LIC Housing Finance Home Loan EMI Calculator

You can also make instant comparisons between loan offers from multiple home loan providers on Bajaj Markets. Additionally, you can gain deeper insights into your loan instalments with the free amortisation schedule, which you can get with each calculation. 

With LIC Housing Finance Limited (LIC HFL), you can secure a budget-friendly loan to build or buy your dream home. Enjoy competitive rates and simple eligibility criteria. Use the LIC HFL EMI calculator beforehand to understand your repayment plan and choose the loan that fits your budget.

The LIC HFL Home Loan EMI calculator gives you an estimate of your EMIs, and you can assess whether or not the terms are manageable. By ensuring that the EMIs stay within your budget, you can repay on time, reduce your default risk, and keep your creditworthiness intact.

You can use the EMI calculator online with minimal information and get instantaneous estimates of your repayment instalment. You can get a home loan of any amount, whether small or large, with a tenure that goes up to 360 months.

Moreover, the calculator allows you to try as many permutations and combinations as you need and reach feasible loan terms. To use the calculator, you will need the loan amount, interest rate, and repayment tenure.

Using the LIC HFL calculator to compute your home loan EMIs is quite easy and quick. To use the calculator, follow the steps mentioned below:

• Input the desired borrowing amount 

• Enter the applicable interest rate

• Choose the preferred repayment period

After submitting the loan terms, the LIC Housing Finance Home Loan EMI calculator will display the results instantly. You can compare various terms to reach the most affordable option.

To calculate the EMI, you can also use the following manual formula:

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

Here,

• P is the principal amount

• R is the interest rate

• N is the repayment tenure

For instance, if you take a home loan of ₹20 Lakhs at an interest rate of 8.65% p.a. for 10 years, your monthly EMI will be ₹24,957. Over the tenure, the total interest payable will be ₹9,94,944, making the total repayment amount ₹29,94,944 at maturity.

Manual calculations can be complex, time-consuming, and error-prone. Using an EMI calculator is a more efficient option, as it provides accurate results within seconds.

You need to meet certain criteria to qualify for a home loan from LIC Housing Finance Limited. These requirements ensure you can manage repayments by maintaining the schedule. The following are the criteria:

• Nationality: You have to be an Indian citizen

• Age: If you are a salaried applicant, you can apply up to your retirement age. If you are a self-employed applicant, your age has to be between 21 and 70 years old.

• Minimum Income:

  • If you are a salaried applicant, you need a monthly income of ₹35,000 in metro cities and ₹25,000 in non-metro cities.

  • If you are self-employed, your profit after tax should be ₹6 Lakhs per year in metro cities and ₹4 Lakhs per year in non-metro cities.

• ITR Filings: If you are self-employed, you will also need to have filed your Income Tax Returns (ITR) for the past 3 years.