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.
|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 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]
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.
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:
|Total interest due||Rs.8,46,339|
|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|
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.
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.
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