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

    With the LIC home loan EMI calculator, you’ll be able to estimate the monthly repayment amount on your LIC home loan. The interest rate starts at 6.90% p.a. The minimum EMI per lakh you get with LIC is Rs.659 for 30 years with an interest rate of 6.90% p.a.. 

    The processing fee is up to Rs.10,000 (+ service tax) for a loan of up to Rs.50 lakh and up to Rs. 15,000 (+ service tax) for a loan above Rs.50 lakh up to Rs.3 crore. 

    LIC Housing Finance COVID-19 Home Loan EMI Moratorium

    In adherence with RBI's COVID-19 regulatory measures, LIC Housing Finance is currently offering up to 3 months of moratorium to its existing home loan customers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.

    You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.

    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.

    LIC Home Loan EMI Calculator 2020

    Calculate Your LIC Home Loan Monthly Repayment

    Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh
    10 years Rs.11,559 Rs.23,119 Rs.46,237 Rs.57,797
    20 years Rs.7,693 Rs.15,386 Rs.30,772 Rs.38,465
    30 years Rs.6,586 Rs.13,172 Rs.26,344 Rs.32,930

    Suppose you’re availing a housing loan from LIC at an interest rate of 6.90% 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.

    Home Loan EMI Calculator Formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

    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 12 Aug 2020 starts from 6.90% p.a.

    LIC HFL Home Loan Processing Fees: As of 24 Jul 2020, the processing fee charged on LIC HFL Home Loans up to Rs.50 lakh, subject to a maximum of Rs.10,000 plus applicable service taxes. For home loans above Rs.50 lakh and up to Rs.3 crore, the processing fee is Rs.15,000 plus applicable service 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 6.90% p.a. spread over a period of 20 years. Your calculated Equated Monthly Instalment (EMI) would come up to Rs.7,693 per month.

    If the processing fee levied on your home loan is Rs.2,500, the break-up of the total amount payable is as follows:

    Category Amount
    Loan amount Rs.10,00,000
    Total interest due Rs.8,46,339
    Processing fee Rs.2,500
    Total Amount Payable Rs.18,48,839

    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
    2020 11,827 34,331 46,158 9,88,173
    2021 24,911 67,406 92,317 9,63,262
    2022 26,685 65,633 92,318 9,36,576
    2023 28,586 63,731 92,317 9,07,990
    2024 30,621 61,695 92,316 8,77,368
    2025 32,803 59,514 92,317 8,44,565
    2026 35,140 57,178 92,318 8,09,426
    2027 37,642 54,675 92,317 7,71,784
    2028 40,323 51,993 92,316 7,31,460
    2029 43,195 49,121 92,316 6,88,265
    2030 46,272 46,046 92,318 6,41,993
    2031 49,568 42,749 92,317 5,92,426
    2032 53,099 39,217 92,316 5,39,328
    2033 56,879 35,437 92,316 4,82,448
    2034 60,929 31,387 92,316 4,21,517
    2035 65,271 27,045 92,316 3,56,246
    2036 69,922 22,394 92,316 2,86,327
    2037 74,900 17,419 92,319 2,11,427
    2038 80,235 12,081 92,316 1,31,193
    2039 85,950 6,368 92,318 45,244
    2040 45,244 914 46,158 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. They 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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