A "low interest" loan shouldn't mean you have very little interest in paying it back!
• # LIC HFL Home Loan Calculator

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• Updated as per Latest Rates on 21 Feb 2020

With the LIC home loan EMI calculator, you’ll be able to estimate the monthly repayment amount on your LIC home loan. The minimum EMI per lakh you get with LIC is Rs.836.

To utilise the home loan EMI calculator, you should know the current LIC home loan interest rates, loan amount, and the tenure. Enter the required values and you’ll be able to view the breakup of the EMI and the repayment table.

## Calculate Your LIC Home Loan Monthly Repayment

 Amount→Tenure↓ Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh 10 years Rs.12,587 Rs.25,173 Rs.50,346 Rs.62,933 20 years Rs.8,901 Rs.17,802 Rs.35,604 Rs.44,505 30 years Rs.7,939 Rs.15,877 Rs.31,754 Rs.39,693

Suppose you’re availing a housing loan from LIC at an interest rate of 8.85% p.a. and a loan amount of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh, or Rs.50 lakh. By utilising the BankBazaar Home Loan EMI Calculator, you can determine the EMI, applicable processing fee, and total interest payable. In the example above, the processing fee has been kept at 0.35% of the loan amount and selected ‘No’ for prepayment fees.

Home Loan EMI Calculator Formula: The EMI on a home loan is calculated using the mathematical formula:

$E=P.r.\left(1+r\right)n\left(\left(1+r\right)n-1$

Where,
P: Principal
r: Rate of interest per month
n: Number of months

LIC HFL Home Loan Interest Rates: The rate of interest associated with LIC HFL home loans as of 21 Feb 2020 starts from 8.95% p.a. and ranges until 9.05% p.a. The interest rates mentioned are irrespective of the loan amount being availed.

LIC HFL Home Loan Processing Fees: As of 21 Feb 2020, the processing fee charged on LIC HFL Home Loans up to Rs.1 crore is 0.25% of the loan amount, subject to a maximum of Rs.10,000 plus applicable taxes. For home loans above Rs.1 crore and up to Rs.5 crore, processing fee is 0.25% of the loan amount, subject to a maximum of Rs.25,000 plus applicable charges.

LIC HFL Home Loan Amount and Tenure: You can avail LIC HFL home loan starting from Rs.30 lakh and up to Rs.5 crore with flexible loan tenures ranging between 5 years and 30 years.

## Example of EMI calculation on LIC HFL Home Loan

Let us assume that you are looking to avail home loan of Rs.10 lakh at an interest rate of 9% p.a. spread over a period of 20 years. Your calculated Equated Monthly Instalment (EMI) would come up to Rs.8.997 per month.

If the processing fee levied on your home loan is Rs.10,000, the break-up of the total amount payable is as follows:

Category Amount
Loan amount Rs.10,00,000
Total interest due Rs.11,59,342
Processing fee Rs.10,000
Total Amount Payable Rs.21,69,342

Your debt repayment schedule over the next 20 years would be as follows:

Year Principal Amount Paid (A) Interest Amount Paid (B) Total Amount Paid (A + B) Outstanding Loan Balance
2019 Rs.15,485 Rs.74,485 Rs.89,970 Rs.9,84,515
2020 Rs. 20,176 Rs.87,788 Rs. 1,07,964 Rs.9,64,338
2021 Rs.22,068 Rs.85,896 Rs. 1,07,964 Rs.9,42,269
2022 Rs.24,139 Rs.83,825 Rs. 1,07,964 Rs.9,18,129
2023 Rs.26,404 Rs.81,560 Rs. 1,07,964 Rs.8,91,726
2024 Rs.28,880 Rs.79,084 Rs. 1,07,964 Rs.8,62,845
2025 Rs.31,590 Rs.76,374 Rs. 1,07,964 Rs.8,31,255
2026 Rs.34,553 Rs.73,411 Rs. 1,07,964 Rs.7,96,701
2027 Rs.37,794 Rs.70,170 Rs. 1,07,964 Rs.7,58,907
2028 Rs.41,340 Rs.66,624 Rs. 1,07,964 Rs.7,17,567
2029 Rs.45,218 Rs.62,746 Rs. 1,07,964 Rs.6,72,349
2030 Rs.49,459 Rs.58,505 Rs. 1,07,964 Rs.6,22,889
2031 Rs.54,100 Rs.53,864 Rs. 1,07,964 Rs.5,68,789
2032 Rs.59,174 Rs.48,790 Rs. 1,07,964 Rs.5,09,615
2033 Rs.64,726 Rs.43,238 Rs. 1,07,964 Rs.4,44,890
2034 Rs.70,797 Rs.37,167 Rs. 1,07,964 Rs.3,74,093
2035 Rs.77,440 Rs.30,524 Rs. 1,07,964 Rs.2,96,654
2036 Rs.84,703 Rs.23,261 Rs. 1,07,964 Rs.2,11,952
2037 Rs.92,648 Rs.15,316 Rs. 1,07,964 Rs.1,19,304
2038 Rs.1,01,339 Rs.6,625 Rs. 1,07,964 Rs.17,964
2039 Rs.17,964 Rs.203 Rs.18,167 Rs.0

### LIC HFL Home Loan EMI Calculator FAQs

1. Is making part pre-payments on your home loan a good idea?

Yes, making part pre-payments not only brings down you outstanding principal but also lowers the rate of interest associated with your home loan. The will help you get rid of your home loan burden as soon as possible.

2. Will my home loan EMI change if the interest rate changes?

Yes, any change in the rates of interest associated with your loan will directly reflect on your home loan EMIs. Since most home loans are linked to floating rates, an increase/decrease in the rates will result in your home loan EMI going up or down.

3. Is the EMI calculated in the same manner for all types of loans?

Yes, all EMI calculators use the parameters – rate of interest, principal and loan tenure – irrespective of the type of loan to calculate your monthly instalments.

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