LIC Home Loan Calculator
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(Loan EMI)
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(Total Interest Payable)
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Total Payment (Principal + Interest)
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(Your EMI Amount)
Today LIC Housing Finance Limited has become one of the top players in providing affordable home loans to many customers to get their dream house. This has also made LIC one of the most prominent home loan providers in India since its establishment in 1989. Today LIC not only offers housing loans to Indians but also many non-Indian residents as well. However, it can get confusing for many people who get an LIC home loan to get an accurate idea about their needs and what type of loan they will be requiring. To solve this people can easily use the LIC home loan calculator to determine their loan amount and the interest rate that they need. Here we are going to look at what one means by LIC home loan calculator and its benefits.
What is a LIC home loan calculator?
The customer can now easily calculate their required loan amount in a few easy steps by using the LIC home loan calculator just by providing a few important details like the amount of loan, interest rate, and the tenure of the loan repayment. This can help them avoid going through the mind-blogging process of calculating every detail by hand and save their time as well. Using this you can also determine the best home loan interest rates of LIC and get the one that suits your needs. Individuals can also alter values like loan period and interest rate to get the best LIC home loan interest rate for their loan amount. Therefore, it is always advisable to use a LIC home loan calculator before you decide to get a home loan.
How does the LIC home loan calculator function:
The following formula is used in the LIC home loan calculator to calculate the interest rate and the tenure of the loan:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Here,
- P is the principal amount that you are browning.
- R is the interest rate on the borrowed loan amount.
- N is the loan repayment amount.
Main factors that influence the LIC home loan EMIs:
The following are the main factors that affect the LIC home loan calculation:
● Loan Amount:
It is the principal amount that the individual has borrowed from the bank. The higher the principal amount the higher will be the loan interest and tenure to pay it back. Therefore, you must consider this before taking a home loan.
● Interest Rate:
These are mainly decided by the loan-providing bank or financial institution but other things like individual income, credit score, and credit history can help lower the interest rate and vice versa as well.
● Tenure of the loan:
It is the final yet one of the most important factors that help you determine the amount of interest and even loan amount that you should get to avoid paying interest for a longer period.
Benefits of using the LIC Home Loan calculator:
The following are the various benefits of using the LIC Home Loan calculator:
● Get accurate loan details:
By using the LIC home loan calculator you can easily get an accurate idea about the loan interest rate, tenure, and the repayment schedule.
● Easy to use:
The LIC home loan calculator is easy to use. You only need to enter details like loan amount, the interest rate, and the tenure and the calculator will provide your loan details within a few seconds.
● Convenient planning:
Customers can easily create a repayment planning schedule with the help of an LIC home loan calculator.
● Comparative details:
The customer can get comparative details on their home loan plans such as LIC home loan interest rate and get the best home loan interest rate of LIC to match their needs.
Conclusion:
Getting their dream home is something many people wish to fulfil as soon as possible. Understanding this dream is LIC which offers them affordable home loans at low interest rates. But many times, this can lead people to get confused as to which type of home loan would be better for them. Now, they can put their worry aside as Credtify offers them an LIC home loan calculator which they can use to get an accurate idea about their home loan details such as repayment amount, interest accumulated, and final amount to be paid just by visiting their official website-https://credtify.com/ and entering the required information like loan amount, interest rate, and the tenure of loan.
FAQs (Frequently Asked Questions)
Q1. Can the interest on a home loan increase with time?
Ans: Yes, it can be based on the current market repo rate and the loan-providing bank market policy.
Q2. Can I close the home loan earlier by paying the full amount?
Ans: Customers can easily close their home loan earlier if they wish to just by paying the remaining loan amount and the required foreclosure charges.
Q3. Is the LIC home loan calculator accurate?
Ans: Yes, the customer can rest assured as the LIC home loan calculator offers accurate details of their loan after they input their required data.
Q4. What main factor should you take note of before getting a home loan?
Ans: The main factors that people should take into consideration before getting a home loan include Loan amount, Loan interest rate, and the tenure of the loan.