Taking a home loan is a big decision, and understanding your EMI is crucial. The LIC Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
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LIC Home Loan Interest Rates
LIC Housing Finance (LIC HFL) offers home loans at interest rates starting from 8.50% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose.
LIC Home Loan Interest Rates for Salaried Employees
| CIBIL Score | Home Purchase Loan | Griha Suvidha Home Loan | Home Loan for Pensioners | Home Renovation Loan | Home Extension Loan | Plot Loan | Home Construction Loan | Home Loan for NRI | Home Loan Balance Transfer | Advantage Plus |
|---|---|---|---|---|---|---|---|---|---|---|
| >= 800 | 8.50% p.a. – 8.75% p.a. | 8.75% p.a. onwards | 8.50% p.a. – 8.75% p.a. | – | – | 8.70% p.a. – 8.95% p.a. | – | – | – | 8.50% p.a. – 8.75% p.a. |
| 775 – 799 | 8.60% p.a. – 8.75% p.a. | 8.85% p.a. – 9.00% p.a. | 8.60% p.a. – 8.75% p.a. | – | – | 8.80% p.a. – 8.95% p.a. | – | – | – | – |
| 750 – 774 | 8.65% p.a. – 8.80% p.a. | 8.90% p.a. – 9.05% p.a. | 8.65% p.a. – 8.80% p.a. | 8.65% p.a. – 8.80% p.a. | 8.65% p.a. – 8.80% p.a. | 8.85% p.a. – 9.00% p.a. | 8.65% p.a. – 8.80% p.a. | 8.65% p.a. – 8.80% p.a. | 8.65% p.a. – 8.80% p.a. | 8.65% p.a. – 8.80% p.a. |
| 725 – 749 | – | 9.05% p.a. – 9.20% p.a. | – | – | – | 9.00% p.a. – 9.15% p.a. | – | – | – | – |
| 700 – 724 | 8.90% p.a. – 9.05% p.a. | 9.15% p.a. – 9.30% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 9.10% p.a. – 9.25% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. |
| 600 – 699 | 9.55% p.a. – 9.90% p.a. | 9.80% p.a. – 10.15% p.a. | 9.55% p.a. – 9.90% p.a. | 9.55% p.a. – 9.90% p.a. | 9.55% p.a. – 9.90% p.a. | 9.75% p.a. – 10.10% p.a. | 9.55% p.a. – 9.90% p.a. | 9.55% p.a. – 9.90% p.a. | 9.55% p.a. – 9.90% p.a. | 9.55% p.a. – 9.90% p.a. |
| < 600 | 10.00% p.a. – 10.40% p.a. | 10.25% p.a. – 10.65% p.a. | 10.00% p.a. – 10.40% p.a. | 10.00% p.a. – 10.40% p.a. | 10.00% p.a. – 10.40% p.a. | – | 10.00% p.a. – 10.40% p.a. | 10.00% p.a. – 10.40% p.a. | 10.00% p.a. – 10.40% p.a. | 10.00% p.a. – 10.40% p.a. |
| 150 <= CIBIL <= 200 | 8.75% p.a. onwards | 9.00% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| 100 <= CIBIL <= 150 | 9.25% p.a. onwards | 9.50% p.a. onwards | 9.25% p.a. onwards | 9.25% p.a. onwards | 9.25% p.a. onwards | 9.45% p.a. onwards | 9.25% p.a. onwards | 9.25% p.a. onwards | 9.25% p.a. onwards | 9.25% p.a. onwards |
| Sure Fixed Scheme | 10.00% p.a. – 10.25% p.a. | – | 10.00% p.a. – 10.25% p.a. | 10.00% p.a. – 10.25% p.a. | 10.00% p.a. – 10.25% p.a. | – | 10.00% p.a. – 10.25% p.a. | 10.00% p.a. – 10.25% p.a. | 10.00% p.a. – 10.25% p.a. | 10.00% p.a. – 10.25% p.a. |
LIC Home Loan Interest Rates for Self Employed
| CIBIL Score | Home Purchase Loan | Griha Suvidha Home Loan | Home Loan for Pensioners | Home Renovation Loan | Home Extension Loan | Plot Loan | Home Construction Loan | Home Loan for NRI | Home Loan Balance Transfer | Advantage Plus |
|---|---|---|---|---|---|---|---|---|---|---|
| >= 800 | 8.75% p.a. – 9.00% p.a. | 9.00% p.a. | 8.75% p.a. – 9.00% p.a. | – | – | 8.95% p.a. – 9.20% p.a. | – | – | – | 8.75% p.a. – 9.00% p.a. |
| 775 – 799 | 8.85% p.a. – 9.00% p.a. | 9.10% p.a. – 9.25% p.a. | 8.85% p.a. – 9.00% p.a. | – | – | 9.05% p.a. – 9.20% p.a. | – | – | – | |
| 750 – 774 | 8.90% p.a. – 9.05% p.a. | 9.15% p.a. – 9.30% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 9.10% p.a. – 9.25% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. | 8.90% p.a. – 9.05% p.a. |
