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LIC Loan Against Property EMI Calculator

LIC Housing Finance Mortgage Loan EMI 2021

Last Updated 12th Jul 2021

Get monthly EMI as low as ₹ 985 per lakh on LIC Housing Finance loan against property. Mortgage loan EMI in LIC Housing Finance depends upon the type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate. Check Best Offers.

  • Use LIC Housing Finance mortgage loan calculator to evaluate your EMI before applying for a loan.
  • Check LIC Housing Finance property loan EMI for different tenures at the current rate of 8.50%
Loan Amount5 Year Loan7 Year loan15 Year loan
₹ 10 Lakh₹ 20,517₹ 15,836₹ 9,847
₹ 25 Lakh₹ 51,291₹ 39,591₹ 24,618
₹ 40 Lakh₹ 82,066₹ 63,346₹ 39,390
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback
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Loan Against Property EMI Calculator LIC Housing Finance

You can calculate your LIC Housing Finance loan against property EMI in advance to plan your expenses using a LIC Housing Finance mortgage loan calculator. LIC Housing Finance loan against property EMI calculator is an online tool that gives accurate results without hassle.

Why should you use LIC Housing Finance Loan Against Property EMI Calculator?

  • Calculate the EMI at Different Tenures : With LIC Housing Finance LAP EMI Calculator, you can compare the EMI on your loan against property with different loan tenures and loan amount. However, you must check the interest rate on LIC Housing Finance loan against property to calculate the EMI. As per the current rates, LIC Housing Finance offers the lowest EMI per lakh of ₹ 985 at 8.50 %
  • Compare LIC Housing Finance LAP EMI : You can also get a precise estimate on your loan against property compared to other banks at the same loan amount and tenure by using LIC Housing Finance loan EMI Calculator. On the basis of LIC Housing Finance Loan against property EMI, you can choose the most affordable offer.
  • Get Detailed Amortisation Schedule : LIC Housing Finance Loan against EMI Calculator helps you to calculate the division of total EMIs into interest and principal repayment at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance : Finally, you can also use LIC Housing Finance EMI Calculator to calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. Thus, it can help you reduce your loan tenure by prepayment or foreclosure or to avail loan at a lower rate with balance trasnfer.

LIC Housing Finance Mortgage Loan EMI Calculator to estimate the EMI that fits your budget

To calculate the EMI against LIC Housing Finance EMI loan against property at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the LIC Housing Finance Loan against property EMI calculator. The table below shows the LIC Housing Finance EMI calculation at the various combinations of loan amount and years at the lowest rate of 8.50%.

LIC Housing Finance Loan against property EMI is calculated for different loan amounts and tenures at 8.50% interest rate

Loan Tenure
Loan Amount (Rs.)10 years15 years20 years
EMI on ₹ 15,00,000 ₹ 18,598 ₹ 14,771 ₹ 13,017
EMI on ₹ 25,00,000 ₹ 30,996 ₹ 24,618 ₹ 21,696
EMI on ₹ 40,00,000 ₹ 49,594 ₹ 39,390 ₹ 34,713
EMI on ₹ 60,00,000 ₹ 74,391 ₹ 59,084 ₹ 52,069

Factors Affecting LIC Housing Finance Property Loan EMI

You can calculate LIC Housing Finance EMI for your loan against property using an online LAP EMI Calculator, which considers 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 on loan against property. You can avail of LIC Housing Finance loan against property for an amount ranging between ₹ 20,00,000 to ₹ 5,00,00,000.

Interest Rate

A higher interest rate increases your LIC Housing Finance loan against property EMI, increasing the total cost of the loan. As per the current rates, LIC Housing Finance provides loan against property at rates starting at 8.50%. Before applying for a loan, you must compare LAP rates and calculate EMI online using LIC Housing Finance loan against property loan calculator.

Loan Tenure

Your EMI will be lower if you avail mortgage loan for a maximum tenure of 15 years, and similarly, you will have to pay a higher EMI if your tenure is shorter.

