Loan Against Property EMI (or equated monthly instalment) is a fixed amount of money you pay LIC Housing Finance towards repayment of your property loan every month on a fixed day of the month till your loan is fully paid back.
With LIC Housing Finance now offering loan tenure upto 18 years at attractive interest rates starting is %, your EMI can be as low as Rs. 0 per Rs. one lakh loan amount.
The Loan Against Property EMI comprises of both principal repayment and interest payment. While the EMI amount remains constant, the interest component of keeps reducing and the principal component keeps increasing, except in case of an increase in interest rate on the loan.
Use the above quick and easy tool to easily calculate and compare monthly EMI on LIC Housing Finance Loan Against Property.
Will the LIC Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?
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 an 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?
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 pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying 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.
LIC Loan Against Property EMI Calculator News - Dec 2016
20th May 16 LIC Nomura Mutual Fund is LIC MF again after Nomura quits
Japanese firm Nomura has exited from its JV with LIC Mutual Fund. LIC Nomura Mutual Fund is again being positioned as LIC Mutual Fund. There are now two new partners in LIC Mutual fund, they are GIC Housing Finance and Corporation Bank with 11.7 per cent and 4 per cent stake, respectively. Meanwhile, the existing partner LIC Housing Finance has picked up another 19.3 per cent stake to reach 39.3 per cent in the company. The rest 45 per cent is owned by the parent firm Life Corporation of India.
18th Jan 16 LIC Housing Finance Q3 profit up 22% at Rs 419 cr
LICHFL posted a 22 per cent rise in net profit for the Q3FY16. Continued focus on growth with profitability coupled with lower cost of funds has resulted in improvement in margins.
15th Oct 15 LIC Housing Q2 FY16 Results
LIC Housing, home loan arm of LIC, reported Q2 FY 2016 net profit at Rs 411.73 crore (up 21%).
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