Using the LIC Housing Home Loan EMI Calculator
Consider a scenario where a borrower takes a home loan. Here are the details:
- Loan Amount: Rs. 75 Lakhs
- Loan Tenure: 18 years
- Interest Rate: 10.5%
Using these details, the LIC Housing Home Loan EMI Calculator performs the following steps:
- Input the Loan Amount: Enter Rs. 75 Lakhs as the principal amount.
- Set the Loan Tenure: Choose the duration of 18 years for loan repayment.
- Specify the Interest Rate: Input the annual interest rate of 10.5%.
The calculator processes these inputs and provides the following result:
- Monthly EMI: Rs. 77,417
LIC HFL Home Loan Schemes and Top Plans
| Feature | Regular Home Loan | Griha Suvidha Home Loan | NRI Home Loan | Construction Loan | Plot Loan | Top-Up Loan | Advantage Plus (Balance Transfer) | Loan Against Property (LAP) |
|---|---|---|---|---|---|---|---|---|
| Minimum Loan Amount | ₹1 lakh | ₹1 lakh | ₹1 lakh | ₹1 lakh | ₹1 lakh | ₹1 lakh | ₹1 lakh | ₹1 lakh |
| Maximum Loan Amount | ₹10 crore | ₹10 crore | ₹10 crore | ₹10 crore | ₹10 crore | ₹10 crore | ₹10 crore | ₹10 crore |
| Interest Rate | 8.50% p.a. onwards | 8.85% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.70% p.a. onwards | 9.70% p.a. onwards | 8.35% p.a. onwards | 9.50% p.a. onwards |
| Tenure | Up to 30 years | Up to 30 years | Up to 20 years | Up to 30 years | Up to 30 years | Up to 20 years | Up to 20 years | Up to 15 years |
| Eligible Applicants | Salaried/Self-employed | Salaried/Self-employed | NRIs/PIOs | Salaried/Self-employed | Salaried/Self-employed | Salaried/Self-employed | Salaried/Self-employed | Salaried/Self-employed |
Factors affecting LIC HFL EMI Amount
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 | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
| HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% 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. |
| Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
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 |
Are you looking for lower EMIs for your LIC home loan?
The formula for EMI Calculation
The LIC 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
Benefits of the LIC HFL 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 HFL 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.
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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