Comparison of LIC Housing Finance Loan Against Property 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 8.50% ₹ 9,847 ₹ 29,542 ₹ 49,237
Axis Bank 8.50% ₹ 9,847 ₹ 29,542 ₹ 49,237
HDFC Bank 8.50% ₹ 9,847 ₹ 29,542 ₹ 49,237
LIC Housing Finance 8.50% ₹ 9,847 ₹ 29,542 ₹ 49,237
ICICI Bank 8.60% ₹ 9,906 ₹ 29,718 ₹ 49,530
IndusInd Bank 8.65% ₹ 9,936 ₹ 29,807 ₹ 49,678
HDFC 8.75% ₹ 9,994 ₹ 29,983 ₹ 49,972
Bank of India 8.85% ₹ 11,296 ₹ 33,888 ₹ 56,480
Yes Bank 8.95% ₹ 10,113 ₹ 30,339 ₹ 50,565
Bajaj Home Finance 9.00% ₹ 8,997 ₹ 26,992 ₹ 44,986
Jammu And Kashmir Bank 9.20% ₹ 16,191 ₹ 48,572 ₹ 80,954

LIC Loan Against Property Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Loan Against Property of ₹ 20 Lakh from LIC for 10 years at an interest rate of 8.50%, the EMI calculated for this loan amount would be ₹ 24,797 and the total annual EMIs to be paid annually is ₹ 2,97,566. The LIC Loan Against Property EMI schedule for 10 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 20 Lakh over the 10 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 83,860 ₹ 64,923 ₹ 1,48,783 ₹ 19,35,077
2022 ₹ 1,59,172 ₹ 1,38,393 ₹ 2,97,566 ₹ 17,96,684
2023 ₹ 1,46,940 ₹ 1,50,626 ₹ 2,97,566 ₹ 16,46,058
2024 ₹ 1,33,626 ₹ 1,63,940 ₹ 2,97,566 ₹ 14,82,118
2025 ₹ 1,19,135 ₹ 1,78,431 ₹ 2,97,566 ₹ 13,03,687
2026 ₹ 1,03,363 ₹ 1,94,202 ₹ 2,97,566 ₹ 11,09,485
2027 ₹ 86,198 ₹ 2,11,368 ₹ 2,97,566 ₹ 8,98,117
2028 ₹ 67,515 ₹ 2,30,051 ₹ 2,97,566 ₹ 6,68,066
2029 ₹ 47,180 ₹ 2,50,386 ₹ 2,97,566 ₹ 4,17,680
2030 ₹ 25,048 ₹ 2,72,517 ₹ 2,97,566 ₹ 1,45,163
2031 ₹ 3,620 ₹ 1,45,163 ₹ 1,48,783 -₹ 0

Each LIC Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 44.58% of your EMI has been used to repay the principal amount. This means that the remaining 55.42% of the EMI went into interest payment. Thus, you end up paying only 6.63% of the loan amount of ₹ 20 Lakh after paying 12 EMIs in the first year to LIC.

In year 10, the interest component of LIC EMI is around 4.46%, while the principal component is around 95.54%. Upto 10 years, you have cumulatively repaid 100% of your total LIC Loan Against Property.

LIC Housing Finance Loan Against Property EMI for ₹ 10 Lakh

The following table shows EMI on LIC Housing Finance loan against property for ₹ 10,00,000 for different tenures at an interest rate of 8.50%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 8.50% 5 Years ₹ 20,517
₹ 10,00,000 8.50% 10 Years ₹ 12,399
₹ 10,00,000 8.50% 12 Years ₹ 11,101
₹ 10,00,000 8.50% 15 Years ₹ 9,847

LIC Housing Finance Loan Against Property EMI for ₹ 25 Lakh

The following table shows LIC Housing Finance loan against property EMI for ₹ 25,00,000 for different tenures at an interest rate of 8.50%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 8.50% 5 Years ₹ 51,291
₹ 25,00,000 8.50% 10 Years ₹ 30,996
₹ 25,00,000 8.50% 12 Years ₹ 27,751
₹ 25,00,000 8.50% 15 Years ₹ 24,618

LIC Housing Finance Mortgage Loan EMI for ₹ 30 Lakh

The following table shows LIC Housing Finance loan against property EMI for ₹ 30,00,000 for different tenures at an interest rate of 8.50%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 8.50% 5 Years ₹ 61,550
₹ 30,00,000 8.50% 10 Years ₹ 37,196
₹ 30,00,000 8.50% 12 Years ₹ 33,302
₹ 30,00,000 8.50% 15 Years ₹ 29,542

FAQs

Will the LIC Housing Finance Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

LIC Housing Finance Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in LIC Housing Finance LAP EMI are listed as follows:

  • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by LIC Housing Finance subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
  • In case the floating rate of interest on your loan increases, LIC Housing Finance will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case, the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by LIC Housing Finance, the bank may increase your EMI amount.

Will LIC Housing Finance Loan Against Property EMI change in case of prepayment?

Similar to all loans, LIC Housing Finance Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

  • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
  • Note that LIC Housing Finance may levy prepayment charges except on floating rate property loans sanctioned to individuals.

