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LIC Home Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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What Is the LIC Home Loan EMI Calculator

Home loans in India present many advantages for individuals desiring to own homes. However, given the magnitude of such an investment, conducting thorough research and analysis is essential to make an informed decision. Comparing interest rates offered by different providers and understanding the final loan cost can help determine the most viable option. EMI calculators can be invaluable tools here in evaluating the monthly payments, total interest and total payable amount. 

If you are opting for a home loan from LIC, you may use the Angel One LIC home loan EMI calculator. All you need to do is input the loan amount, duration, and interest rate. The online LIC home loan EMI calculator will then calculate your EMI and interest payable in seconds.

The primary benefit of using this calculator is that it ensures accuracy, eliminating any room for errors. Secondly, it allows you to compare multiple installment options, helping you choose the most suitable monthly payout based on your financial capabilities.

How Does the LIC Home Loan EMI Calculator Work?

The LIC home loan EMI calculator, available on Angel One, offers a convenient and accurate method to calculate your EMIs. This online tool takes into account variables such as the loan amount, tenure, and interest rate to give you a realistic estimate of your investment and interest payable. 

The process of using the online LIC home loan EMI calculator is straightforward and user-friendly. Once you enter all the required variables, the tool promptly generates an estimation of the EMIs, allowing you to plan your finances effectively.

What Is the LIC Home Loan EMI Calculator Formula?

The LIC home loan EMI calculator formula below is used to calculate EMIs on your home loans.

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

Here,

P is the principal amount

R is the applicable interest rate

N is the repayment term or duration

How To Use the LIC Home Loan EMI Calculator Online?

Follow these simple steps to use the LIC home loan EMI calculator effectively. 

  • Access the LIC home loan EMI calculator on Angel One. 
  • Input the loan amount you intend to borrow. 
  • Enter the applicable interest rate for the loan and the loan tenure

Once you've entered all the details, the online LIC home loan EMI calculator will swiftly process the information and generate the EMI for your LIC home loan. The calculator may also display a detailed breakup of the EMI, including the total principal amount, interest, and payable amount. 

Here’s an example to help you better understand the calculation. Suppose you want a home loan of Rs. 25,00,000 for 10 years at 12% per annum. Once you enter these parameters into the Angel One LIC home loan EMI calculator, the calculator will calculate your EMI as Rs. 35,868. The total payable amount will be Rs. 43,04,128, and the interest will be Rs. 18,04,128.

Benefits of Using a LIC Home Loan EMI Calculator

Listed below are the primary benefits of using the LIC home loan EMI calculator:

  • Accurate and instant results: The online LIC home loan EMI calculator provides accurate results, eliminating the possibility of human eros and biases. 
  • Convenient and time-saving: Calculating EMIs manually can be time-consuming. However, with the LIC home loan EMI calculator, you can effortlessly compute your EMIs within seconds. It saves you valuable time and eliminates the need for complex mathematical calculations.
  • Financial planning made easy: The online LIC home loan EMI calculator enables you to explore different loan scenarios by adjusting the loan amount, interest rate, and tenure. By doing so, you can assess the impact of these variables on your monthly EMIs and plan your finances accordingly. It empowers you to make well-informed decisions about your home loan and choose the most suitable option.
  • Comparison: With the online LIC home loan EMI calculator, you can compare different home loan options by varying the loan parameters. It enables you to optimise your loan structure and choose the option that best suits your requirements. 
Types of Home Loans Offered by LIC

Here are some of the types of home loan schemes offered by LIC:

  • Griha Suvidha Home Loan

With Griha Suvidha Home Loans from LIC HFL, you can now fulfil your dream of owning a home, regardless of age or income type. These mortgage guarantee-backed housing loans offer competitive interest rates, such as 8.80% for loans ranging from more than ten lakhs to two crores and 8.95% for loans ranging from two to three crores.

It is particularly beneficial for applicants who receive a part of their cash salary or those nearing retirement who require an extended loan term. It also welcomes self-employed individuals who are seeking an extended loan term.

  • Home Loan for Non-Resident Indian

If you're an NRI with dreams of owning a house in India, LIC HFL offers a wide range of home loans tailored to your needs. You can enjoy a maximum tenure of 30 years or until you reach 60, whichever comes first. The interest rates are among the lowest available, with no prepayment penalties. 

Whether you're looking to construct or purchase a house or flat from private developers or housing boards or require funds for repairs and renovations, the home loan covers your expenses. Furthermore, you can take over or transfer the balance of existing home loans.

  • Plot loans

You can secure this loan if you're considering purchasing a plot from government bodies, development authorities, or approved layouts. You can borrow up to 75% of the property value. The loan term can extend up to 15 years.

FAQs

What is the LIC home loan EMI calculator?

The LIC home loan EMI calculator helps you estimate the EMI amount you need to pay for your home loan. It considers the loan amount, interest rate, and loan tenure to calculate the monthly instalment you may be liable to pay.

How to use the LIC home loan EMI calculator online?

You can access the online LIC home loan EMI calculator on Angel One. Once you enter the loan amount you wish to borrow, tenure, and the applicable interest rate, the LIC home loan EMI calculator will display the estimated EMI amount and total payable amount.

Is the LIC home loan EMI calculator free to use?

Yes, the LIC home loan EMI calculator is free to use. It is available on Angel One.

Is there a penalty on the prepayment of the LIC home loan?

It depends on the terms and conditions set by the lending institution. Some lenders may impose a penalty or charge on prepaying the home loan before the agreed loan tenure is completed.

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