LIC Home Loan EMI Calculator
Loan Details
About LIC Home Loans
What is EMI?
EMI (Equated Monthly Installment) is the fixed payment amount you pay each month towards your home loan, which includes both principal and interest components.
Current LIC Rates
- • 8.35% – For loans up to ₹50 lakh
- • 8.50% – For loans above ₹50 lakh
- • Women borrowers get 0.05% discount
Tips to Reduce EMI
- • Increase your down payment
- • Opt for a longer tenure
- • Improve your credit score
- • Negotiate for better interest rates
How EMI is Calculated
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where:
P = Loan amount
R = Monthly interest rate
N = Loan tenure in months
LIC Home Loan Calculator – Know your EMI and Interest in an easy way
It is every Indian’s dream to build or buy their own house. However, the biggest challenge when buying a house is arranging finance. Most people take home loans to fulfill their dreams. And when it comes to trust, LIC Housing Finance is a very reliable option.
To make your planning even easier, LIC has launched an innovative tool – the LIC Home Loan Calculator. With the help of this calculator, you can instantly calculate your EMI, Interest, and total repayment.
In this article, we will explain in detail the LIC Home Loan Calculator, its benefits, features, how to use it, and FAQs.
What is the LIC Home Loan Calculator?
The LIC Home Loan Calculator is an online tool that instantly calculates the EMI of your loan. You have to enter only three things:
- Loan Amount
- Interest Rate
- Loan Tenure (year or month)
As soon as you give these inputs, the calculator immediately shows:
- Monthly EMI
- Total Interest payable
- Total Repayment (Principal + Interest)
This gives you a clear idea of how much load will come on your monthly budget.
Why should you use the LIC Home Loan Calculator?
A home loan is a long-term financial decision. If you make a wrong calculation, it can put a heavy burden on your budget.
Benefits of the LIC Home Loan Calculator:
- End of tension of manual calculation
- 100% accurate result
- Time-saving and free tool
- Option to check a different amount or rate every time
- Can be easily used on both mobile and laptop
How does the LIC Home Loan Calculator work?
A formula is used in this calculator:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan amount
- R = Rate of Interest (monthly)
- N = Tenure (months)
Example:
If you take a loan of ₹30,00,000, at 8.5% interest, for 20 years:
- EMI = approx ₹25,900
- Total Interest = ₹32,16,000
- Total Repayment = ₹62,16,000
Features of the LIC Home Loan Calculator
- Super fast and easy to use
- Mobile-friendly interface
- Accurate EMI and repayment calculation
- No registration required
- Shows the Loan breakup (Principal + Interest)
The LIC Home Loan Calculator is suitable for different loan sizes:
- Small Loans (up to ₹10 Lakh): Ideal for renovating a small flat.
- Medium Loans (₹10-50 Lakh): Most popular option for buying a house.
- Large Loans (₹50 Lakh+): For a luxury house or bungalow.
LIC Home Loan Calculator vs Manual Calculation
Manual calculation is confusing, and there is always a chance of mistakes. With the calculator:
- You get instant EMI
- You can test new scenarios every time
- You don’t need any maths knowledge
- Results are always accurate
Step-by-Step Method to Use the LIC Home Loan Calculator
- Open the LIC Home Loan Calculator.
- Enter Loan Amount (example ₹25,00,000).
- Enter Interest Rate (example 8.3%).
- Select Tenure (example: 15 years).
- Press the Calculate button.
- You will immediately see EMI, Interest, and Total Payment.
For whom is the LIC Home Loan Calculator helpful?
- First-time home buyers
- Salaried employees who want to check their monthly budget
- Business people who want to plan their cash flow
- Real estate investors who buy multiple properties
Real Life Example
Mr. Sharma wants to buy a flat and plans a loan of ₹40,00,000 for 25 years at 8.4% interest.
- EMI: ₹32,150 approx.
- Total Interest: ₹56,45,000 approx.
- Total Payment: ₹96,45,000 approx.
With this calculation, he gained clarity from the outset about the monthly and overall burden it would place on him.
Tips to Reduce EMI
You can also understand tricks to manage EMI by using the LIC Home Loan Calculator:
- Make part-prepayment when extra income comes.
- Compare the interest rates of different lenders.
- Use the balance transfer option if another bank is offering a lower rate.
FAQs – LIC Home Loan Calculator
Q1. What does the LIC Home Loan Calculator do?
This is an online tool that calculates your EMI and repayment amount.
Q2. Is it free?
Yes, it is free and available 24/7.
Q3. Does it calculate prepayment?
Not in the basic calculator, but the advanced versions have this option.
Q4. Can it be used on mobile?
It runs efficiently on smartphones.
Q5. Are the results accurate?
Yes, 100% accurate results are obtained according to the inputs.
Q6. Can I check different interest rates?
Yes, you can test multiple scenarios.
Conclusion: Why is it necessary to use the LIC Home Loan Calculator?
Taking a loan is simple today, but planning the EMI and repayment correctly is equally important. Here, the LIC Home Loan Calculator becomes your best financial partner. If you are planning to take a home loan, try out the LIC Home Loan Calculator once – it will save you both time and money.
