Frequently Asked Questions About LIC Home Loan EMI Calculator
How accurate is the LIC Home Loan EMI Calculator?
Our EMI calculator uses the exact formula employed by LIC Housing Finance, providing highly accurate results. The calculator considers principal amount, interest rate, and loan tenure to give you precise EMI calculations. However, the final EMI might vary slightly based on additional charges, processing fees, and insurance premiums.
What factors affect my home loan EMI?
Several key factors influence your EMI amount:
- Principal loan amount - Higher loan amount means higher EMI
- Interest rate - Higher interest rates increase EMI
- Loan tenure - Longer tenure reduces EMI but increases total interest
- Credit score - Better score might get you lower interest rates
- Down payment - Higher down payment reduces loan amount and EMI
Can I reduce my EMI amount?
Yes, you can reduce your EMI through several methods:
- Make a larger down payment
- Opt for a longer loan tenure
- Transfer your loan to a lower interest rate
- Make partial prepayments when possible
- Improve your credit score for better interest rates
What documents are required for LIC Home Loan?
Common documents required include:
- Identity proof (Aadhaar, PAN, Passport)
- Address proof (Utility bills, Passport)
- Income proof (Salary slips, Form 16, ITR)
- Bank statements (Last 6 months)
- Property documents
How is the interest calculated in EMI?
LIC Housing Finance uses reducing balance method for interest calculation. This means the interest is calculated on the outstanding principal amount, which reduces with each EMI payment. The EMI remains constant, but the proportion of principal and interest components changes over time.
Can I make prepayment to my home loan?
Yes, LIC Housing Finance allows prepayment of home loans. For floating rate home loans, there are usually no prepayment charges. However, for fixed rate loans, certain charges might apply. Using our calculator, you can also analyze how prepayment affects your loan tenure and interest savings.
What is the maximum loan tenure offered by LIC Housing?
LIC Housing Finance offers home loans with tenure up to 30 years, subject to the borrower's age at loan maturity not exceeding 70 years for salaried and 75 years for self-employed individuals.
How do I download my amortization schedule?
After calculating your EMI:
- Click on 'Repayment Schedule' button
- View your complete year-wise repayment plan
- Use the 'Download' or 'Print' option
- Choose PDF or Excel format as needed