1. What is ICICI Home Loan Calculator?

The ICICI Home Loan Calculator helps estimate your monthly EMI payments based on loan amount, interest rate (starting at 6.70% p.a. for salaried individuals), and loan tenure. It uses the standard amortization formula to calculate repayment amounts.

2. How Does the Calculator Work?

The calculator uses the home loan EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months (years × 12)
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for compound interest over the loan period, distributing payments equally each month.

3. Importance of Home Loan Calculation

Details: Accurate EMI calculation helps in financial planning, determining affordability, and comparing loan offers. ICICI Bank offers special rates for salaried individuals starting from 6.70% p.a.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (e.g., 6.70 for 6.70%), and loan tenure in years. The calculator will show monthly EMI, total repayment amount, and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current home loan interest rate?
A: For salaried individuals, rates start at 6.70% p.a. (subject to change). Actual rate depends on credit profile, loan amount, and tenure.

Q2: How does salary affect ICICI home loan eligibility?
A: Higher salary increases eligibility. ICICI typically requires EMI to be ≤50-60% of monthly income after deducting existing obligations.

Q3: Are there prepayment charges?
A: ICICI Bank doesn't charge for prepayment of floating rate loans. Fixed rate loans may have prepayment charges.

Q4: What is the maximum loan tenure?
A: ICICI offers home loans up to 30 years tenure, subject to age criteria (loan should typically mature by age 70).

Q5: What additional costs should I consider?
A: Factor in processing fees (0.5-1% of loan amount), insurance, registration charges, and GST on fees.