LIC HFL Home Loan EMI Calculator

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 home loan EMI calculator of LIC HFL is simple to use and helps you check the EMI in advance to be prepared accordingly.

LIC HFL 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.

LIC Home Loan EMI Calculation Formula

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

Here is an example with the loan amount ₹20,00,000 at the interest rate of 8.50% per annum for the tenure of 15 years.