Use LIC HFL Home Loan EMI Calculator to Plan Your Repayment Better

LIC Housing Finance, a unit of the public insurer Life Insurance Corporation of India, keeps things interesting for home loan borrowers with attractive terms and conditions. It sees the market and changes the interest rates accordingly to strike a chord with the customers. But, which will indicate the effect of these rates? Well, it’s LIC HFL Home Loan EMI Calculator that will do so. You can figure out how important the calculator is to your repayment journey. Read this post to know the function of the calculator. 

How Does the LIC HFL Home Loan EMI Calculator Function?

The calculator functions by calculating the equated monthly installment (EMI), a portion of principal and interest payable every month. It also tells you that the calculator will show the total interest payable over the loan course. All it takes is 2 seconds. Just enter the loan amount, interest rate and tenure in the calculator to see the estimated EMI and interest outgo. 

How Much Interest Rate Does LIC HFL Charge?

The interest rate is a key element as it sets the tone of your repayment. Greater the rate of interest, higher will be the EMI and interest outgo and vice-versa. LIC HFL Home Loan Interest Rates range from 8.35%-8.95% per annum. You can bargain for a lower rate if you have an impressive credit score and hold an existing relationship with the lender. If you have a credit score of more than 750, you stand a great chance to grab a lower rate deal. This will help you save on your repayment. 

How Much Time Will You Get to Service LIC HFL Home Loan?

LIC HFL offers home loans to both salaried and self-employed for different tenures. While salaried get a maximum of 30 years, self-employed can’t run the loan beyond 20 years. The tenure has an interesting bearing on the repayment. Longer the tenure, greater will be the EMI and vice-versa. However, you will end up paying more interest choosing a longer tenure. A shorter tenure will increase the EMI, but if your income is good enough to accommodate the same, it won’t be bad choosing a relatively shorter tenure to cut down the interest liability. 

But LIC HFL Home Loan EMI Calculator is not restricted to just telling you the EMI and interest. It also helps you prepay your loan before the original tenure expires. The calculator also shows an amortization schedule that can help you check the outflow of principal and interest every year. You can even check the outstanding loan balance year after year. With so much to look for, you can easily decide on the time by which you can accumulate enough to prepay. It will require investing in a product that can raise your money to the extent of the prepayment amount. Given that investments don’t run in a straight line, it will be worth investing in different instruments to generate the desired sum. The major chunk should go to equity mutual funds to appreciate the growth of your investments faster. Smaller portions should go to fixed deposits, public provident fund (PPF), etc.


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