To finance a property or even for a renovation of the existing property you need high funding, and LIC Housing Finance Limited makes your demands fulfilled by giving home loans. LIC home loan interest rates are reasonable and anyone can apply for it no matter whether you are a salaried or self-employed. The housing finance company makes your loan process easier by providing an LIC housing loan interest rate calculator, it is an online home loan device which calculates the equated monthly loan installments (EMIs) and can do a lot more. Read this article to know about the home calculator functions and its working.
How LIC housing loan interest rate calculator is used and what information do you get?
You can use the home loan calculator device by visiting the LIC official website, choose your desired loan scheme and click on the “EMI calculator” option. After that enter your loan details like borrowed loan amount, interest rate and loan tenure inside LIC housing loan interest rate calculator. When you enter the mentioned details it instantly generates the EMI, total borrowed amount and interest rate. It gives you the information of your LIC home loan payment in the form of a pie chart in which the total outstanding amount and LIC home loan interest rates are shown. For convenience, it display the monthly installments, principal amount and interest rate in an amortization table.
LIC housing loan interest rate calculator works in a mathematical formula
As you know to get an approximate result of any equation you need a formula and so do the LIC home loan EMI calculator. It uses the formula [P x R x (1+R)^N]/[(1+R)^N-1], where P is the borrowed loan amount, R is the rate of interest and N is the loan repayment duration. If you try to do this calculation by yourself then it might take a lot of time or you may get errors in your results. But LIC housing loan interest rate calculator without making any errors gives you the approx. loan EMIs.
For example, if you want to borrow a loan amount of INR 10 lakh with a loan repayment duration of 20 months on 8.99% LIC home loan interest rates. At that time you should use the LIC housing loan interest rate calculator which could give the EMI of your LIC home loan INR 8,991 with a total payable interest rate of INR 11 lakh.
Choose LIC home loans to get low-interest rates and effective services
You can visit your nearest LIC branch or can apply for the loan through LIC online services. The customer just needs to submit some common KYC documents like Aadhaar card, PAN card, etc. income documents and address proof for the loan verification. You also have to pay the applicable processing fees and other charges for the loan approval. The LIC home loan interest rates are starting from 8.65% and to find the total payable interest rate for the loan amount you can use the EMI calculator. Easily pay your LIC home loan EMIs through electronic clearing system (ECS) or auto-debit method.