LIC Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

2044

Take the first step towards buying your new home with the LIC Home Loan EMI Calculator. This easy-to-use tool helps you quickly calculate your monthly EMI based on the loan amount, tenure, and interest rate. It's an invaluable resource for anyone looking to understand their financing options for home purchasing. Let’s understand how it works, explore the features of the LIC home loan EMI calculator, and how to use it effectively.

How to Use Wishfin LIC Home Loan EMI Calculator?

The LIC Home Loan Calculator helps borrowers check their Equated Monthly Installments (EMI) before applying for a loan. Since home loans can extend up to 30 years, it's important for a borrower to choose an appropriate tenure. The calculator considers the following basic details:

• Loan amount
• Interest rate
• Tenure

Once these details are entered, the calculator quickly determines your monthly EMIs, the total interest you'll pay, and the overall amount payable, along with other relevant details. Other than this, you also get the amortization table showing the maturity value for each year throughout the tenure.

What is the formula used for EMI Calculation?

The calculation in the EMI calculator is done through the below-given formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

Suppose a borrower takes a home loan of ₹58,00,000 for 25 years at an annual interest rate of 10.5%.

Here's the breakdown:

• Principal Amount (P): ₹58,00,000
• Annual Interest Rate (R): 10.5%, which translates to a monthly rate of 0.00875 (10.5/12/100)
• Loan Tenure (n): 25 years, or 300 months

Here's how the EMI formula works:

[58,00,000 x 0.00875 x (1 + 0.00875) ^ 300]/[(1+0.00875) ^300 -1] = 54,763

Hence, you will be required to pay EMI of ₹54,763

LIC Home Loan Amortisation Schedule

Let's understand how the LIC home loan calculator works with an example.

Prateek Kumar, a 32-year-old Senior Manager, is looking to secure a home loan of ₹20 Lakh. The lender offers him this loan at an interest rate of 8.70% for a tenure of 15 years.

Before accepting the lender's terms, Prateek wanted to ensure the EMIs would be affordable. He used an EMI Calculator to figure out his monthly payments, total interest outgo, and the overall amount payable. This tool helped him make an informed decision.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 20,00,000 8.70% 1 ₹ 1,74,625 ₹ 95,498 ₹ 20,95,498
₹ 20,00,000 8.70% 2 ₹ 91,094 ₹ 1,86,267 ₹ 21,86,267
₹ 20,00,000 8.70% 3 ₹ 63,321 ₹ 2,79,541 ₹ 22,79,541
₹ 20,00,000 8.70% 4 ₹ 49,486 ₹ 3,75,312 ₹ 23,75,312
₹ 20,00,000 8.70% 5 ₹ 41,226 ₹ 4,73,567 ₹ 24,73,567
₹ 20,00,000 8.70% 6 ₹ 35,754 ₹ 5,74,289 ₹ 25,74,289
₹ 20,00,000 8.70% 7 ₹ 31,874 ₹ 6,77,457 ₹ 26,77,457
₹ 20,00,000 8.70% 8 ₹ 28,990 ₹ 7,83,049 ₹ 27,83,049
₹ 20,00,000 8.70% 9 ₹ 26,769 ₹ 8,91,036 ₹ 28,91,036
₹ 20,00,000 8.70% 10 ₹ 25,012 ₹ 10,01,390 ₹ 30,01,390
₹ 20,00,000 8.70% 11 ₹ 23,591 ₹ 11,14,076 ₹ 31,14,076
₹ 20,00,000 8.70% 12 ₹ 22,424 ₹ 12,29,060 ₹ 32,29,060
₹ 20,00,000 8.70% 13 ₹ 21,451 ₹ 13,46,301 ₹ 33,46,301
₹ 20,00,000 8.70% 14 ₹ 20,630 ₹ 14,65,760 ₹ 34,65,760
₹ 20,00,000 8.70% 15 ₹ 19,930 ₹ 15,87,393 ₹ 35,87,393

