The bank which offers Home Loan EMI Calculator with lower EMIs is ICICI Bank Home Loans, they are actually are light on your wallet. With lower interest rate and repayment tenure of up to 30 years, you can ensure a comfortable EMI for yourself during the entire loan tenure. You can also estimate your EMI by using our feature rich Home Loan EMI Calculator. When you opt for the auto-debit facility on ICICI Bank Savings Account for paying ICICI Bank Home Loan EMI, this will make you earns reward points that can be redeemed for exciting rewards from our partners.
What is Home Loan EMI?
EMI is an abbreviation for Equated Monthly Installment. Home Loan EMI is the monthly repayment that borrower should make to repay the home loan as per amortization schedule. Each EMI repays a part of principal i.e. the borrowed amount and the interest due on the borrowed amount. The proportion of each EMI utilized for repayment of principal and interest, however, varies over time.
Banks and financial institutions, in general, calculate EMI through a common mathematical formula. Thus, for a given loan amount, tenure and interest rate, the EMI calculated and the amortisation schedule offered by banks and Non-Banking Financial Companies (NBFCs) will typically be similar. This means that pattern of reduction of principal amount through payment of each EMI will typically follow similar trend across all financial institutions.
What is the benefit of calculating EMI?
Since EMI is a fixed amount that you will need to pay to the bank towards repayment of your Loan, calculating the EMI helps you to plan your monthly budget.
How does Home Loan EMI payment reduce tax obligation?
Provisions under income tax laws allow Indian Nationals to claim income tax relief on payments made towards interest and principal of a home loan.