A Home Loan Equated Monthly Installment (EMI) is a fixed amount that you pay to your lender (like ICICI Bank) every month throughout the loan tenure. This EMI comprises both the principal amount you borrowed and the interest charged by the bank. Our calculator helps you estimate this amount for your ICICI Bank home loan.
How the Calculation Works:
The formula used to calculate the EMI for a home loan is derived from the standard annuity formula:
EMI = P * r * (1 + r)^n / ((1 + r)^n - 1)
Where:
P = Principal Loan Amount (the total amount you borrow)
r = Monthly Interest Rate (Annual interest rate divided by 12, and then by 100 to convert percentage to decimal). For example, if the annual rate is 8.5%, then r = 8.5 / 12 / 100 = 0.0070833.
n = Loan Tenure in Months (Loan tenure in years multiplied by 12). For example, a 20-year loan has n = 20 * 12 = 240 months.
Why Use This Calculator?
This ICICI Bank Home Loan EMI Calculator is a valuable tool for:
Budgeting: Understand how much your monthly outflow will be, helping you plan your finances effectively.
Loan Comparison: Compare different loan offers from ICICI Bank or other lenders by varying the loan amount, interest rate, and tenure.
Affordability Check: Determine if you can comfortably afford the EMI based on your current income and expenses.
Loan Planning: Explore how changing the tenure or interest rate can impact your EMI and the total interest paid. A longer tenure means lower EMI but higher total interest, while a shorter tenure means a higher EMI but lower total interest.
By inputting your desired loan amount, ICICI Bank's current home loan interest rates, and your preferred repayment tenure, you can quickly get an estimate of your EMI, the total interest payable over the loan term, and the total amount you will repay to the bank.
Please note: This is an estimated EMI. The actual EMI might vary slightly based on ICICI Bank's specific lending policies, processing fees, and any special offers. It's always recommended to consult directly with ICICI Bank for a precise quote.
var loanAmountInput = document.getElementById('loanAmount');
var interestRateInput = document.getElementById('interestRate');
var loanTenureInput = document.getElementById('loanTenure');
var interestRateValueSpan = document.getElementById('interestRateValue');
var loanTenureValueSpan = document.getElementById('loanTenureValue');
var monthlyEMIOutput = document.getElementById('monthlyEMI');
var totalInterestOutput = document.getElementById('totalInterest');
var totalPaymentOutput = document.getElementById('totalPayment');
function updateSliderValue(input, outputSpan) {
var value = parseFloat(input.value);
if (input.id === 'interestRate') {
outputSpan.textContent = value.toFixed(2) + '%';
} else if (input.id === 'loanTenure') {
outputSpan.textContent = value.toFixed(0) + ' Years';
}
}
interestRateInput.oninput = function() {
updateSliderValue(this, interestRateValueSpan);
};
loanTenureInput.oninput = function() {
updateSliderValue(this, loanTenureValueSpan);
};
function calculateEMI() {
var principal = parseFloat(loanAmountInput.value);
var annualInterestRate = parseFloat(interestRateInput.value);
var tenureYears = parseFloat(loanTenureInput.value);
if (isNaN(principal) || principal <= 0) {
alert("Please enter a valid loan amount.");
return;
}
if (isNaN(annualInterestRate) || annualInterestRate <= 0) {
alert("Please enter a valid annual interest rate.");
return;
}
if (isNaN(tenureYears) || tenureYears 0) {
// EMI formula: P * r * (1 + r)^n / ((1 + r)^n – 1)
var numerator = Math.pow(1 + monthlyInterestRate, tenureMonths);
emi = principal * monthlyInterestRate * numerator / (numerator – 1);
totalPayment = emi * tenureMonths;
totalInterest = totalPayment – principal;
} else {
// If interest rate is 0, EMI is just principal divided by tenure
emi = principal / tenureMonths;
totalPayment = principal;
totalInterest = 0;
}
monthlyEMIOutput.textContent = '₹' + emi.toFixed(2);
totalInterestOutput.textContent = 'Total Interest: ₹' + totalInterest.toFixed(2);
totalPaymentOutput.textContent = 'Total Payment: ₹' + totalPayment.toFixed(2);
}
// Initial calculation on page load
document.addEventListener('DOMContentLoaded', function() {
calculateEMI();
});