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 67,821 ₹ 1,71,338 ₹ 19,32,178
2 ₹ 73,963 ₹ 1,65,196 ₹ 18,58,215
3 ₹ 80,660 ₹ 1,58,499 ₹ 17,77,554
4 ₹ 87,965 ₹ 1,51,195 ₹ 16,89,589
5 ₹ 95,930 ₹ 1,43,229 ₹ 15,93,658
6 ₹ 1,04,617 ₹ 1,34,542 ₹ 14,89,041
7 ₹ 1,14,091 ₹ 1,25,068 ₹ 13,74,950
8 ₹ 1,24,422 ₹ 1,14,737 ₹ 12,50,527
9 ₹ 1,35,689 ₹ 1,03,470 ₹ 11,14,837
10 ₹ 1,47,976 ₹ 91,183 ₹ 9,66,860
11 ₹ 1,61,376 ₹ 77,783 ₹ 8,05,484
12 ₹ 1,75,990 ₹ 63,169 ₹ 6,29,493
13 ₹ 1,91,926 ₹ 47,233 ₹ 4,37,567
14 ₹ 2,09,306 ₹ 29,853 ₹ 2,28,260
15 ₹ 2,28,403 ₹ 10,899 ₹ 0

The Lowest EMI Offered by LIC on Home Loans

LIC offers home loans with interest rates starting at 8.50%, which can go up to 10.5% based on the borrower’s income and credit profile.

Below, you’ll find the minimum and maximum monthly EMIs for various home loan amounts, calculated using annual interest rates of 8.50% and 10.5% over a 25-year term:

Interest Rate of 8.50%

Interest Rate of 10.5%

10 lakh loan amount - ₹8,052 p.m.

10 lakh loan amount -  ₹9,442 p.m.

12 lakh loan amount - ₹9,663 p.m.

12 lakh loan amount -  ₹11,330 p.m.

15 lakh loan amount - ₹12,078 p.m.

15 lakh loan amount -  ₹14,163 p.m.

17 lakh loan amount - ₹13,689 p.m.

17 lakh loan amount - ₹16,051 p.m.

20 lakh loan amount - ₹16,105 p.m.

20 lakh loan amount -  ₹18,884 p.m.

Features and Benefits of Using LIC Home Loan EMI Calculator

Here are the main features and benefits of using the LIC Home Loan EMI Calculator:

• Determine your monthly repayments swiftly based on the loan amount, interest rate, and tenure.
• The easy-to-use interface allows anyone, regardless of financial expertise, to input their loan details and receive instant calculations.
• Adjust the loan amount, tenure, and interest rates to explore different scenarios and find the best fit for your budget.
• Get a detailed breakdown of each payment throughout the loan period, showing how much of each payment goes toward the principal and interest.
• Choose a loan that aligns with your financial capacity and long-term goals.
• Gain a clear view of the costs associated with your home loan, including the total interest you will pay over time.

LIC Home Loan Eligibility Criteria

If you are applying for a home loan with LIC, you need to meet the below criteria for different home loan categories:

Griha Suvidha Home Loan:

Here are the eligibility criteria for individuals applying for the Griha Suvidha Home Loan:

1. a) For Applicants Receiving Part of Their Salary in Cash:
• At least 70% of the salary should be received through the banking channel.
• The maximum loan tenure extends up to the retirement age of the senior applicant whose income is considered for loan calculation.
• A maximum of 2 cash salaried borrowers can apply as co-applicants.
• The total gross income requirement is ₹30,000 per month for one borrower or ₹40,000 per month for more than one cash-salaried borrower combined.
1. b) For Salaried Employees Without Pension:
• If an applicant is 45 years old and retiring at 58, the loan term can be up to 23 years, extending the maximum loan term by 10 years post-retirement.
• The maximum age at the time of application is 50 years.