| 725 – 749 | – | 9.30% p.a. – 9.45% p.a. | – | – | – | 9.25% p.a. – 9.40% p.a. | – | – | – | – |
| 700 – 724 | 9.15% p.a. – 9.30% p.a. | 9.40% p.a. – 9.55% p.a. | 9.15% p.a. – 9.30% p.a. | 9.15% p.a. – 9.30% p.a. | 9.15% p.a. – 9.30% p.a. | 9.35% p.a. – 9.50% p.a. | 9.15% p.a. – 9.30% p.a. | 9.15% p.a. – 9.30% p.a. | 9.15% p.a. – 9.30% p.a. | 9.15% p.a. – 9.30% p.a. |
| 600 – 699 | 9.65% p.a. – 10.00% p.a. | 9.90% p.a. – 10.25% p.a. | 9.65% p.a. – 10.00% p.a. | 9.65% p.a. – 10.00% p.a. | 9.65% p.a. – 10.00% p.a. | 9.85% p.a. – 10.20% p.a. | 9.65% p.a. – 10.00% p.a. | 9.65% p.a. – 10.00% p.a. | 9.65% p.a. – 10.00% p.a. | 9.65% p.a. – 10.00% p.a. |
| < 600 | 10.10% p.a. – 10.50% p.a. | 10.35% p.a. – 10.75% p.a. | 10.10% p.a. – 10.50% p.a. | 10.10% p.a. – 10.50% p.a. | 10.10% p.a. – 10.50% p.a. | – | 10.10% p.a. – 10.50% p.a. | 10.10% p.a. – 10.50% p.a. | 10.10% p.a. – 10.50% p.a. | 10.10% p.a. – 10.50% p.a. |
| 150 <= CIBIL <= 200 | 8.85% p.a. | 9.10% p.a. | 8.85% p.a. | 8.85% p.a. | 8.85% p.a. | 9.05% p.a. | 8.85% p.a. | 8.85% p.a. | 8.85% p.a. | 8.85% p.a. |
| 100 <= CIBIL <= 150 | 9.35% p.a. | 9.60% p.a. | 9.35% p.a. | 9.35% p.a. | 9.35% p.a. | 9.55% p.a. | 9.35% p.a. | 9.35% p.a. | 9.35% p.a. | 9.35% p.a. |
LIC Home Loan Top Up Interest Rates (Salaried and Self Employed)
| CIBIL Score | Interest Rates |
|---|---|
| >= 750 | 9.70% p.a. onwards |
| 750 – 700 | 10.30% p.a. onwards |
| 700 – 600 | 11.55% p.a. onwards |
Read More: How to Improve Your CIBIL Score?
How is LIC Home Loan EMI Calculated?
The EMI for LIC home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Sample EMI Calculations for a Rs 50 Lakh Home Loan @8.40% p.a.
| Tenure (Years) | Interest Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| 20 | 8.40% | ₹43,391 | ₹54,13,840 |
| 25 | 8.40% | ₹39,133 | ₹67,39,900 |
| 30 | 8.40% | ₹36,829 | ₹82,58,440 |
Suggested Read: Home Loan EMI For ₹75 lakh
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How to Use LIC Home Loan EMI Calculator?
The LIC Home Loan EMI Calculator is a useful tool for estimating your monthly EMI, total interest payable, and overall repayment amount with accuracy.
Follow these steps to use the calculator effectively:
- Enter the loan amount you wish to borrow in the designated field or use the slider to adjust the value.
- Adjust the interest rate field to match the current LIC home loan interest rate.
- Select the repayment period by entering the desired loan tenure or using the slider.
- The calculator will display the monthly EMI, total interest payable, and total loan amount payable.
- A visual representation, such as a pie chart, may also be provided to show the proportion of the loan amount and interest payable.
Suggested Read: Investing vs. Home Loan Prepayment
How to Reduce LIC Home Loan EMI?
Here are some strategies to reduce your EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Pro Tip: Use the LIC Home Loan Prepayment guide to learn how to make prepayments and reduce your EMI.
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% 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 | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% 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%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
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- Lowest Interest Rates: Save more with every EMI.
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Frequently Asked Questions
EMI, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
You can 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.
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