LIC House Loan Calculator
Calculate your monthly EMI, total interest, and repayment schedule for your LIC house loan
Loan Details
Enter the loan amount in Indian Rupees
Enter as percentage (e.g., 8.5 for 8.5%)
Common terms: 5, 10, 15, 20, 25, 30 years
Used for amortization schedule dates
Summary
Principal vs Interest Ratio
Formula
Where: P = loan amount, r = monthly rate (annual rate / 12 / 100), n = total months
Amortization Schedule
LIC House Loan Calculator - Your Complete Guide
The LIC House Loan Calculator is an online tool provided by LIC Housing Finance Ltd (LIC HFL) to help you quickly calculate your monthly EMI (Equated Monthly Installment), total interest payable, and total repayment amount for your house loan. LIC is one of India's largest life insurance companies, and LIC Housing Finance is its subsidiary, specializing in housing loans, land loans, and home renovation loans.
What is LIC House Loan Calculator?
The LIC House Loan Calculator helps borrowers understand their monthly payment obligations, total interest costs, and complete repayment schedule before applying for a loan. This empowers you to make informed financial decisions about your home purchase.
Key Features
- Monthly EMI Calculation: Know exactly how much you need to pay each month
- Total Interest Payable: Understand the complete cost of borrowing
- Total Payment Amount: See the full amount you'll repay over the loan tenure
- Amortization Schedule: View detailed month-by-month breakdown of principal and interest payments
Input Parameters
- Loan Amount: The amount you plan to borrow from LIC HFL (e.g., ₹10,00,000)
- Interest Rate: The annual interest rate offered by LIC HFL, typically ranging from 8% to 9.5%
- Loan Tenure: The repayment period in years, usually between 5 to 30 years
- Processing Fee: Optional one-time fee charged by the lender
How EMI is Calculated
The calculator uses the standard home loan EMI formula:
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of months (loan tenure × 12)
Example Calculation
Scenario:
- Loan Amount: ₹1,000,000
- Annual Interest Rate: 8.5%
- Loan Tenure: 20 years (240 months)
Results:
- Monthly EMI: ~₹8,678
- Total Interest: ~₹10,82,720
- Total Payment: ~₹20,82,720
Benefits of Using the Calculator
- Plan your monthly budget accurately
- Compare different interest rates and loan terms
- Understand how loan tenure affects your total interest cost
- Make informed decisions before applying for a loan
- View detailed amortization schedule to track your loan progress
Understanding the Amortization Schedule
The amortization schedule shows how each EMI payment is divided between principal repayment and interest payment. In the early years:
- A larger portion of your payment goes toward interest
- Principal reduces slowly
- Your equity in the property builds gradually
As you progress through the loan term, more of your payment goes toward principal repayment.
Tips for Using the Calculator
- Enter realistic interest rates based on current LIC HFL rates
- Try different loan tenures to find the balance between EMI affordability and total interest cost
- Factor in processing fees and other charges for accurate cost estimation
- Use the amortization schedule to plan for future prepayments
- Consider your monthly income and expenses when choosing loan parameters