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.
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
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:
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 23 Oct 2019 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 23 Oct 2019, 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.
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:
|Total interest due||Rs.11,59,342|
|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|
|2020||Rs. 20,176||Rs.87,788||Rs. 1,07,964||Rs.9,64,338|
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.
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.
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.