Calculate your monthly loan installments using our online home loan EMI calculator:
Understanding Home Loan EMI
At the core of a home loan is the Equated Monthly Instalment (EMI). This regular payment, made by the borrower to the lender, includes two main components: the principal amount and the interest. Initially, the interest constitutes the majority of the EMI, but over the loan tenure, the principal gradually becomes more significant.
Different types of loans provided by LIC
Types of Home Loans Offered by LIC | Description |
---|---|
Griha Suvidha Home Loan | LIC HFL’s Griha Suvidha Home Loan helps you own a home regardless of age or income type. With competitive rates of 8.80% for loans between Rs. 10 lakhs and Rs. 2 crores, and 8.95% for loans between Rs. 2 crores and Rs. 3 crores, it’s ideal for those paid partly in cash, nearing retirement needing extended terms, and self-employed individuals seeking longer terms. |
Home Loan for Non-Resident Indian | LIC HFL offers tailored home loans for NRIs with a maximum tenure of 30 years or until age 60. These loans have low interest rates and no prepayment penalties. They can be used for purchasing or constructing homes, repairs, renovations, and balance transfers of existing home loans. |
Plot Loans | LIC HFL’s Plot Loan is perfect for buying plots from government bodies, development authorities, or approved layouts. You can borrow up to 75% of the property value with a term up to 15 years. |
Factors affecting LIC Housing Home Loan EMI
The factors which affect the home loan EMI are:
1.Loan Tenure
The maximum tenure offered by LIC is 30 years. You can increase your tenure, which would lead to a lower EMI but this will lead to a higher total amount to be repaid and also will require more interest charges.
2.Rate
LIC offers loans at a rate of 8.5% onwards. You can compare the home loan rates of different banks here.
Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
SBI Bank | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. |
HDFC Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
PNB Housing Finance | 8.50% – 14.50% p.a. | 8.50% – 14.50% p.a. | 8.50%-11.45% p.a. |
Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
3.Loan amount
A higher loan amount will attract higher EMI. The loan amount however depends on the LTV ratio. Here is a breakdown:
Home Loan Amount | LTV Ratio |
Up to Rs. 30 lakhs | Up to 90% of the property’s cost |
Above Rs. 30 lakhs to Rs. 75 lakhs | Up to 80% of the property’s cost |
Above Rs. 75 lakhs | Up to 75% of the property’s cost |
The Utility of the LIC Housing Home Loan EMI Calculator
Manual EMI calculations can be complex and error-prone, especially for novices in financial management. The LIC Housing Home Loan EMI Calculator offers a user-friendly and precise way to calculate EMIs, saving time and minimizing errors.
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Are you looking for lower EMIs for your LIC home loan?
The formula for EMI Calculation
The HDFC Home Loan EMI Calculator uses the following formula to ensure precise calculations:
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Where,
‘E’ is for EMI amount
‘P’ is for Principal amount
‘R’ is for Rate of interest
‘N’ is for Loan tenure
Example Using the Home Loan EMI Calculator
Consider a scenario where a borrower takes a home loan of Rs. 75 Lakhs for 18 years at an 10.5% interest rate. The LIC Housing Home Loan EMI Calculator efficiently calculates the EMI as Rs.77,417 illustrating its effectiveness in simplifying complex financial calculations.
Consider a scenario where a borrower takes a home loan of Rs. 75 Lakhs for 18 years at an 10.5% interest rate. The LIC Housing Home Loan EMI Calculator efficiently calculates the EMI as Rs.77,417 illustrating its effectiveness in simplifying complex financial calculations.
Benefits of the LIC Home Loan EMI Calculator
- Ease of Use: Intuitively designed for effortless operation.
- Cost-Free: Accessible to users at no charge.
- Versatile: Suitable for various loan conditions.
- Quick and Accurate: Essential for reliable financial planning.
Visit the official LIC Housing website.
Conclusion
The LIC Home Loan EMI Calculator is an essential instrument for individuals looking to manage their home loan obligations, offering an easy, precise, and cost-free method to understand and organize home loan commitments. For further queries feel free to contact Credit Dharma.
FAQs
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
You check the current LIC home loan rate here.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.