# Home Loan EMI Calculator: Calculate Home Loan Online

LOAN AMOUNT
INTEREST RATE
LOAN TERM (Years)

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## What is a Home Loan EMI Calculator?

Purchasing a home has an emotional connection to your life. A home loan can help you achieve it with ease. However, once you take a home loan, the Repayment is to be made with monthly instalments, also known as Equated Monthly Instalment (EMI). Since taking a home loan is a long-term commitment, it is always advisable to have a transparent snapshot before understanding the repayment strategy. You also need to beware that the EMI (Equated Monthly Instalment) consists of the principal loan amount and the interest component applicable on the loan. A home loan EMI calculator helps ease such complex interest and EMI calculations online.

The home loan EMI calculator also functions as a home loan interest calculator. The online home loan EMI calculator as a tool aid in deciding if you can afford the required financial commitment for a home loan in the long run.

## How is EMI on Home Loan Calculated?

To use the online home loan EMI calculator, also called the home loan repayment calculator, you should first estimate the home loan amount you need. Additionally, you should know the approximate EMI amount you can pay out of your monthly income.

Home Loan EMI Calculator Formula

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

In the above formula,

P= principal loan amount

R= rate of interest on loan

N= tenure in number of months

## How Does EMI Calculation Help in the Process of Buying a House?

If you need a home loan for buying a house, it is crucial to understand your eligibility for the proposed home loan.

The online home loan EMI calculator estimates the loan amount and your contribution required while taking the home loan. In addition, the home loan EMI calculator helps get a proper break-up of the charges that may be levied, such as the processing fees. Knowing the all the applicable charges is important as the banks usually specify such charges as a percentage of the loan amount and not the actual amount.

With the help of an online home loan calculator, you can choose the most appropriate loan tenure, as a higher EMI with a shorter duration of the It will also help you in verifying your repayment schedule with the bank and modify it accordingly if needed. The home loan calculator is also helpful to know the readjusted EMI amount if you have extra funds to pay a part of the loan in a lump sum.

## How to use the ICICI Direct Home Loan EMI Calculator?

You can easily use the ICICI Direct Home Loan EMI calculator by following simple steps. The calculator has such a user-friendly interface that almost anyone can use it. All you need to do is enter the key variables of your Home Loan and the calculator will provide you with accurate results within a matter of minutes.

Here’s how you can use the calculator:

• Enter the loan amount. You can calculate EMI for any Loan amount within the range of 0 to Rs 50 lakh.
• Set the interest rate. The interest rate varies for each bank and even the applicant.
• Input the tenure of the loan.

You can set all these variables by moving the calculator sliders on either side. This allows you to consider various variations of variables.

## Benefits of Home Loan Calculator Online

• ICICI Direct home loans offer a choice from multiple lenders. As a result, the ICICI home loan interest rate is the most competitive in the industry. The ICICI home loan rate is decided per the CIBIL score of the home loan applicant.
• ICICI Direct home loan has a record of higher approved rate and high sanction value
• If you wish to enhance your home space in ways like flooring, constructing additional rooms or painting, ICICI home loan offers a 'home improvement loan' tailored perfectly to suit your need
• You can opt for the 'top-up loan' facility if you are someone with an existing ICICI home loan, home extension loan or home improvement loan. ICICI home loan offers this top-up facility to finance the refurbishing of your house.
• ICICI home loan also offers easy and hassle-free loans to NRIs under the NRI home loans at lucrative interest rates
• The home loan EMI calculator and the EMI comparison calculator on the ICICI Direct website facilitate more tenure and interest rates.
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## Home Loan EMI Calculator FAQs

The total home loan amount you pay (borrowed amount plus the interest payable) is spread over the term of the loan in the uniform payable amount due per month.That monthly repayment instalment is termed as home loan EMI (equated monthly instalment).

An individual belonging to any of the following categories can apply for a home loan:

a) A salaried individual from the government or private sector

b) Professionals (doctors, dentists, consultants, chartered accountants, etc.)

c) One who is self-employed in a business and files income-tax returns

The specific age criteria vary from one bank to another.

You can apply for a home loan in four steps:

a) Register on the website of the desired bank
b) Fill the application form and upload the required documents
c) Pay the processing fee
d) The bank will approve the loan and loan amount as per the procedure followed by the bank on the specified terms and conditions, and the bank will disburse the home loan amount.

The minimum amount of loan under a home loan is Rs.300000

A home loan amortization schedule is the record of all the instalments paid in home loan repayment. It shows a break-up of each regular payment's principal and interest component and displays the balance amount after each monthly payment.

You can claim a tax benefit on your home loan under section 24 of the Income Tax Act. You can avail of this benefit on the interest component of the repaid amount of the home loan during the financial year in EMIs of up to Rs.200000. Besides this, you can also claim an income tax deduction of up to Rs.150000 under section 80C of the Income Tax Act on the home loan EMI you have paid during the financial year.

Making partial payments on your home loan reduces the amount owed. As a result, the amount of interest due is reduced. Even if you make a partial payment, your home loan EMI remains the same, but the proportion of the EMI used for principal and interest repayment changes. The portion of the home loan EMI that goes toward repaying the principal component grows. As a result, the home loan is repaid more quickly.

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