LIC HFL Home Loan EMI Calculator Functioning

Using a calculator to know your monthly installments is not only timesaving but has many other benefits. When you take a loan, you focus on the monthly installment that you will have to pay for the next 20-30 years or whatever is your selected tenure. For that, you need to make sure that you are prepared for paying them without missing even a single installment. You have the option to calculate your EMI even before applying for the loan so that if it comes out to be more than what you can pay, you can change your requirement.

In this article, we are talking about the housing loan offered by LIC and how can you check your installment with LIC HFL home loan EMI calculator. To begin with, read below the rates offered by this housing finance company.

LIC HFL Interest Rates for Existing Customers

The housing loan interest rates for existing customers is presently 8.45% per annum onwards. The special rate is for women applicants and for others the rate is 8.40% per annum onwards.

Loan EMI Calculator

It is the easiest tool that can help you calculate home loan EMI in a few minutes. This tool would take into account the basic details of your home loan which are:

  • Loan amount
  • Tenure
  • Interest rate

Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.

EMI: 19,519

Total interest outgo: 15,13,480

Total amount: 35,13,480

Here is the formula to calculate the EMI or equated monthly installment:

E= P.r. (1+r)*n/((1+r)*n -1)



P=Principal loan amount

r= Rate of interest on a monthly basis (r= Annual rate of interest/12/100)

n=Loan tenure

LIC Home Loan Eligibility

Below are the eligibility criteria that an applicant must match to apply for a home loan at LIC:

  • Resident of India
  • Non-Resident of India
  • Pensioners
  • Salaried employees
  • Self-employed professionals
  • Businessmen
  • Pensioners below 70 years of age are classified as before-retirement individuals
  • Pensioners of 70 years of age and above are classified as post-retirement individuals

Eligibility for Salaried NRI/PIO Customers

For Purchase/Construction and Repairs/Renovation:

  • You can get a minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhs
  • Qualified professionals can choose loan tenure up to 20 years
  • Others can get the loan for the tenure up to 30 years

For Plot Purchase:

  • You can get a minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhs
  • The loan can be taken for the maximum tenure of 15 years

For Takeover from other Banks:

  • Salaried applicants can get the loan for the maximum tenure of 30 years
  • Businessmen can get the loan for the maximum tenure of 20 years

If you match the eligibility criteria as mentioned above, you can apply for the loan at your nearest branch. But, don’t forget to use LIC HFL home loan EMI calculator.