments and reduce your EMI.
Low Rates, High Eligibility!
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Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Also Read: ICICI Home Loan Customer Care
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Conclusion
The ICICI Bank Home Loan Calculator is here to make your home-buying journey smoother and stress-free. It’s a simple yet powerful tool that gives you quick and accurate insights into your financial responsibilities, helping you plan with confidence. Best of all, it’s completely free!
Whether you’re dreaming of your first home or managing your loan repayments, this calculator is your trusted partner every step of the way. And if you need more personalized guidance, the friendly experts at Credit Dharma are just a call away to support you on your path to homeownership.
Frequently Asked Questions
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.
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