Partner With Us NRI

Open Free Trading Account Online with ICICIDIRECT

Incur '0' Brokerage upto ₹500

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.

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. The housing loan EMI calculator online uses the following 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

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

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. Once you input the required information in the online home loan calculator, the home loan eligibility calculator displays your eligibility. The eligibility will be based on your net monthly income, loan tenure, interest rate, and other ongoing EMIs you may have through any other existing loans.

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. The online home loan repayment calculator shows all the charges and fees associated with the home loan in absolute numbers. That 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 home loan or a relatively lower amount of EMI with a longer time of the loan term. The home loan calculator gives displays a repayment table as well. It will 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.


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. 

Open an Account Home Loan Calculator

Do not have an account with ICICIdirect? Open your account in few simple steps

Open an Account



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. s

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. 

The maximum home loan available is 75-90% of the total property value if you are buying a house. If you borrow for construction or home improvement, the limit is set at 75-90% of the entire building or improvement cost estimates. 

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. 

The EMI amount is debited every month from your bank account. It is helpful to calculate the amount to plan your monthly budget.  

The document list for availing of a home loan is as follows:

i) Application form along with a photograph of the applicant
ii) Residence and identity proof
iii) Bank statement for last six months
iv) A cheque for the processing fee
v) Statement of loan availed (if any) in past two years
vi) Requirements as per the category of applicants-

       a) For salaried employees: latest salary slip

       b) For self-employed: business profile and income-tax returns for previous three years

       c) For business owners: balance sheet and profit/loss statement for previous three years along with the last three years' ITR

Home Loan – ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  Please note, loans related services are not Exchange traded products and I-Sec is acting as a distributor to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.