LIC Home Loan EMI Calculator: An Effective tool to Calculate the EMIs

Buying a home of your dreams is the top priority for many people. I guess you too want to purchase your own house someday. Buying a house is the best investment you can ever make. This a thing which you can cherish lifelong. This is the perfect time to buy a house in India as leading lenders in the market have reduced the interest rates on a home loan.

A home loan is the best possible solution to your housing dreams. Recently LIC housing finance has started offering a home loan interest rates as low as 8.35%. Yes, you read that completely right. Women loan seekers can avail a home loan up to Rs. 25 Lakhs at an interest rate of 8.35%. For other loan applicants, the rate of interest for the same amount is 8.40%. The product can be availed by any salaried employee or a self-employed person or even a pensioner. This is why you should give the same a thought. When it comes to taking a home loan, you should keep in mind certain factors that can play a greater role in your loan journey. The factors are rate of interest, tenure and EMI.

A lot has been said about tenure and rate of interest but often people miss out the important element of EMI. Some people are simply happy to receive a home loan from LIC and don’t pay heed to the EMI part. Now with the help of an LIC home loan EMI calculator, you can quickly know about your monthly installments.

EMI stands for equated monthly installment and is supposed to paid every month to the lender who has provided you the home loan. The sum of money you use to pay to the landlord can be paid as EMI to LIC. Why pay monthly rent when you can pay the same to LIC as monthly EMI? You can easily use a LIC home loan EMI calculator to find the information related to the EMI amount. My dear friend let me tell you, you should always keep a strong eye on your EMI amount. What if your EMI amount is higher and burns a hole in your pocket? You can end up shaking up the budget you have planned. So before you take any kind of decision, always have a look at the amount of EMI you are actually paying.

LIC home loan EMI calculator will provide you with the relevant information to you within few seconds. You can now check out the EMI amount and total interest payable to LIC by simply using this magical tool. You are required to feed in certain details like the desired loan amount, rate of interest and tenure period of the loan. Soon, the information will be displayed in front of the screen. Once you receive the information, you can easily decide whether the EMI amount will be feasible to you or not. Let’s make things easier for you with the help of an example.

Suppose Kunal Jaiswal, a software engineer plans to buy a house in Lucknow. He requires a sum of Rs. 20 Lakhs to buy a 2BHK apartment in Aliganj. He approaches LIC housing finance for the same. After checking his eligibility, LIC finds him able to repay the loan on time. Kunal is offered the said amount at an interest rate of 8.40% for a period of 15 years. Kunal can use this calculator to find out about the EMI amount he will have to pay to LIC housing finance.

The EMI amount will come to be Rs. 19,578 and the total interest payable will be Rs.15,23,992. The calculator will also display the total amount which Kunal will pay to LIC in 15 years. The amortization table too will be displayed on the screen. Here in this case, the total amount will sum up to Rs.35,23,992. The tool will help Kunal to take a balanced decision. Let’s say Kunal feels that the amount he is paying as interest is too high, then he can use the tool to check the interest amount that will be charged on a lesser tenure. Kunal wishes to keep the tenure at 10 years. Though the EMI amount will increase to 24,690 per month, but the interest he will be paying will be comparatively lesser than the above interest.

The total interest for a period of ten years will sum up to be Rs. 9,62,836. Kunal can save more than Rs. 5 Lakhs if he takes up a tenure of ten years. This is the best part about LIC home loan EMI calculator. You can actually compare the EMI amount and interest payable on different rates of interest and tenure period. Thus, the comparison helps you to make a smart decision.