EMI Calculator 2018 3700 views
LIC is one of the largest housing finance company in India that provides long-term finance to individuals for purchase or construction of a house or flat for residential purpose/repair and renovation of existing flat/houses. With the facility of a higher loan amount, LIC Housing Finance company helps the people to take a step forward in building your dream home or buying one. The calculator for home loans of LIC HFL is simple to use and helps you check the EMI in advance to be prepared accordingly.
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Table of Contents
LIC Home Loan EMI Calculator
An EMI calculator is a tool which is designed for the convenience of the people. The home loan calculator is available online and takes into account the basic details as follows:
- Loan amount (₹)
- Repayment term required (months)
- Interest rate (monthly)
On the basis of this formula, you get the pie-chart representation for the monthly payment (EMI), the total interest payable, and the total payment (interest+principal). Other than this, you also get the amortization table showing the details of maturity value for each year throughout the tenure. Have a look at the formula used for the calculation of EMI.
Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
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]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
What is the LIC home loan interest rate at present?
The housing loan offered by LIC is for Resident Indians, Non-Resident Indians, Pensioners. At present, the minimum interest rate on a home loan from LIC HFL is 8.35% per annum to a maximum of 8.80% per annum. Also, the LIC HFL interest rate for existing customers are reviewed after every 6 months as compared to the new customers whose rate are reviewed quarterly. Thus, if you are existing customer, you have an advantage and even if you a new borrower, the rates are one of the lowest housing loan rates in India presently.