You must be thinking of financing a house or property, because everyone is earning money to have a relaxed life and one can’t live a fruitful in a rented apartment. LIC Housing Finance Limited (HFL) brings a variety of home loan schemes for your property finance, whether you want to buy, renovate, extend or construct a property. With an attractive LIC HFL home loan interest rate you easily make your home finance and use the monthly installment calculator also known as LIC HFL home loan EMI calculator to understand the loan payment. Read the given article to know about the factors determining your home loan interest rates.
Which is the prominent factor in determining your LIC HFL home loan interest rates?
LIC Housing Finance Limited provides you home loans at prime lending rate (PLR), it is the base rate for which it gives you the desired loan amount. The current PLR is 14.70% with a starting LIC HFL home loan interest rate of 8.65%. You can take LIC HFL home loan whether in a floating or a fixed rate of interest because both have an equal number of advantages and disadvantages.for instance if you have borrowed a loan amount at a fixed rate of interest then your loan interest rates remains the same during the loan tenure and you might miss the benefit of reducing the loan EMIs when the PLR is high.
On the other hand, if you borrow a loan amount in a flexible LIC HFL home loan interest rate then you can get the benefit of low EMIs when the PLR is high. And also you can get a high interest rate when the PLR is low. So you can take the help of a financial advisor in choosing the right type of interest rate according to your suitability.
Use LIC HFL home loan EMI calculator to know your loan installments
If you choose the desired type LIC HFL home loan interest rate then you can calculate the equated monthly installments (EMI) using the LIC HFL home loan EMI calculator. Visit the official website of LIC Housing Finance Limited and select the “EMI calculator. After that enter your loan details like borrowed amount (P), interest rate (R) and loan tenure to generate the EMI, because it works on the formula [P x R x (1+R)^N]/[(1+R)^N-1].
Suppose if you borrow an amount of INR 56 lakh for your home construction on an LIC HFL interest rate of 8.75% with a loan tenure of 30 years then your EMI would be INR 44,055 according to the LIC HFL home loan EMI calculator.
Get LIC HFL home loan and make your home finance affordable
Visit your nearest LIC HFL branch or whether use its online home loan service to apply for your desired home loan scheme. Submit the documents like income proof, ID proof and address proof for the loan verification and use the online tools for the assistance in the application procedure. When your loan is sanctioned you will receive a confirmation letter or message on your registered mobile number. Make your dreams true with LIC HFL home loans and finance your desired property easily.