What is LIC Home Loan EMI calculator?

LIC home loans EMI calculator is an online tool that helps a borrower to know how much EMI amount they need to pay against a loan amount during the loan tenure. Individuals are able to take into consideration beforehand whether the EMI amount fits their monthly budget or not. 

Generally, home loans denote high-value funds availed for an extended repayment timeline. This way the total payable amount becomes considerably high. As a borrower, one needs to remain watchful when opting for an instalment amount.

While offering convenience,  LIC home loan EMI calculator computes the payout options within seconds. Individuals need to enter their desired advance amount, applicable interest rate, and repayment term to the calculator. The resultant EMI is displayed accordingly.

It is also possible to alter the values of tenure and loan amount components to find out the best loan option.

How to calculate LIC home loan EMI?

LIC Home Loan EMI calculator takes into account some basic details such as loan amount, repayment term required (months) and interest rate (monthly).

Based on this, you get the pie-chart representation for the monthly payment (EMI), the total interest payable, and the total payment (interest+principal). Besides, you also get the amortization table displaying the details of maturity value for each year throughout the tenure. 

LIC Home Loan EMI Calculation Formula

The LIC home loan EMI calculator uses the following formula to determine the EMI amount:

EMI = [P x r x (1 + r)^n] / [( 1 + r)^n - 1]

In which,

P=the principal home loan amount

r =the rate of interest per month

n = the loan tenure in months

How can LIC home EMI calculator help you?

Calculating the EMI of a home loan manually is a time-consuming activity. However, using the EMI calculator will generate the result in a short time. This way, it makes computing the housing loan EMIs easy. This helps you get the details of interest to be paid based on the tenure and loan amount. 

With all the home loan-related information well in advance, this will help you in making an informed credit decision. Additionally, it helps in negotiating with the lender and settling for a better interest rate.

Also, manual calculation poses a risk of errors, but the result provided by the online EMI calculator is accurate and quick. You can use the online tool for various loan amounts, tenure, and interest rates and you will get the results based on this.

LIC Amortization Schedule

Let’s assume, you have taken a home loan of Rs 10 lakh for a period of 15 years or 180 months. The interest rate is fixed at 8.35% every year. The following is the amortization schedule.

How to use LIC Home Loan EMI Calculator?

You can use the Home Loan EMI calculator LIC India to determine the home loan EMI amount in the following three steps:

Step 1: Enter the loan amount required

Step 2: Input the repayment term required in months

Step 3: Specify the interest rate at which you are availing the home loan

After the details are entered, the LIC Housing EMI calculator  will display the total loan amount, the principal amount, the interest amount, and the EMI amount.

Example of LIC home loan EMI calculator

Let’s assume that an individual applies for a housing loan of Rs 1 crore. The loan carries an interest rate of 8.4% interest rate and the repayment term is 30 years or 360 months. By using the EMI calculator formula:

EMI = [P x r x (1 + r)^n] / [( 1 + r)^n - 1]

EMI = 1,00,00,000 x 0.084/12 x (1 + 0.084/12)^360 / [(1 + 0.084/12)^360 - 1]

EMI = 1,00,00,000 x  0.007 x (12.3199628)/ 11.3199628

EMI =  8,62,397.39/ 11.3199628

EMI = Rs 76,184 (approximately)

How to calculate home loan eligibility in LIC 

LIC home loans are available at an interest rate 8.35-9.25% per annum  to eligible customers. It is possible to check your eligibility using the LIC home loan eligibility calculator. 

For salaried individuals:

A salaried employee should be of a minimum age of 21 years and a maximum of 50 years while applying for a home loan

Income should be above Rs 25,000 per month, annually Rs 3,00,000.

You must have minimum work experience of at least two years.

A credit score above 600 is mandatory 

Both Indian residents and Non-Resident Indians (NRIs) can avail

For self-employed Individuals:

These individuals could be in the age group of 21 to 75 years

Your business should have been established for at least two years and earned profits.

You must have a credit score above 600

Home loans are available for both Indians and NRIs

Benefits of Using LIC Home Loan EMI Calculator

The LIC home loan EMI calculator offers several advantages, which are as follows:

Prepares a borrower for the home loan by predicting the potential EMI payable even before the approval of a home loan

Eliminates the need for manual calculations and any possibility of errors.

Enables to adjust the loan amount and tenure by entering different values of principal amount, tenure, and interest rates, to arrive at an affordable EMI amount.

Knowledge in advance related to EMI allows you to understand whether you can accommodate the EMI without affecting other mandatory expenses.

Other Loan EMI Calculator:
1. Home Loan EMI Calculator
2. HDFC Home Loan EMI Calculator
3. ICICI Home Loan EMI Calculator
4. Axis Bank Home Loan EMI Calculator
5. Canara Bank Home Loan EMI Calculator
6. Axis Bank Home Loan EMI Calculator
7. PNB Home Loan EMI Calculator
8. BOB Home Loan EMI Calculator