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LIC Loan Against Property EMI Calculator

LIC Housing Finance Mortgage Loan EMI

Last Updated 30th Mar 2021

Get monthly EMI as low as ₹ 1,044 per lakh on LIC Housing Finance loan against property. Mortgage loan EMI in LIC Housing Finance depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan15 Year loan
₹ 20 Lakh₹ 42,004₹ 32,688₹ 20,884
₹ 30 Lakh₹ 63,006₹ 49,032₹ 31,327
₹ 50 Lakh₹ 1,05,009₹ 81,720₹ 52,211
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    Loan Against Property EMI Calculator LIC Housing Finance

    Use the above quick and easy tool to easily calculate and compare monthly EMI on LIC Housing Finance Loan Against Property.

    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 ₹ 15 Lakh from LIC for 15 years at an interest rate of 9.50%, the EMI calculated for this loan amount would be ₹ 15,663 and the total annual EMIs to be paid annually is ₹ 1,87,960. The LIC Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 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
    2021 ₹ 1,05,775 ₹ 35,195 ₹ 1,40,970 ₹ 14,64,805
    2022 ₹ 1,36,974 ₹ 50,986 ₹ 1,87,960 ₹ 14,13,819
    2023 ₹ 1,31,914 ₹ 56,046 ₹ 1,87,960 ₹ 13,57,772
    2024 ₹ 1,26,352 ₹ 61,609 ₹ 1,87,960 ₹ 12,96,164
    2025 ₹ 1,20,237 ₹ 67,723 ₹ 1,87,960 ₹ 12,28,440
    2026 ₹ 1,13,516 ₹ 74,445 ₹ 1,87,960 ₹ 11,53,996
    2027 ₹ 1,06,127 ₹ 81,833 ₹ 1,87,960 ₹ 10,72,162
    2028 ₹ 98,006 ₹ 89,955 ₹ 1,87,960 ₹ 9,82,208
    2029 ₹ 89,078 ₹ 98,883 ₹ 1,87,960 ₹ 8,83,325
    2030 ₹ 79,264 ₹ 1,08,697 ₹ 1,87,960 ₹ 7,74,628
    2031 ₹ 68,476 ₹ 1,19,484 ₹ 1,87,960 ₹ 6,55,144
    2032 ₹ 56,617 ₹ 1,31,343 ₹ 1,87,960 ₹ 5,23,801
    2033 ₹ 43,582 ₹ 1,44,378 ₹ 1,87,960 ₹ 3,79,422
    2034 ₹ 29,253 ₹ 1,58,708 ₹ 1,87,960 ₹ 2,20,715
    2035 ₹ 13,501 ₹ 1,74,459 ₹ 1,87,960 ₹ 46,256
    2036 ₹ 734 ₹ 46,256 ₹ 46,990 -₹ 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 25.27% of your EMI has been used to repay the principal amount. This means that the remaining 74.73% of the EMI went into interest payment. Thus, you end up paying only 3.17% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to LIC.

    In year 15, the interest component of LIC EMI is around 4.96%, while the principal component is around 95.04%. Upto 15 years, you have cumulatively repaid 100% of your total LIC Loan Against Property.

    How to process for Loan Against Property EMI moratorium in LIC Housing Finance?

    After the announcement of RBI on 22nd May 2020, LIC Housing Finance has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing LIC Housing Finance. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact LIC Housing Finance customer care or its nearest branch.


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

    LIC 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 SBI 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 Loan Against Property EMI change in case of prepayment?

    Similar to all loans, 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 Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property 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 Cr, 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.

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    LIC Loan Against Property News - Apr 2021
    • 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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