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Home » Calculate the home loan EMI (ICICI).

Calculate the home loan EMI (ICICI).

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Loan EMI

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Total Amount

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To calculate the Equated Monthly Installment (EMI) for a home loan from ICICI Bank or any other bank, you’ll need the following information:

Loan amount (principal): The total amount of the loan you wish to borrow.
Interest rate: The annual interest rate offered by ICICI Bank or the lender.
Loan tenure (in months): the number of months over which you plan to repay the loan.
The formula to calculate the EMI for a home loan is as follows:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

EMI = Equated Monthly Installment
P = Principal amount (loan amount)
R = Monthly interest rate (annual interest rate divided by 12 months and multiplied by 1/100)
N = Loan tenure in months
Here’s a step-by-step guide to calculating your home loan EMI with ICICI Bank:

Convert the annual interest rate to a monthly interest rate. Divide the annual rate by 12 and then divide by 100 to convert it to a decimal. For example, if the annual interest rate is 7.5%, the monthly interest rate would be 7.5 x 12 x 100 = 0.00625.
Convert the loan tenure from years to months. For example, if you want a 20-year loan, the loan tenure in months would be 20 years x 12 months/year = 240 months.
Use the formula mentioned above to calculate the EMI.
Let’s say you want to borrow ₹30,00,000 (₹3 million) from ICICI Bank at an annual interest rate of 7.5% for 20 years (240 months).

P = ₹30,00,000 R = 0.00625 N = 240

EMI = [30,00,000 x 0.00625 x (1+0.00625)^240] / [(1+0.00625)^240-1]

Calculating this manually can be complex, but you can use a financial calculator or an online EMI calculator to get the exact EMI amount.

Keep in mind that this calculation provides you with the fixed EMI amount you’ll need to pay each month. It’s important to note that banks may also charge additional fees, like processing fees and taxes, so the total monthly payment might be slightly higher than the EMI. Always check with ICICI Bank or any lender for the most accurate and up-to-date information regarding their home loan offerings and terms.

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