1. What is EMI Calculation?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For home loans, EMI payments include both principal and interest components.

2. How Does the EMI Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment required to fully amortize the loan over its term.

3. About ICICI Bank Home Loans

Details: ICICI Bank offers home loans in India starting at 6.70% p.a. interest rate (as of current date), with flexible tenures up to 30 years. Loan amounts can range from ₹5 lakhs to ₹5 crores depending on eligibility.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (6.70% is ICICI's starting rate), and loan tenure in years. The calculator will show EMI, total interest, and total repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's current home loan interest rate?
A: Rates start at 6.70% p.a. for salaried individuals, but actual rates vary based on loan amount, tenure, and applicant profile.

Q2: How does EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures have higher EMIs but lower total interest.

Q3: What factors affect home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant age are key factors ICICI considers.

Q4: Are there prepayment charges?
A: ICICI Bank currently doesn't charge for prepayment of floating rate home loans from own sources.

Q5: What is the maximum loan tenure?
A: ICICI offers home loans up to 30 years tenure, subject to applicant's age at loan maturity (typically up to 70-75 years).