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LIC Home Loan EMI Calculator

Home LIC Home Loan LIC Home Loan EMI Calculator

The LIC Home Loan EMI Calculator is a user-friendly online tool designed to help borrowers calculate their home loan EMIs. It enables borrowers to assess their optimal EMI and tenure based on their repayment capacity and overall financial situation. Additionally, the calculator provides an amortization schedule, which details the breakdown of principal and interest payments for the entire loan repayment tenure. This breakdown is especially useful for tax planning, as it allows borrowers to calculate the deductions available under Section 24(b) for interest payments and Section 80C for principal repayment, as per the Income Tax Act.

Calculate Loan EMI

Loan Amount

1 L 40 Cr

Interest Rate

%
6 % 20 %

Tenure

Years
0 Year 30 Years

EMI

0

Interest Payable

0

Total Amount Payble

0

* The EMI calculation is based on interest rate input provided by the user and for illustrative purposes only.More

The EMI calculator uses the reducing balance method to calculate loan EMI and total interest payable using key data (Principal, Interest Rate and Tenure) as provided by the user. Additional charges such as processing fees, documentation charges, etc. that may be applicable are not considered by this calculator.

Updated: 23-12-2024 12:40:49 PM

Factors Affecting your LIC Home Loan EMIs

Interest Rate

LIC Housing Finance offers floating-rate home loans ranging from 8.50% to 11.25% p.a. The HFC offers differential home loan interest rates based on the type of home loan scheme availed, CIBIL score and loan amount. The final interest rate offered for your LIC home loan would depend on the credit risk assessment undertaken by the HFC.

As home loan interest rates play a crucial role in determining the overall borrowing cost, prospective applicants should compare the rates offered by other banks and Housing Finance Companies (HFCs). Below is a list of interest rates from some of the lenders, based on the loan amount:

Name of LenderLoans of Up to Rs. 30 Lakh
Bank of India7.10% p.a. onwardsCheck Eligibility
State Bank of India7.25% p.a. onwardsCheck Eligibility
Punjab National Bank7.20% p.a. onwardsCheck Eligibility
Canara Bank7.15% p.a. onwardsCheck Eligibility
HDFC Bank7.90% p.a. onwardsCheck Eligibility
Bajaj Housing Finance7.40% p.a. onwardsCheck Eligibility
ICICI Bank7.65% p.a. onwardsCheck Eligibility
Axis Bank*8.25% p.a. onwardsCheck Eligibility
Federal Bank*7.90% p.a. onwardsCheck Eligibility
Kotak Mahindra Bank7.70% p.a. onwardsCheck Eligibility
IDFC FIRST Bank8.85% p.a. onwardsCheck Eligibility
IDBI Bank7.35% p.a. onwardsCheck Eligibility
RBL Bank8.20% p.a. onwardsCheck Eligibility
Tata Capital Housing Finance7.75% p.a. onwardsCheck Eligibility
PNB Housing Finance*7.20% p.a. onwardsCheck Eligibility
Sammaan Capital
(Formerly known as Indiabulls Housing Finance)		8.75% p.a. onwardsCheck Eligibility
India Shelter Home Loan8.43% p.a. onwardsCheck Eligibility
L&T Finance Limited*8.40% p.a. onwardsCheck Eligibility
Godrej Housing Finance7.75% p.a. onwardsCheck Eligibility
Home First Finance8.00% p.a. onwardsCheck Eligibility
Easy Home Finance8.99% p.a. onwardsCheck Eligibility
Piramal Capital Housing Finance*8.25% p.a. onwardsCheck Eligibility
Shubham Housing Finance10.45% p.a. onwardsCheck Eligibility
Punjab & Sind Bank7.30% p.a. onwardsCheck Eligibility
Jio Housing Finance8.20% p.a. onwardsCheck Eligibility
HDFC Sales Pvt Ltd7.90% p.a. onwardsCheck Eligibility

Loan Amount

The final loan amount will be based on your repayment capacity and the Loan-to-Value (LTV) ratio set by the lender. Banks and HFCs usually prefer to approve loans of those applicants whose total EMIs, including the EMI of the proposed home loan, do not exceed 50-55% of their total monthly income. Additionally, opting for a larger loan amount will result in higher EMIs and interest costs. Therefore, prospective borrowers with adequate financial surpluses should consider making a larger down payment, as this will reduce both their EMIs and the overall interest cost of their home loan. It is also important to note that many lenders offer lower interest rates to borrowers opting for lower LTV ratios as these reduce the credit risk for the lenders.

Loan Tenure

LIC HFL offers home loans for repayment tenures of up to 30 years and plot loan for up to 15 years. The housing finance also provides home loan to pensioners for tenure of up to 30 years or up to 80 years of age of the applicant. Prospective home loan borrowers should note that the longer repayment tenures may lead to lower EMIs but could result in higher overall interest costs. Therefore, selecting a tenure aligning with your repayment capacity is crucial. Using a Home Loan EMI Calculator to know their home loan EMIs beforehand for different tenures and choose the most suitable one based on their repayment capacity.

Charges Applicable on Non-payment of EMI for LIC Home Loans

Stated below is the charge levied by LIC Housing Finance towards its home loan borrowers for non-payment of the EMI amount:

Late EMI Payment Charges/Penal Charges
Particulars Penalty
Defaulted instalments of up to 12 months 1.50% per month
Defaulted/delayed instalment beyond 12 months default 1.75% per month

 

 

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