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LIC Home Loan EMI Calculator

LIC Housing Finance Home Loan Calculator

Last Updated 22nd Apr 2022

  • LIC Housing Finance home loan EMI per ₹ 1 Lakh is ₹ 662, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in LIC Housing Finance is calculated based on the loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for the LIC Housing Finance home loan before applying. Use an online LIC Housing Finance loan EMI calculator to estimate your EMI.
  • Check LIC Housing Finance home loan EMI for different tenures at the current LIC Housing Finance home loan interest rate of 6.95%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 11,585₹ 8,960₹ 6,619
    ₹ 20 Lakh₹ 23,170₹ 17,921₹ 13,239
    ₹ 30 Lakh₹ 34,755₹ 26,881₹ 19,858
    ₹ 50 Lakh₹ 57,925₹ 44,802₹ 33,097

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LIC Housing Loan EMI Calculator

LIC Housing Finance Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure, and interest rate. You can calculate your LIC Housing Finance housing loan EMI in advance to plan your loan payments and expenses using a LIC Housing Finance home loan calculator. LIC Housing Finance home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why Should You Use LIC Housing Finance Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: LIC Housing Finance offers the lowest EMI per lakh at ₹ 662. To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for LIC Housing Finance home loan.
  • Compare LIC Housing Finance Home Loan EMI: With the LIC Housing Finance home loan EMI Calculator online, you can also estimate EMI on your home loan from LIC Housing Finance with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any loan tenure period. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

How to Calculate EMI for Home Loan in LIC Housing Finance?

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the LIC Housing Finance Home Loan EMI calculator. The below-mentioned table shows the calculation of LIC Housing Finance Home Loan at the various combinations of loan amount and years at the lowest rate of 6.95%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right LIC Housing Finance Home loan plan for you.

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the LIC Housing Finance Home Loan EMI calculator. The below-mentioned table shows the calculation of LIC Housing Finance Home Loan at the various combinations of loan amount and years at the lowest rate of 6.95%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right LIC Housing Finance Home loan plan for you.

LIC Housing Finance home loan EMI is calculated for different loan amounts and tenures at 6.95% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,401 ₹ 19,308 ₹ 16,549
₹ 50 Lakh ₹ 44,802 ₹ 38,615 ₹ 33,097
₹ 75 Lakh ₹ 67,203 ₹ 57,923 ₹ 49,646
₹ 1 Cr ₹ 89,604 ₹ 77,230 ₹ 66,195

Benefits of using LIC Housing Finance Home Loan EMI Calculator

LIC Housing Finance Home Loan interest Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate, and tenure. Thus, using the LIC Housing Finance Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare LIC Housing Finance Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting LIC Housing Finance Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI LIC Housing Finance gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 15,00,00,000.

Interest Rate

Higher interest rate increases your LIC Housing Finance housing loan EMI which will increase the total cost of the loan. LIC Housing Finance current home loan interest rate starts at 6.95%. Do a complete market research and compare rates and calculate EMI online using the LIC Housing Finance home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in LIC Housing Finance. Your EMI will be lower if you take a 30 years loan from LIC Housing Finance as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

LIC Home Loan EMI Calculator Formula

LIC Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how LIC Housing Finance Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. LIC Housing Finance home loan amount can range from ₹ 15,00,000 to ₹ 15,00,00,000
  • R = Rate of interest per month. Current LIC Housing Finance housing loan rate 6.95%.PLR
  • N = tenure in month. For LIC Housing Finance, maximum home loan tenure is 360 months

Comparison of LIC Housing Finance Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
LIC Housing Finance 6.95% ₹ 6,619 ₹ 19,858 ₹ 33,097
HDFC 7.00% ₹ 6,653 ₹ 19,959 ₹ 33,265
ICICI Bank 6.90% ₹ 6,586 ₹ 19,758 ₹ 32,930
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.95% ₹ 6,619 ₹ 19,858 ₹ 33,097
Axis Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264

