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 @ 8.65%* Rate
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
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 8.65% 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.
Frequently Asked Questions
1. How is EMI calculated for LIC home loan?
If you have taken a LIC home loan then you can either use the EMI calculator to calculate your EMI amounts or you can use the below formula. The same formula is also used by the EMI calculator.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
Where,
P denotes the ‘Principal Amount’,
R stands for the rate of interest set by the bank, and
N represents the number of years for which the loan has been taken. The EMIs are paid every month therefore, the duration is calculated in the number of months.
2. How can I pay my LIC home loan EMI online?
You can pay your LIC home loan EMI by logging in with your user id and password on the official customer portal. You can pay your EMI online by NEFT, Net banking facility, paytm, etc.
3. Can we pay more than EMI in home loan LICHFL?
If you have taken a LIC home loan at a floating interest rate, then you can easily make prepayments without paying any extra charges.
4. What happens if LIC home loan EMI is missed?
LIC can charge a late payment fee of 1.5% – 2% of the EMI amount per month.