LIC Housing Home Loan EMI Calculator

Calculate your Home Loan EMI with LIC Home Loan EMI Calculator

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.25%

LIC Housing Finance Limited offers affordable housing loans at nominal rates of interest to salaried individuals, self-employed applicants, pensioners as well as NRIs. So, as long as you meet the minimum eligibility criteria set by the LIC HFL, you can easily avail a housing loan and make your dream of buying or building your own house come true.

 

Before you apply for a housing loan with LIC Housing Finance Limited, you need to get a better idea of the EMIs that you need to pay. And here is where the LIC HFL home loan calculator can be of great help.

LIC Home Loan EMI Calculator

The housing loans offered by LIC Housing Finance Limited can range from a few lakhs to several crores. Depending on your home loan eligibility and your loan requirements, you can avail a small loan or a big-ticket loan. The repayment tenures also go up to 30 years for salaried people and 20 years for self-employed individuals.

 

Given this, if you are planning to avail a housing loan from LIC, you need to be aware of the instalment amount that you need to repay each month. The LIC HFL home loan EMI calculator can help you compute this amount in a matter of just a few seconds. All you need to do is input your loan amount, interest rate and repayment tenure.

** 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 Home Loan EMI Calculator?

 

Using the LIC HFL calculator to compute your home loan EMIs is quite easy. Here is a closer look at the steps involved in using this online tool.

 

  1. Enter the amount of loan that you wish to avail. 

  2. Fill in the interest rate applicable to you.

  3. Then, enter the tenure over which you wish to make your LIC HFL home loan repayment.

 

Once you’ve submitted these details, the LIC HFL home loan EMI calculator will quickly compute the EMIs you will have to pay according to the particulars given. You can view the EMI amount in a matter of a few seconds, at most.

How is LIC Home Loan EMI Calculated?

The LIC HFL home loan calculator uses the reducing balance method to compute your EMIs. According to this method, the interest is calculated on the amount of loan outstanding after each repayment. So, when you make your repayment each month, the outstanding loan amount reduces. And as a result, the interest cost also reduces with each EMI, since it is calculated on a lower amount following each subsequent payment. 

 

There is a formula to calculate your housing loan EMIs. This is the same formula that the LIC housing loan EMI calculator uses. Take a look at it below.

 

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

 

  • Here, P is the loan principal

  • R is the rate of interest per annum

  • N is the tenure of repayment 

LIC Home Loan EMI Calculation

 

To better understand how the LIC HFL EMI calculator works and how your loan EMIs are calculated, let’s take a look at some examples of what the home loan EMIs would be for a housing loan from LIC HFL, as computed under the reducing balance method. Here are the particulars of the loan we’ll be taking up for the sake of the example. 

 

  • Amount borrowed: Rs. 20 Lakhs

  • Rate of interest: 7% per annum

  • Repayment tenure: 2 years or 24 months

Here is how the monthly repayment schedule for this loan would turn out.

 

Month

Amount outstanding at the beginning (₹)

EMI (₹)

Principal component in EMI (₹)

Interest component in EMI (₹)

Amount outstanding at the end (₹)

1

20,00,000

89,545

77,878

11,667

19,22,122

2

19,22,122

89,545

78,333

11,212

18,43,789

3

18,43,789

89,545

78,790

10,755

17,64,999

4

17,64,999

89,545

79,249

10,296

16,85,750

5

16,85,750

89,545

79,712

9,834

16,06,038

6

16,06,038

89,545

80,177

9,369

15,25,861

7

15,25,861

89,545

80,644

8,901

14,45,217

8

14,45,217

89,545

81,115

8,430

13,64,102

9

13,64,102

89,545

81,588

7,957

12,82,515

10

12,82,515

89,545

82,064

7,481

12,00,451

11

12,00,451

89,545

82,543

7,003

11,17,908

12

11,17,908

89,545

83,024

6,521

10,34,884

13

10,34,884

89,545

83,508

6,037

9,51,376

14

9,51,376

89,545

83,995

5,550

8,67,380

15

8,67,380

89,545

84,485

5,060

7,82,895

16

7,82,895

89,545

84,978

4,567

6,97,917

17

6,97,917

89,545

85,474

4,071

6,12,443

18

6,12,443

89,545

85,973

3,573

5,26,470

19

5,26,470

89,545

86,474

3,071

4,39,996

20

4,39,996

89,545

86,979

2,567

3,53,017

21

3,53,017

89,545

87,486

2,059

2,65,532

22

2,65,532

89,545

87,996

1,549

1,77,535

23

1,77,535

89,545

88,510

1,036

89,026

24

89,026

89,545

89,026

519

0

As you can see, the principal component in EMIs increases with each month. This means you repay a higher part of the outstanding amount in each subsequent EMI. So, the interest component reduces accordingly on a monthly basis. 

 

And while the calculations seem complex, you need not worry about computing the EMIs yourself, since you have the LIC housing loan EMI calculator to rely on. 


Do note that while the tenure we have taken is just 2 years, that is simply to explain the EMI calculator. Typically, home loan repayment tenures are much longer.

Factors that Affect Home Loan EMIs

Now that you have seen how the LIC home loan EMI calculation works; you probably already have a fair idea of the key factors that affect home loan EMIs. More specifically, there are just three factors that influence your loan installments, and these are the same three factors that you need to feed into the EMI calculator.

 

Here’s a closer look at these factors.

 

  • The loan principal

Your home loan EMIs are directly proportional to the amount of loan that you borrow. The higher the loan principal, the higher the EMIs.

 

  • The interest rate

Your home loan EMIs are also directly proportional to your interest rate. A poor credit score or other factors may lead to a higher interest rate, which could, in turn, increase your EMIs.

 

  • The repayment tenure

If you opt for a longer repayment tenure, your monthly EMI installments will reduce because the repayment is spread out over a longer period. 

 

Benefits of LIC Housing Loan EMI Calculator

Not only is the LIC HFL EMI calculator easy to use, but there are also many advantages that you get to experience by using this nifty online tool. Here is a closer look at some of the benefits of using this EMI calculator. 

 

  • Accurate financial planning

Since this is an online tool that automatically computes the EMIs based on your inputs, there is no room for error. You can get to know your EMIs accurately and create your financial plan accordingly. 

 

  • Clarity about your repayment schedule

Knowing your EMIs beforehand also gives you the option to understand your repayment schedule better. This way, you can create a budget accordingly and ensure that you have sufficient repayment capacity.

 

  • Comparison of multiple options

You can also use the LIC housing loan EMI calculator to compare the EMIs for different amounts of loans at different repayment tenures, so you can find the option that works best for you.

 

FAQs on LIC HFL Home Loan EMI

  • ✔️How is the LIC HFL Home Loan EMI Calculator beneficial?

    The LIC HFL home loan EMI calculator is useful because it helps you get a better idea of your EMIs before you avail a loan.

  • ✔️Can I pay LICHFL Home Loan EMI online?

    Yes, you can pay your LIC HFL home loan EMIs online via your bank’s internet banking portal.

  • ✔️What is the LIC home loan interest rate at present?

    The interest rate for LIC HFL home loans begins at 8% per annum, currently.

     

  • ✔️ How can you get a repayment schedule for the loan?

    You can visit the official website of LIC Housing Finance to download your repayment schedule.