How does EMI calculator calculate LIC Housing Finance Loan Against Property EMI?

LIC Housing Finance Loan against property emi calculator is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

  • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
  • LIC Housing Finance mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

How much loan can I get against my property from LIC Housing Finance?

You can avail of a maximum loan of ₹ 5,00,00,000, depending on the value of the property. However, the loan amount cannot be more than 70% of the property value. LIC Housing Finance assesses the property before approving your mortgage loan application.

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

You can pay the LIC Housing Finance mortgage loan EMI by logging in to your net banking account as provided when availing of the loan using your savings account or debit/credit card. You can also visit the LIC Housing Finance branch to submit the cheque of your EMI.

What is the EMI for ₹ 10 Lakh mortgage loan in LIC Housing Finance?

To determine different EMI for different tenures, you can use a 10 lakh loan against property EMI Calculator. Consider this example for a better understanding.

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 8.50% 5 years ₹ 20,517
₹ 10 Lakh 8.50% 10 years ₹ 12,399
₹ 10 Lakh 8.50% 12 years ₹ 11,101
₹ 10 Lakh 8.50% 15 years ₹ 9,847

How is LIC Housing Finance loan against property EMI calculated?

You can calculate LIC Housing Finance LAP EMI using the mathematical formula mentioned below or using an online LIC Housing Finance LAP EMI Calculator.

  • 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.

What is the EMI for ₹ 20 Lakh Loan against property in LIC Housing Finance?

To determine different Loan against property EMI LIC Housing Finance for different tenures, you can use a 20 lakh loan against property Calculator, as reflected in the table below:

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 8.50% 5 years ₹ 41,033
₹ 20 Lakh 8.50% 10 years ₹ 24,797
₹ 20 Lakh 8.50% 12 years ₹ 22,201
₹ 20 Lakh 8.50% 15 years ₹ 19,695

What is the EMI for ₹ 30 Lakh mortgage loan in LIC Housing Finance?

To determine different LIC Housing Finance EMI for different tenures, you can use a 30 lakh loan against property EMI Calculator.

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 8.50% 5 years ₹ 61,550
₹ 30 Lakh 8.50% 10 years ₹ 37,196
₹ 30 Lakh 8.50% 12 years ₹ 33,302
₹ 30 Lakh 8.50% 15 years ₹ 29,542

What is the EMI for ₹ 50 Lakh mortgage loan in LIC Housing Finance?

To estimate LIC Housing Finance EMI for different loans against property tenures, you can use a 50 lakh mortgage Calculator. The results are mentioned as follows:

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 8.50% 5 years ₹ 1,02,583
₹ 50 Lakh 8.50% 10 years ₹ 61,993
₹ 50 Lakh 8.50% 12 years ₹ 55,503
₹ 50 Lakh 8.50% 15 years ₹ 49,237


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LIC Loan Against Property News - Jul 2021
  • 2021-07-05 : LIC Housing Finance revised its LAP interest rates
    With effect from July 01 2021, LIC Housing Finance has revised its interest rates for Loans Against Property. The interest rate is capped at 8.50% to 11%, while the processing fees is kept at 0.75% of the loan amount.
  • 2020-08-26 : LIC Housing Finance reported a net profit of Rs. 824.08 crore in Q1FY21
    LIC posted a net profit of Rs.824.08 crores for the period ended June 30, 2020, as against a net profit of Rs.424.31 crores for the period ended March 31, 2020. Further, It reported total income of Rs.4986.01 crores aided by retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans.
  • 2019-05-06 : LIC Housing Finance Q4 net up 17% on strong loan growth
    Mortgage lender, LIC Housing Finance has reported a 17% growth in its net profit during the last quarter of FY19. The housing finance company had a net profit of Rs. 693.58 crore in Q4 of FY19 as compared to Rs. 594.34 in the same quarter last fiscal. Loan disbursements are up by 7% to Rs. 18,648 crore from Rs. 17,402 crore a year ago. In addition, the individual home loan segment saw an 18% growth in Q4 of FY19.
  • 2017-01-17 : LIC Housing Finance registers a 15 percent growth in its loan disbursements in third quarter of FY 17
    LIC Housing Finance has reported an increase of 15 per cent in its loan disbursements at Rs. 9, 684 crore during October to December quarter of FY17 as compared to Rs. 8, 422 crore for the same quarter last year. The housing finance company has also registered a 15 per cent growth in disbursements for loan against property at Rs. 1, 35, 366 crore in the third quarter of FY17 as compared to Rs. 1, 17, 396 crore in the same quarter a year ago.
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