LIC Housing Finance Home Loan
EMI Calculator

The primary purpose of using the LIC Housing Finance calculator online is to get an idea of what amount a borrower needs to pay each month to repay the loan amount and the interest accrued. The LIC Housing Finance calculation formula to get an estimated monthly EMI is mentioned below for your reference:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

In the above formula:

• P stands for the Principal Amount
• R stands for the Rate of Interest
• N stands for the Number of Monthly Repayment Instalments 

Several factors might affect an LIC home loan EMI, but here we will acquaint you with the three main LIC home loan criteria that can influence your monthly installments, and they are:


Interest Rate: The prime factor to impact a home loan's EMI is its interest rate. The higher the interest rate on a home loan, the higher the EMI for it.


Tenure: The repayment period, loan duration, or loan tenure, whatever you may call it, has a direct impact on the home loan EMI. Longer tenures mean lower EMIs and vice-versa.


Principal Amount: The home loan EMI result that gets reflected on the online EMI tool is always proportionate to the loan amount. The higher the loan amount, the higher would be the EMI installment for it.

Now that you know how to calculate the LIC Housing Finance EMI using the online EMI calculator, it is time you also understand why you should use it instead of manually calculating it. So, listed below for your reference are the three main benefits of the LIC Housing Finance EMI calculator:


Time-Saving: Why waste time calculating the home loan EMI manually when you can do it in seconds using the online EMI calculator available at the official website of the BASIC Home Loan: EMI? It is quicker and helps save a lot of time.


Accurate: It's not just quick; the online LIC home loan EMI calculator is accurate too. There is always a scope for errors in manual EMI calculation, which is not the case when you use the online EMI home loan calculator, which shows accurate results for shorter as well as longer tenures.


Variation Analysis: The best part about using the LIC Housing Finance online EMI calculator is that it allows borrowers to experiment with different loan amounts, interest rates, and tenures. This flexibility of variation analysis helps them compare and choose the best combination that suits their financial capabilities. 

The LIC Housing Finance home loan interest rate calculator formula focuses specifically on calculating the interest portion of the monthly home loan EMI. The formula for calculating the LIC home loan is as follows:

Total Interest = (P X R X T) / 100

In the above formula:

• P stands for Principal Amount
• R stands for the Rate of Interest 
• T stands for the Time or Tenure in terms of monthly installments

Just like you can ease the stress of calculating home loan EMI using the online EMI calculator tool, you can use the LIC Housing Finance eligibility calculator to check your eligibility for a home loan from LIC HFC. The online home loan eligibility criteria calculator takes into consideration specific data inputs from the borrower, such as the loan amount,  income per month, age, work experience, CIBIL score, existing loan obligations, and the years left for the applicant's retirement.

The LIC EMI calculator allows borrowers to plan their monthly expenses in a better way. As mentioned, one can calculate home loan EMI using a simple formula with key factors like the number of repayment installments, home loan interest rate, and the principal loan amount.