LIC Housing Finance Home Loan Amortization Calculator

LIC Housing Finance Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. LIC Housing Finance gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 35 Lakh for 15 years from LIC Housing Finance at an interest rate of 6.95%. EMI calculated for this loan amount is ₹ 31,361 and the total annual EMIs to be paid annually is ₹ 3,76,335. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 35 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 1,60,347 ₹ 90,543 ₹ 2,50,890 ₹ 34,09,457
2023 ₹ 2,32,431 ₹ 1,43,904 ₹ 3,76,335 ₹ 32,65,553
2024 ₹ 2,22,105 ₹ 1,54,230 ₹ 3,76,335 ₹ 31,11,323
2025 ₹ 2,11,037 ₹ 1,65,297 ₹ 3,76,335 ₹ 29,46,026
2026 ₹ 1,99,176 ₹ 1,77,159 ₹ 3,76,335 ₹ 27,68,867
2027 ₹ 1,86,464 ₹ 1,89,871 ₹ 3,76,335 ₹ 25,78,996
2028 ₹ 1,72,839 ₹ 2,03,496 ₹ 3,76,335 ₹ 23,75,500
2029 ₹ 1,58,237 ₹ 2,18,098 ₹ 3,76,335 ₹ 21,57,402
2030 ₹ 1,42,587 ₹ 2,33,748 ₹ 3,76,335 ₹ 19,23,654
2031 ₹ 1,25,814 ₹ 2,50,521 ₹ 3,76,335 ₹ 16,73,133
2032 ₹ 1,07,837 ₹ 2,68,498 ₹ 3,76,335 ₹ 14,04,635
2033 ₹ 88,570 ₹ 2,87,764 ₹ 3,76,335 ₹ 11,16,871
2034 ₹ 67,921 ₹ 3,08,414 ₹ 3,76,335 ₹ 8,08,457
2035 ₹ 45,790 ₹ 3,30,544 ₹ 3,76,335 ₹ 4,77,913
2036 ₹ 22,071 ₹ 3,54,263 ₹ 3,76,335 ₹ 1,23,649
2037 ₹ 1,796 ₹ 1,23,649 ₹ 1,25,445 -₹ 0

In the above illustration, on a LIC Housing Finance Home Loan of₹ 35 Lakh, taken at the lowest interest rate of 6.95, EMI paid is ₹ 31,361 and an annual total of EMIs is ₹ 3,76,335, the interest component is ₹ 2,38,928 while the principal component is ₹ 1,37,407 in year 1 of loan disbursement. You repay only 3.93% of the total principal after paying 12 EMIs during the first year.

LIC Housing Finance Home Loan EMI for ₹ 10 Lakh

The following table shows LIC Housing Finance Housing Loan EMI for ₹ 10 lakh home loan for different tenures at an interest rate of 6.95%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 6.95% 5 Years ₹ 19,778
₹ 10,00,000 6.95% 10 Years ₹ 11,585
₹ 10,00,000 6.95% 15 Years ₹ 8,960
₹ 10,00,000 6.95% 20 Years ₹ 7,723
₹ 10,00,000 6.95% 30 Years ₹ 6,619

LIC Housing Finance Home Loan EMI for ₹ 20 Lakh

The following table shows LIC Housing Finance Housing Loan EMI for ₹ 20 lakh home loan for different tenures at an interest rate of 6.95%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 6.95% 5 Years ₹ 39,555
₹ 20,00,000 6.95% 10 Years ₹ 23,170
₹ 20,00,000 6.95% 15 Years ₹ 17,921
₹ 20,00,000 6.95% 20 Years ₹ 15,446
₹ 20,00,000 6.95% 30 Years ₹ 13,239

LIC Housing Finance Home Loan EMI for ₹ 25 Lakh

The table below shows LIC Housing Finance Housing Loan EMI for ₹ 25 lakh home loan for different tenures at an interest rate of 6.95%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 6.95% 5 Years ₹ 49,444
₹ 25,00,000 6.95% 10 Years ₹ 28,963
₹ 25,00,000 6.95% 15 Years ₹ 22,401
₹ 25,00,000 6.95% 20 Years ₹ 19,308
₹ 25,00,000 6.95% 30 Years ₹ 16,549

LIC Housing Finance Home Loan EMI for ₹ 30 Lakh

The following table shows LIC Housing Finance Housing Loan EMI for ₹ 30 lakh home loan for different tenures at an interest rate of 6.95%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 6.95% 5 Years ₹ 59,333
₹ 30,00,000 6.95% 10 Years ₹ 34,755
₹ 30,00,000 6.95% 15 Years ₹ 26,881
₹ 30,00,000 6.95% 20 Years ₹ 23,169
₹ 30,00,000 6.95% 30 Years ₹ 19,858

LIC Housing Finance Home Loan EMI for ₹ 50 Lakh

The following table shows LIC Housing Finance Housing Loan EMI for ₹ 50 lakh home loan for different tenures at an interest rate of 6.95%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 6.95% 5 Years ₹ 98,888
₹ 50,00,000 6.95% 10 Years ₹ 57,925
₹ 50,00,000 6.95% 15 Years ₹ 44,802
₹ 50,00,000 6.95% 20 Years ₹ 38,615
₹ 50,00,000 6.95% 30 Years ₹ 33,097

Other Loan Calculators Offered by MyLoanCare

FAQs

Will the LIC Housing Finance home loan EMI remain constant or change in future?

No, your LIC Housing Finance Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the LIC Housing Finance Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in LIC Housing Finance interest rate?

