LIC Housing Finance Ltd (LICHFL) is one of the pioneers of housing finance providers to the customers of India. Integrated in 1989, LICHFL has helped over 25 lakh satisfied customers to call themselves as the proud homeowners. The primary objective of LICHFL is to provide long-term finances to the individuals in helping them purchase or construct the house.
While settling for the right loan amount, it’s important to have the right estimate about your EMI for which you can use the LICHFL Home Loan Calculator. With this calculator, you can check the EMI amount beforehand and manage your finances accordingly. The details you’ll be needing to use this calculator are explained below in detail.
- Home Loan Amount: The first thing you’ll need to use this calculator is the loan amount that you wanted to opt for. While taking a home loan from the LICHFL, you can take a minimum amount of ₹ 25,000 to a maximum amount of ₹ 10 crores. The loan amount is also dependent on various factors such as your age, employment type, job history, and your credit score. Having a bad credit score will make your probability of getting a higher home loan amount low.
- LIC Home Loan Interest Rate: You can choose a rate of interest according to your repayment capability. Higher the rate of interest, higher will be the monthly installments as EMI is the sum of principal and monthly interest in variable proportion. It’s better to choose the LIC Home Loan interest rate wisely as it can affect your EMI amount to a great extent. Currently, LIC has been offering the loan at an interest rate ranging from 8.85% to 8.95% per annum.
- Home Loan Tenure Period: The period for which you’ll be taking a home loan decides the amount of interest you’ll pay over a period of time. As, the longer the tenure will be, a higher amount of interest you’ll have to pay and vice-versa. LICHFL offers loan tenures according to the employment type as a salaried individual can have a maximum tenure period of 30 years while a self-employed individual, a maximum of 20 years. You can fill your desired tenure period in the calculator.
When you will be done with all the details filling process, this LICHFL Home Loan calculator will give you the EMI amount within a minute with impeccable accuracy. Apart from the EMI amount, you will also get to see the total interest payable and the total amount (Principal + Total Interest) payable over your loan period. Remember that this calculator is endlessly flexible, so if you’re not satisfied with the results, you can check as many times as you want with different sets of values.
How to use LICHFL Home Loan Eligibility Calculator?
To check how much LICHFL Home Loan you are eligible for, you can use the eligibility calculator by submitting a few details into it. By assessing these details of yours, it will tell you the loan amount that you’re eligible for and how much monthly installments you’ll be paying. These details that will be needing to use this calculator are as follows.
- Net Monthly Income
- Existing obligation if any (Current EMIs)
- LICHFL Home Loan Interest Rate
- Tenure Period
- Monthly installments that you can afford
It is important to check your eligibility before opting for any kind of home loan so that you don’t find yourself out of solutions in the time of monthly repayments. Prepare yourself with the help of the above-mentioned calculators.