ICICI Loan Against Property (LAP) Calculator

Better financial planning and a realistic estimate of payback capabilities are crucial to preventing financial stress. The ICICI Bank Loan Against Property EMI Calculator is a tool that aids in calculating the number of monthly instalments required to repay a loan secured against real estate.

The monthly payments that must be paid toward the ICICI bank mortgage loan balance are calculated using the online ICICI bank loan against the property EMI calculator. The calculator yields accurate answers based on relevant data, such as loan amount, interest rate, and loan tenure.

Loan Against Property EMI Calculator ICICI Bank

The loan against property rate at ICICI Bank is 8.35% per annum for loans up to INR 5 crore with durations of up to 15 years. Furthermore, it offers individuals access to a special programme with quick loan approval for up to 70% of the home’s value. ICICI Bank provides a home overdraft facility with a credit cap of up to INR 1 crore for salaried borrowers and up to INR 5 crore for self-employed borrowers. Additionally, it provides current LAP clients with top-up loans.

The online tool – loan against property EMI calculator helps a person gain knowledge of their EMI on loans taken by them. It allows you to get to terms with the loan you will be eligible for.

Why Should You Use ICICI LAP EMI Calculator?

The ICICI loan against property EMI calculator provides you with the utmost benefits. You should use the LAP EMI calculator ICICI for the following reasons:

• The quickness with which it computes your EMIs is an advantage. The system will calculate your EMI in a matter of seconds after you submit the three essential details above.
• You can schedule your funds in advance, which is another significant advantage. It shows you whether the amount in question is appropriate for you by figuring out your EMIs. By doing this, you can steer clear of any potential future financial difficulties.
• The ICICI LAP loan calculator also provides you with precise EMI figures. Manually calculating your EMIs can be a laborious and error-prone operation. Use the online calculator to determine your ICICI LAP EMIs since it will provide you with the most accurate results.
• The ICICI Bank loan against the property processing fee is zero. Therefore, the ICICI LAP EMI calculator is free to use.

Factors Affecting ICICI Bank Property Loan EMI

When computing the due amount or EMI, the ICICI bank loan against property EMI calculator takes into account the loan amount, the interest rate, and the period. The following are the variables that determine the ICICI LAP loan EMI calculator:

• Interest Rate

The critical factor in choosing a borrower’s ability and ease of loan repayment is the interest rate. A higher interest rate can make obtaining a loan for a more significant sum of money challenging or increase the payback period. On the other hand, a lower interest rate makes it simpler to qualify for a more considerable loan amount and increases the possibility of a straightforward prepayment. The interest rate is influenced by the kind of property that will be mortgaged, the borrower’s history, and their credit score. Numerous banks and home finance companies provide interest rates subject to regular modification. Both fixed and variable interest rates guarantee they won’t change during the loan’s term. 

• Principal Amount

The amount that can be borrowed from a bank or other financial institutions against the mortgaged property depends on its value. As a result, the EMIs rise in line with the loan balance.

• Tenure

The length of the mortgage loan is based on the borrower’s current age and retirement age. Longer loan periods are correlated with lower EMIs.

Comparison of ICICI Bank Loan Against Property EMI with other Banks

A comparison has been drawn between ICICI Bank Loan Against Property EMI with other banks. It can be examined in the table below:

Name of the Bank	Rate of Interest	EMI on INR 10 Lakh (in INR)	EMI on INR 30 Lakh (in INR)	EMI on INR 50 Lakh (in INR)
ICICI Bank	8.10%	7,407	22,222	37,037
HDFC Bank	8.10%	7,407	22,222	37,037
SBI Bank	8.05%	7,373	22,118	36,863
LIC Housing Finance	7.50%	6,992	20,976	34,961
Axis Bank	7.05%	6,687	20,060	33,433

ICICI Bank Loan Against Property Amortisation Calculator

Your monthly EMI is divided into principal and interest payments according to the ICICI Bank Home Loan amortisation plan. The sanction letter from ICICI Bank includes a thorough amortisation schedule that you can use to calculate the total interest expense and the rate at which your loan will be repaid.

Amortisation Schedule

Consider obtaining a loan of INR 35 lakh from ICICI Bank for 15 years at an interest rate of 8.10%. The EMI for this loan amount is INR 33,650, and there will be a total of INR 4,03,802 EMIs due yearly. The table below explains the 15-year loan’s EMI schedule.

Year	Interest Paid During The Year (in INR)	Principal Repaid During The Year (in INR)	Total Amount Paid During The Year  (in INR)	Outstanding Principal (in INR)
2022	1,17,444	50,807	1,68,251	34,49,193
2023	2,74,660	1,29,142	4,03,802	33,20,051
2024	2,63,802	1,40,000	4,03,802	31,80,051
2025	2,52,032	1,51,771	4,03,802	30,28,280
2026	2,39,272	1,64,531	4,03,802	28,63,749
2027	2,25,438	1,78,364	4,03,802	26,85,385
2028	2,10,442	1,93,360	4,03,802	24,92,026
2029	1,94,185	2,09,617	4,03,802	22,82,409
2030	1,76,562	2,27,241	4,03,802	20,55,168
2031	1,57,456	2,46,346	4,03,802	18,08,822
2032	1,36,745	2,67,058	4,03,802	15,41,764
2033	1,14,291	2,89,511	4,03,802	12,52,254
2034	89,951	3,13,852	4,03,802	9,38,402
2035	63,563	3,40,239	4,03,802	5,98,163
2036	34,957	3,68,845	4,03,802	2,29,318
2037	6,233	2,29,318	2,35,551	0

ICICI Bank Loan Against Property Fees and Charges

Fees and charges are a legitimate fear when applying for ICICI Bank loan against property. The breakdown for the same is listed below:

• Processing Fees

When you avail of a loan, there is a fee that must be paid for the bank to process your loan request. The maximum fee assessed by ICICI Bank is 1% of the loan amount plus any applicable taxes.

• Charges on the CIBIL Report 

The bank assesses a person’s CIBIL score before approving a loan. When a CIBIL report is required for LAP, the bank will charge a cost of INR 50 plus relevant taxes.

• Administrative Charges 

After your loan has been approved, you must pay an administrative fee set at INR 5,000 plus taxes or 0.25% plus taxes, whichever is smaller. This is a non-refundable seat.