Highlights
- Apply for a home loan at LIC to get lowest home loan rates.
- Use LIC home loan EMI calculator to know your EMIs instantly.
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.
Apply LIC HFL Home Loan @ 6.90%* Rate
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
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 (INR)
- 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
| 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 |
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
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 6.90% per annum. 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.
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.
