LIC HFL Home Loan Balance Transfer EMI Calculator

Determine the EMI amount you need to pay using LIC HFL HLBT EMI Calculator

✓ Home Loan Balance Transfer Facility ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

If you are unhappy with the terms and conditions of your current housing loan, LIC Housing Finance gives you the attractive option to transfer your existing loan through the home loan balance transfer facility. The advantages of this facility include more affordable interest rates, an extended repayment tenure, and the option to top up your loan if you need to.


However, before you transfer your loan to LIC HFL, you need to get a better idea of the EMIs you’ll have to pay as per the new terms and conditions. And the LIC housing loan balance transfer EMI calculator can help you with this.

Calculate Your LIC Home Loan Balance Transfer EMI

If you are looking for an easy way to calculate your EMIs before you transfer your loan to LIC Housing Finance Limited, there’s a free online tool that can help you out - the LIC HFL home loan balance transfer EMI calculator. It takes just a few clicks to check your EMIs, and the calculator is very beginner-friendly too. So, make sure that you check out your EMIs before using the balance transfer facility.

LIC HFL Home Loan Balance Transfer EMI Calculator

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

How To Use LIC HFL Home Loan Balance Transfer EMI Calculator

Using the LIC housing loan balance transfer EMI calculator is quite easy. You just need to input a few basic details, and the online tool will display the EMIs you will need to pay in a detailed format. Here is a step-by-step guide to help you understand how to use the calculator.

 

  1. Enter the amount of loan that you are transferring. 

  2. Input the repayment term required by you in months.

  3. Enter the rate of interest that will be applicable to you based on your CIBIL score and the loan amount.

That’s all you need to do. The LIC HFL home loan balance transfer EMI calculator will then show you the monthly EMI amount, the total interest payable and the total amount payable over the tenure. You will also get to see the amortisation chart over the years.

How LIC HFL Home Loan Balance Transfer EMI is Calculated

The EMI for your home loan balance transfer is calculated using the reducing balance method. Here, the interest is calculated on the principal amount remaining outstanding each month. And since the amount of loan outstanding reduces with each EMI, so does the interest component. 

 

If you are looking for more clarity on the amount you will need to pay each month once you transfer your loan to LIC HFL, here’s an example that explains how the EMIs are calculated. 

 

Let’s assume that these are the particulars of the home loan balance transfer.

 

  • Amount of the loan: Rs. 5 Lakhs

  • Rate of interest: 7% per annum

  • Repayment tenure: 1 year or 12 months

In this case, here is how the EMIs look.

 

  • Monthly EMI: Rs. 43,263

  • Total interest payable over 12 months: Rs. 19,160

  • Total amount payable over 12 months: Rs. 519,160

And here is the monthly repayment schedule for this loan.

Month

Amount outstanding at the beginning (₹)

EMI (₹)

Principal component in EMI (₹)

Interest component in EMI (₹)

Amount outstanding at the end (₹)

1

5,00,000.00

43,263

40,325.50

2,937.50

4,59,674.50

2

4,59,674.50

43,263

40,562.41

2,700.59

4,19,112.09

3

4,19,112.09

43,263

40,800.72

2,462.28

3,78,311.37

4

3,78,311.37

43,263

41,040.42

2,222.58

3,37,270.95

5

3,37,270.95

43,263

41,281.53

1,981.47

2,95,989.42

6

2,95,989.42

43,263

41,524.06

1,738.94

2,54,465.36

7

2,54,465.36

43,263

41,768.02

1,494.98

2,12,697.34

8

2,12,697.34

43,263

42,013.40

1,249.60

1,70,683.94

9

1,70,683.94

43,263

42,260.23

1,002.77

1,28,423.71

10

1,28,423.71

43,263

42,508.51

754.49

85,915.20

11

85,915.20

43,263

42,758.25

504.75

43,156.95

12

43,156.95

43,263

43,009.45

253.55

0

Benefits of Using LIC Housing Loan Balance Transfer EMI Calculator

Making use of the LIC housing loan balance transfer EMI calculator before you avail of the home loan transfer facility comes with several advantages. Here is a closer look at the benefits of using the EMI calculator. 

  • It helps with budgeting:

Once you know the EMIs for your balance transfer home loan, you are in a better position to adjust your monthly budget to accommodate the EMIs. 

  • You can make a wiser financial decision:

You can also make more informed financial decisions about the amount of loan to transfer, the amount of top-up loan to avail if any, and the repayment tenure to choose.

  • You save time:

The LIC housing loan balance transfer EMI calculator also helps you save time because you get to know your entire amortization schedule within just a few seconds.

Factors affecting LIC HFL Home Loan Balance Transfer EMI

Once you’ve used the LIC HFL home loan balance transfer EMI calculator, you’ll be better positioned to understand the factors that influence the EMI. Simply put, the very same factors that you input while using the calculator are the same factors that affect the EMIs. Here is a preview of these driving elements.

  • The amount of loan transferred:

The EMIs are directly proportional to the loan amount. The higher the amount of loan, the higher the EMIs, and vice versa. 

  • The rate of interest:

The EMIs are also directly proportional to the rate of interest charged. The higher the interest rate, the higher the EMIs will be.

  • The repayment tenure:

The longer the repayment tenure, the lower the amount of each EMI will be because your repayment is spread out over a longer tenure.

 

So, all in all, the home loan balance transfer from LIC Housing Finance is a useful loan option that helps you convert your existing debt into a more convenient one. And this nifty online tool can give you more clarity about the best tenure and loan amount to opt for. 

FAQs on LIC HFL Home Loan Transfer EMI Calculator

  • ✔️How accurate is a LIC HFL Home Loan transfer EMI calculator?

    The LIC HFL home loan balance transfer EMI calculator is very accurate and based on the inputs you provide, it calculates the EMIs you’ll have to pay to repay the transferred loan balance.

  • ✔️How can I get a home loan from LIC HFL of India?

    You can avail a home loan from LIC Housing Finance Limited directly from the LIC HFL website, or you can avail one on the Finserv MARKETS platform.

  • ✔️Will the LIC HFL home loan EMI remain constant or change in the future?

    The amount of EMIs you repay each month will remain constant. However, over time, the interest component in each EMI goes down since the EMIs are calculated using the reducing balance method.

  • ✔️Why should I calculate the LIC HFL of India loan EMI before transferring my loan?

    Getting a better idea of the EMIs before transferring your loan can help you create a budget that accommodates the expenses related to the loan repayment.

  • ✔️Why should I calculate my LIC HFL home loan EMI in advance?

    Using the LIC housing loan balance transfer EMI calculator to calculate your EMIs in advance makes financial planning easier for you.