LIC Home Loan EMI Calculator

Loan amount ₹ 7500000

Rate of interest (p.a) 6.5 %

Loan tenure (years) 10 Yr

Monthly EMI ₹85,161

Principal amount ₹75,00,000

Total interest ₹27,19,318

Total amount ₹1,02,19,318

Principal amount Interest amount

When it comes to home mortgage loans, LIC Housing

Finance Limited is considered one of the most prominent

]nanciers in India. It is a subsidiary organization of the

Life Insurance Corporation of India with its corporate

o_ce situated in Mumbai.

The housing ]nance company was established in 1989 to

]nancially assist individuals who wish to construct or

purchase a residential property. Later, LIC Housing

Finance Limited became a public company in 1994,

promoted and controlled by the LIC of India.

They offer housing loans to Indian and Non-Indian

residents as well as pensioners. Also, while deciding

EMIs, borrowers can use the LIC home loan calculator

and go for the most convenient loan amount that keeps

EMIs affordable.

LIC Home Loan EMI Calculator

Typically, LIC home loans denote high-value funds availed

for an extended repayment timeline, and thus, the total

payable amount becomes considerably high. Therefore,

borrowers need to be careful when opting for an

instalment amount.

As a convenient option, one can consider using the LIC

home loan EMI calculator that computes the payout

options within seconds. Individuals need to provide their

desired advance amount, applicable interest rate, and

repayment term to the calculator, which displays the

resultant EMI accordingly.

Individuals can also alter the values of tenure and loan

amount component to ]nd out the best loan option for

them.

How Does LIC Home Loan Calculator Compute

EMIs?

The LIC home loan calculator 2020 computes EMI based

on the following formula –

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

Here,

P signi]es the principal amount

R signi]es an applicable interest rate

N signi]es the repayment term in months

Now, here is an example to help you understand the

computation process of the LIC home loan calculator:

Nandini is a working woman who has obtained a housing

loan of Rs. 35 lakh at a 7% per annum interest rate for 15

years.

The values entered in the calculator are tabulated as

under –

P or Principal value Rs. 35,00,000

R or Rate of interest 7%

Tenure of repayment 180 months

Based on the formula –

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

= [35,00,000 X 7% X (1+7)^180] / [(1+7)^180-1]

= 31,459

Therefore, Nandini has to pay Rs. 31,459 as EMI for the

next 15 years until she chooses to prepay or foreclose her

loan account. Furthermore, the LIC housing loan

calculator also displays the total repayment liability that

she has to pay amounting to Rs. 56,62,618.

What are the Factors that InWuence Home Loan

EMIs?

Based on various factors, home loan EMIs can vary

across the product range. These inluencing factors are –

Tenure – If individuals choose a longer tenure, it

results in monthly instalment reduction, making

repayments more affordable, and vice versa.

Loan principal – If borrowers prefer to opt for a higher

loan amount, it results in a proportionate increase in

the instalment amount too, and vice versa.

Interest rate  – Although lenders determine interest

rates, an applicant’s quali]cation measures like age,

repayment capacity, credit pro]le, and similar other

factors can inluence it. Notably, an expensive rate of

interest keeps the EMIs on a higher side.

What are the BeneYts of LIC Housing Loan EMI

Calculator?

Borrowers can bene]t from a LIC housing loan EMI

calculator in the following ways –

A LIC housing loan calculator does not leave any room

for errors. So, borrowers can consider its accuracy

when computing EMIs.

EMI calculators can help compare multiple instalment

options. Therefore, individuals can choose the best

monthly payout as per their repayment capacity.

It is a simple tool that is easy to use, even for those

lacking any technical know-how.

Housing loan aspirants must, therefore, learn how to use

the LIC home loan calculator to make an informed

decision. They must also remember that a fractional

difference in a home loan amount or interest rate can

increase the total outstanding signi]cantly as it is a high-

value advance that comes with an extended tenor. So,

borrowers must be careful about all the terms before

applying for it.

LIC Home Loan EMI Calculator - FAQs

Is the LIC home loan EMI constant or changes with

an interest rate change in future?

WIll there be any change in the home loan EMI in

case of prepayment?

How accurate is the home loan calculator of LIC?

What is the use of calculating LIC Housing Finance

home loan EMI before even taking a loan?

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