LIC HFL EMI Calculator

What is the LIC HFL Calculator?

The LIC HFL loan calculator is a handy online tool that allows you to quickly figure out your monthly home loan EMI (Equated Monthly Installment) based on your loan amount, tenure, and interest rate. It basically helps you estimate the amount of money you will be paying each month towards your home loan, thus giving you the ability to plan your finances efficiently. Besides, it makes it simple to compare various loan amounts, interest rates, and tenures, so you can be sure of selecting the option that fits your budget and requirements.

When you use the LIC home loan protection plan premium calculator, it sets you up nicely for the loan repayment process and keeps you safe from any unpleasant surprises that might come up due to misunderstandings about your loan responsibilities.

A subsidiary of India’s most extensive insurance company, Life Insurance Corporation of India, LIC Housing Finance Limited (LIC HFL) is one of the leading providers of a wide range of home loan products for Indian and non, Indian residents as well as pensioners. To help customers figure out their monthly installment and total repayment obligation, LIC HFL has provided an LIC home loan protection plan premium calculator.

Moreover, policyholders in LIC of India can manage their home loan accounts and obtain different services anytime and anywhere using the LIC customer portal. Through the LIC customer portal, users may check their loan status, pay their premiums, and get other key information of their home loan.

How to Use LIC Home Loan Calculator?

To use the LIC Housing Loan Calculator, it is only necessary for you to follow the simple steps below:

Step 1: Go to the LIC HFL official site

Step 2: Find Home Loan EMI Calculator

Step 3: Select EMI Calculator

Step 4: Input the details such as the loan amount, the repayment period, and the interest rate.

The calculator will display a pie chart showing the percentage of the Principal Amount and the Interest Amount.

How Does the LIC Home Loan Calculator Work?

Before we figure out how the LIC home loan calculator functions, lets see what formula it relies on to calculate the EMI:

EMI = [P x R x (1 + R)^N] / [(1 + R)^N - 1]

Where:

P = Principal loan amount

R = Rate of interest (will be divided by 12)

N = Loan tenure in months

Here is an example to demonstrate the use of the LIC home loan protection plan premium calculator.

Example: Using the LIC Home Loan EMI Calculator

Suppose Amit is a salaried employee who wants to take a home loan for Rs. 45, 00, 000 for 15 years at an annual rate of interest of 8. 5%. To calculate his EMI using the LIC Housing Finance loan calculator, he will input the following details:

Loan amount (P) = Rs. 45,00,000

Interest rate (R) = 8.5% per annum (will be divided by 12)

Loan tenure (N) = 180 months (15 years)

Substituting these values into the formula, the EMI can be calculated as:

EMI = [45,00,000 x 0.00708 x (1 + 0.00708)^180] / [(1 + 0.00708)^180 - 1]

After performing the calculation, the EMI comes out to approximately Rs. 44,313 per month.

This means Nandini will have to pay Rs. 44,313 as her EMI every month for the next 15 years, unless she opts for early repayment or loan foreclosure. Additionally, the LIC Housing Finance home loan calculator will display the total repayment liability over the entire tenure, which, in this case, amounts to Rs. 7,976,390.

Why Use the LIC Housing Finance EMI Calculator?

Here are some of the reasons why the premium calculator of LIC home loan protection plan is a beneficial tool to potential home loan borrowers:

Accuracy and Precision

LIC HFL EMI calculator very correctly arrives at the calculation of EMI without any mistake. It uses a preset formula to give you the exact monthly payment amount, which in turn, helps you to plan and budget your finances properly.

Loan Comparison Flexibility

You can use the LIC Housing Finance loan calculator to try out different loan amounts, interest rates, and loan durations. This way you can decide on the combination of terms that will best suit your budget and financial goals.

Fast and Handy

In this way, you can work out the combination of periods that will be most suitable to your budget and financial objectives. Enter your loan details and you can very quickly determine your EMI.

Simple to Operate

The LIC home loan protection plan premium calculator is very easy for a user to understand and the operation is very simple. You do not have to understand finance; just put down the loan amount, interest rate, and tenure and you will get the EMI simply and efficiently.

Enhanced Financial Planning

With the aid of the LIC HFL calculator, you gain knowledge about your monthly installments, which eventually helps you in organizing your funds better. Once you have the total loan cost in your hand, you will be able to budget and hence avoid stress due to financial constraints.

Informed Decision-Making

The LIC home loan rate calculator enables you to consider different loan options and make well-informed decisions. By playing with the loan amount, interest rate, or tenure, you can figure out the option that nicely matches your budget and future plans.

Prepayment Planning

Making use of a LIC home loan calculator in case you are thinking of making early repayments or getting the loan closed helps you in being aware of the changes in EMI and the total cost, thus, enabling you to plan your finances in a better way.

No Hidden Surprises

The LIC home loan protection plan premium calculator provides complete disclosure by displaying the impact of interest rates on your EMI. You will get to know your monthly payments and the total loan cost, thus avoiding any unexpected situations.

Factors Affecting LIC Home Loan EMIs

Factors that determine your LIC Housing Mortgage Loan EMI are explained below:

Loan Amount

Higher loan amount, higher EMI. Thus, it is wise to only borrow the amount that you really need and which you can comfortably repay.

Loan Tenure

If you choose a long tenure, your EMI will be less, but you may pay more interest in total. On the other hand, having a short tenure will mean higher EMIs and fewer interest payments.

Interest Rate

The interest rate of LIC HFL plays a crucial role in determining the EMI amount. If the interest rate is low, the EMIs will also be low and vice versa. A lower interest rate means lower EMIs, and vice versa. Hence, it is very important to keep an eye on the LIC housing loan interest rates to get the best deal.

Your Credit Score

The credit profile of the borrower can be a deciding factor of the interest rate to be given by LIC Housing Finance. A good credit score may entitle you to a better rate, thereby lessening your EMI burden in a big way.

Note: For more details, contact LIC HFL Customer Care

Summing Up

Whether you are buying a home for the first time or refinancing, the LIC Housing Finance calculator is a handy tool for getting a thorough understanding of a home loan. Using the LIC HFL calculator, you can quickly compute your EMIs and get a clear picture of how the tenure and the interest rate changes may impact your payments. It also helps you in getting an estimate of your monthly payments to check if they are affordable for you. It is a clear, simple, and powerful resource that lets you easily organise your finances and become a hassle-free buyer of your dream home.

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