LIC home loan EMI calculator can be used as many times as you wish to. It is an online tool which is free of cost and hence has no limitations. It is the easiest tool that can help you calculate home loan EMI in a few minutes. This tool would take into account the basic details of your home loan which are:
- Loan amount
- Interest rate
When you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example of the loan amount ₹20 lakhs with the tenure of 20 years and interest rate of 8.45% p.a.
Total interest outgo: ₹21,50,374
Total amount: ₹41,50,374
Here is the formula to calculate the EMI or equated monthly installment:
E= P.r. (1+r)*n/((1+r)*n -1)
P=Principal loan amount
r= Rate of interest on monthly basis (r= Annual rate of interest/12/100)
LIC Home Loan Interest Rate
The interest rates start from 8.45% to 8.90% per annum which is among the lowest rates in India at present. On the basis of the income and property value, the rates differ.
LIC Home Loan Schemes
You can get funds from LIC HFL for the following purposes:
- For house purchase
- For construction
- For extension
- For repair/renovation
- For plot purchase
- Balance transfer
Who can avail LIC Home Loan?
- Resident Indians
- Non-Resident Indians
- Pensioners (before retirement and after retirement)
Each of the above have different eligibility criteria. Look at the eligibility required by applicants from each category.
For Resident Indians- Home loans are offered to resident Indians for meeting the objectives of purchasing a new house/residential unit, for the construction of a new house or residential unit or for making an extension to an existing residential unit.
For Non-Resident Indians- LIC Home Loans understand the need of a non-resident Indian to have their own house, in their own country. In order to fulfill this objective, LIC provides NRI customers with home loans which are available for the purchase of a new house, for the construction of a new house or for making an extension to an existing home.
For Pensioners- It is easy for a young workforce to obtain a home loan, but the same might not be comparatively easy for someone who might be reaching their retirement age or has already retired. LIC Home loans make it simpler as they provide home loans for individuals who are in the process of retirement age or have crossed the limit of retirement. These home loans come with simpler terms and offer multiple benefits such as easy repayment, low-interest rates, comfortable tenure etc.
As you can see LIC home loan calculator can be used as many times as you want. You have also read the purposes for which you can take this loan. You can visit the website for further details.