LIC Home Loan EMI Calculator

Once the loan is accepted, the borrower is required to pay back the loan amount in terms of EMIs, which is a specified amount of money to be paid on a fixed day every month. The payment of EMIs continues until the settlement of the total loan amount.

The EMIs are different for different loan tenures, depending upon the home loan rate of interest at the time of acceptance of the loan.

Calculating LIC Housing EMIs at Different Home Loan Tenures

At the same rate of interest, the EMIs for the home loan will be different for different tenures of the loan. The lesser the time, the more is the EMI. The borrower has to carefully assess his financial situation before finalizing a specific period of the loan.

The table below shows the EMI values at 6.90% interest rate p.a. for different tenure periods for different loan amounts. One can easily observe that as the number of years to pay off the loan increases, the EMI value decreases. However, it is always recommended to pay off the loan at your earliest convenience.

An EMI payment amount includes payment both towards the principal repayment and the interest.

EMI calculations use a mathematical formula and are tedious to do. If done inaccurately, they can lead to erroneous results. To make the EMI calculations simple, the Home Loan EMI Calculator can be of utmost use. It is an online tool where you can enter as input the home loan amount, the rate of interest and the tenure of loan repayment and immediately get the Equated Monthly Instalment amount.

 Inputs for a Home Loan EMI Calculator

1.    Amount of home loan- This is the amount that has the borrower has taken from the lender.
2.    Repayment tenure- This is the time taken for loan repayment for a particular number of years.
3.    Rate of interest- This is the rate at which the bank charges for the given loan amount. The higher the rate of interest, the higher is the amount of the EMI.

Once you enter these values correctly in the tool provided, it will furnish you with the correct EMI value within seconds.

EMI tools are handy in determining the tenure and extent of the loan. The borrower should choose the loan with a lower interest rate so that EMI payment does not put financial stress.

• Transfer your current home loan to another bank offering lesser interest rate.
• If financially comfortable, choose loans for smaller repayment periods.
• If you can, try to make a payment more than your regular EMI.

Try to prepay your loan wherever possible.

For the borrower’s ease, LIC Housing Finance provides a complete table of EMI payments. It gives clear information about the EMI amount, interest amount paid, amount of principal standing for each repayment year. The schedule is given to borrowers on complete sanctioning of the loan and before the first EMI is due.

The programme for the payment amount of the EMI is such that in the early part of the repayment tenure, more of the interest amount is taken care of, whereas, in the latter part of the period, more proportion of the EMI goes towards reducing the principal amount.

If the borrower is convenient to take care of higher monthly instalments, he/she can choose Amortisation schedules with shorter Amortisation periods so that they can save on interest across the entire tenure.