How Can LIC Housing Loan Interest Rate Calculator Be Helpful?

Are you looking for a home loan right now but worried about the EMI that you’ll have to pay? Well, if you are opting for a home loan facility from one of the finest financial institutions of India - LIC Housing Finance Ltd, then you don’t have to worry anymore. Because with the help of the LIC Housing Loan Interest Rate Calculator, you can easily calculate your monthly installments for your home loan facility.

Having an estimation of the EMI amount beforehand helps you in managing your finances in a better way. As a high EMI amount can affect your monthly budget in a hard way, it’s wise to choose an EMI amount that is well within your repayment capability. An EMI amount, way beyond your monthly budget can burn off a big hole in your pocket, and soon you will be failing in the timely repayment of your loan. In this article, we will tell you various details that you’ll need to use in the LIC Housing home loan interest rate Calculator.

Details that you’ll need to use LIC Housing Home Loan Interest Rate Calculator:

In order to use this calculator efficiently, you will need a few basic details by which you will get the EMI and interest outgo. You can have a look at these details mentioned below.

Loan Amount: The first thing that you’ll need is the home loan amount that you’re opting for. LIC Housing Finance offers home loan facilities to both salaried and self-employed individuals. The loan amount can be a maximum of INR 5 crores. But you should choose the loan amount according to your repayment capability.

LIC Housing Loan Rate of Interest: After the loan amount, you need to fill the rate of interest that you want to get. LIC Housing offers one of the most competitive interest rates among the market. Currently, the rate of interest ranges from a minimum of 8.60% per annum to a maximum of 9.15%per annum. It also depends on various factors like your age, employment type, gross income, and other factors.

Tenure Period: This is the third and last thing that you need to fill in the calculator. You have to put the number of months for which you want to take the loan. You should choose the tenure period carefully, as higher the period, more interest amount you’ll have to pay over the period. LIC Housing Finance offers home loans for a maximum of 30 years to salaried individuals and 20 years for self-employed individuals.

After putting all these details into the calculator, you will get the EMI amount within a second. You will also get the total interest amount that you’ll pay over your loan period. If you’re dissatisfied with the results according to your values, you can use this calculator as many times as you want with different values of all the details mentioned above. This calculator is so easy to use that you don’t have to know any complex formulas to use it, even a layman can use it.