Home Loan for Pensioners:

If you are a pensioner, you need to meet the below-given criteria to get a home loan with LIC:

• Employees of the State/Central Government, PSU insurers, PSUs, and Nationalized Banks drawing a pension under the Defined Benefit Pension Scheme (DBPS) can avail of this loan if they are up to 65 years old.
• The spouse must be a joint applicant, regardless of property ownership.
• Children can be added as co-applicants, and their income can be considered for a longer tenure and a higher loan amount.

For Top-Up Home Loans:

For those applying for a top-up home loan, the below criteria need to be met:

• New Applicants: Those transferring their existing home loan from other banks or housing finance companies (HFCs).
• Existing Borrowers: Current home loan borrowers with a consistent record of timely EMI repayments.

Factors Affecting LIC Home Loan EMIs

Let’s explore the main factors that affect the EMIs of your LIC Home Loan:

• Loan Tenure: The length of time you choose to repay your loan significantly impacts your EMIs. Opting for a longer tenure results in lower monthly payments but increases the total interest paid over the loan’s duration. A shorter tenure, on the other hand, means higher monthly payments but reduces the overall interest cost.
• Loan Amount: The principal amount you borrow directly impacts your EMI. A higher loan amount leads to higher monthly payments, while a lower loan amount results in smaller monthly payments.
• Interest Rate: A higher interest rate increases your monthly EMI, making the loan more expensive. Conversely, a lower interest rate reduces your monthly EMI, making the loan more affordable.
• Prepayment Options: The ability to make early payments on your loan without incurring penalties can significantly impact your monthly repayments. By paying off a portion of your loan early, you reduce the outstanding principal amount, which in turn lowers your future EMIs and the total interest paid.

Fees and Charges Related to LIC Home Loans

Here are the fees and charges you are required to pay when it comes to LIC home loans:

Fee Type

Details

Processing Fees

Up to Rs. 1 crore - 0.25% of the loan amount (Max. Rs. 15,000)

Above Rs. 1 crore and up to Rs. 2 crore - Rs. 20,000

Above Rs. 2 crore and up to Rs. 5 crore - Rs. 25,000

Above Rs. 5 crore and up to Rs. 15 crore - Rs. 50,000

Prepayment Charges

Under Floating Rates: No prepayment charges.

Under Fixed Rates: No prepayment charges if paid from own sources; otherwise, a 2% fee on the prepaid loan amount.

Penal Charges

1.50% per month on defaulted installments for up to 12 months.

1.75% per month on defaulted or delayed installments beyond 12 months.

Document Retrieval Charges

Rs. 2,500

Photocopies of Title Documents

Rs. 1,000

Cheque Bounce Charges

Rs. 350

ECS/NACH Dishonour Charges

Rs. 200

Limitations of Using LIC Home Loan EMI Calculator

Here are the main drawbacks of using the home loan EMI calculator of LIC:

• The calculator provides approximate EMI amounts, not exact figures.
• It does not account for changes in interest rates during the loan tenure.
• Assumes a constant interest rate and does not factor in potential rate fluctuations.
• Excludes additional costs like processing fees, insurance, and other charges.
• Does not consider the impact of loan prepayments or part payments.
• Does not evaluate borrower eligibility or creditworthiness.

What is the LIC home loan interest rate at present?

The housing loan offered by LIC is for Resident Indians, Non-Resident Indians, and Pensioners. At present, the minimum interest rate on a home loan from LIC HFL is 8.50% per annum. LIC HFL interest rates for existing customers are reviewed every 6 months as compared to the new customers whose rates are reviewed quarterly. Thus, if you are an existing customer, you have an advantage, and even if you are a new borrower, the rates are one of the lowest housing loan rates in India presently.

LIC Home Loan EMI Increase

There is an option to increase EMIs of your loan after continuing for the minimum tenure. If you have continued payments for the minimum tenure without any defaults and are sure of increasing your EMIs, you can go for it. The increase in monthly installments will help you save more on total interest outgo. You can contact the housing finance company for this purpose.