1. What is EMI Calculation?

The EMI (Equated Monthly Installment) calculation determines your fixed monthly payment for a home loan. For ICICI Bank credit card-linked home loans, this helps you plan repayments while managing credit card debt.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 months)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

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

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers understand affordability, plan finances, and compare loan options before committing to ICICI Bank's credit card-linked home loan.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (check current ICICI Bank rates), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How does ICICI Bank's credit card link affect home loans?
A: ICICI may offer preferential rates or rewards when linking home loan EMI to credit card payments, but standard EMI calculations still apply.

Q2: Are there prepayment charges on ICICI home loans?
A: ICICI Bank typically charges 2-5% for prepayment, but terms vary. Check current policy as it affects total interest calculations.

Q3: What's the maximum home loan tenure at ICICI?
A: ICICI generally offers up to 30 years for home loans, but shorter terms reduce total interest paid.

Q4: Does this calculator include processing fees?
A: No, add 0.5-2% of loan amount for ICICI's processing fees to your principal for complete cost estimation.

Q5: How often do ICICI Bank revise interest rates?
A: For floating rate loans, ICICI may revise quarterly based on RBI repo rate changes. Fixed rates remain constant for the fixed period.