Using a loan calculator is one of the easing things. If you know the interest rate offered by LIC HFL on home loans, you can very easy calculate your monthly installment. There are many calculators available online and is free of cost.
Below is an example showing the effective monthly installment for lowest LIC home loan interest rate. You can change value and then calculate EMIs with the help of LIC home loan EMI calculator.
LIC Home Loan EMI Calculator
A home loan calculator takes into account the basic details of your home loan which are:
- Loan amount
- Tenure
- Interest rate
Now, 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 with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.
EMI: ₹19,519
Total interest outgo: ₹15,13,480
Total amount: ₹35,13,480
Here is the formula to calculate the EMI or equated monthly installment:
E= P.r. (1+r)*n/((1+r)*n -1)
Where,
E=EMI
P=Principal loan amount
r= Rate of interest on monthly basis (r= Annual rate of interest/12/100)
n=Loan tenure
LIC Home Loan Eligibility
Below is the eligibility criteria that an applicant must match to apply for a home loan at LIC:
- Resident of India
- Non-Resident of India
- Pensioners
- Salaried employees
- Self-employed professionals
- Businessmen
- Pensioners below 70 years of age are classified as before-retirement individuals
- Pensioners of 70 years of age and above are classified as post-retirement individuals
Eligibility for Salaried NRI/PIO customers
For Purchase/Construction and Repairs/Renovation:
- You can get minimum loan amount of ₹1 lakh
- You can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhs
- Qualified professionals can choose loan tenure up to 20 years
- Others can get the loan for the tenure up to 30 years
For Plot Purchase:
- You can get minimum loan amount of ₹1 lakh
- You can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhs
- The loan can be taken for the maximum tenure of 15 years
For Takeover from other Banks:
- Salaried applicants can get the loan for the maximum tenure of 30 years
- Businessmen can get the loan for the maximum tenure of 20 years
How can you apply for the loan?
The simplest way is to apply online. You just have to visit the official website of LIC HFL home loan and then proceed as per the requirement of the form. The applicants must have all the related details with them at the time of filling online loan application form.
