ICICI Home Loan EMI Calculator
ICICI Bank offers the home loan EMI calculator for prospective home loan borrowers to choose various combinations of interest rates, loan amounts and tenures to obtain the EMI and interest costs incurred for those combinations. Prospective home loan borrowers can also use the home loan EMI calculator offered by various lenders and financial marketplaces to calculate the EMI and interest cost on their home loans.
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Also know about home loan processing fees charged by top home loan lenders
Factors Affecting ICICI Bank Home Loan EMI
Interest rate
ICICI Bank home loan interest rates start from 8.75% p.a. Applicants availing home loans at lower interest rates will have to pay lower interest cost, which will reduce the EMI amount. On the other hand, applicants availing home loans at higher rates would have to pay higher interest cost and higher EMI amount. Therefore, prospective home loan borrowers should check and compare the home loan interest rates offered by top lenders with ICICI Bank before applying for a home loan. The home loan interest rates offered by top banks and HFCs are as follows:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Loan amount
The final home loan amount offered to the borrower depends on the LTV ratio offered by the lender. LTV (loan-to-value) ratio of a home loan is the percentage of a property’s value that a lender finances through its home loan. The borrower has to arrange the remaining amount from their own funds as down payment or margin contribution. It is also important to note that the RBI has capped the upper limit for home loan LTV ratios based on the loan amount as per the table below:
| Home loan amount | LTV ratio |
| Up to Rs 30 lakh | Up to 90% of the property cost |
| Above Rs 30 lakh to up to Rs 75 lakh | Up to 80% of the property cost |
| Above Rs 75 lakh | Up to 75% of the property cost |
However, the final LTV ratio offered to the home loan applicant would depend on various factors including the credit scores, repayment capacity, income, etc of the applicant.
As opting for higher loan amounts will incur higher interest costs and EMIs, applicants should always try to opt for lower LTV ratios. Moreover, many lenders set lower home loan interest rates for borrowers opting for lower LTV ratio as it reduces the credit risk of the lender.
Also know the home loan eligibility of top 10 banks and HFCs
Loan tenure
ICICI Bank home loan repayment tenure stretches for up to 30 years. Applicants availing home loans for longer repayment tenures will have to pay lower EMIs and higher interest cost. However, in cases of home loans availed for shorter tenure, applicants will have to pay higher EMI amounts and lower interest costs.
Know about the home loan documents required by lenders during loan application
Charges Applicable on Non-payment of EMI for ICICI Home Loans
| Reason | Penalty |
| Additional interest | 2% per month |
| Cheque/ECS/NACH dishonor Charges, per transaction | Rs 500 per bounce/ return/ dishonor of cheques and/ or any payment instruction including AD/ ECS/ NEFT |
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Benefits of Using ICICI Home Loan EMI Calculator
- Helps in financial planning/budgeting
- Provides quick and accurate information
- Helps in deciding the optimal EMI and loan tenure