LIC Housing Finance offers floating rate home loans only. If you take a floating rate loan from LIC Housing Finance, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your LIC Housing Finance home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will LIC Housing Finance home loan EMI change in case of prepayment?

LIC Housing Finance allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your LIC Housing Finance home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the LIC Housing Finance home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using LIC Housing Finance home loan calculator.

Why should I calculate LIC Housing Finance loan EMI before taking a loan?

It is advised to calculate LIC Housing Finance home loan EMI before taking a home loan. There are several benefits of calculating your LIC Housing Finance housing loan EMI which can be done using LIC Housing Finance home EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make LIC Housing Finance EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator LIC Housing Finance.

What is the EMI for home loan in LIC Housing Finance?

The LIC Housing Finance EMI will vary based on loan amount, tenure, rate of interest and can be calculated using LIC Housing Finance home loan calculator. Based on the lowest rate of 6.95% and maximum tenure of 30 years, the LIC Housing Finance home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,619
₹ 12 Lakh ₹ 7,943
₹ 15 Lakh ₹ 9,929
₹ 30 Lakh ₹ 19,858
₹ 50 Lakh ₹ 33,097

You can compare LIC Housing Finance home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a LIC Housing Finance Housing Loan EMI calculator?

Online LIC Housing Finance housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The LIC Housing Finance home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your LIC Housing Finance Home loan EMI Online?

To pay the EMI of LIC Housing Finance home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is LIC Housing Finance home loan EMI calculated?

The LIC Housing Finance Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

Compare Home Loan EMI of All Banks


LIC Housing Finance Home Loan Reviews 3.9/5  by 11 customers
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Murali, Tiruvallur
Reviewed on 26th Aug 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Mar 2021

Very good. The customer executive was very good. I will suggest to others.Read more...

Pusarla, Kanchipuram
Reviewed on 19th Mar 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Jan 2021

Very quick and professional followup by MyLoanCare. Surprisingly, their followup started at a pre-loRead more...

amal, Delhi
Reviewed on 03rd Mar 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Feb 2021

They have given an excellent service. I will specifically say about Mr Rishiraj who has given an outRead more...

Vijay, Mumbai
Reviewed on 11th Feb 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Feb 2021

Excellent service and good experience with customer care. Thank you for your support and service. Read more...

Sumit, Haldia
Reviewed on 03rd Feb 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Dec 2020

Your service is excellent and very quick response from you team members.Read more...

Sandeep, Nashik
Reviewed on 18th Nov 2020
5 / 5 stars
LIC Housing Finance Home Loan Availed in Oct 2020

Great job.

Prince, Delhi
Reviewed on 05th Oct 2020
4 / 5 stars
LIC Housing Finance Home Loan Availed in Oct 2020

MyLoanCare provides good service and hope this will continue in future.Read more...

Mayur Thacker, Pune
Reviewed on 03rd May 2016
2 / 5 stars
LIC Housing Finance Home Loan Availed in May-17

I regret my decision for opting LIC housing. They charge you so high that i feel cheated. They neverRead more...

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LIC Home Loan News - May 2022
  • 2021-11-16 : LIC Housing Finance Increases Home Loan Rates
    LIC Housing Finance has revised the home loan interest rate from 6.00% to 6.66%. The processing fee is Rs 10,000 and maximum tenure is 30 years.
  • 2021-09-24 : LIC Housing Finance Announces New Home Loan Rates
    LIC Housing Finance has slashed the home loan rate to 6.66% for loans up to Rs 2 crore. These rates will be offered to the borrowers who have a credit score above 700 and it is valid till November 30, 2021.
  • 2021-09-07 : LIC Housing Finance Partners with IPPB for Home Loans
    India Post Payments Bank (IPPB) and LIC Housing Finance announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. IPPB will make LICHFL home loan products accessible to its customers pan-India.
  • 2021-07-06 : LIC Housing Finance vies for home loan pie with an interest rate cut
    LIC Housing Finance has cut its minimum home loan rate from 6.90% to 6.66%, signalling its intent to join the battle for market share based on low rates. This is a limited period offer applicable to loans sanctioned till August 31, 2021, provided the first disbursement takes place before September 30, 2021. This interest rate is available on tenures of up to 30 years. It will apply to loan amounts of up to Rs 50 lakh offered to salaried individuals.
  • 2021-03-30 : LICHFL to waive off 6 EMIs under Griha Varishta
    LIC Housing Finance announced that it will waive off the 6 EMIs for its customers under the home loan product, Griha Varishta. The waiver will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due, and adjusted against the outstanding principal. Griha Varishta is a product that caters to retired or serving employees of public sector insurers, central and state government, railways, defence and banks, among others.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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