LIC Home Loan EMI Calculator

Life Insurance Corporation (LIC) is a leading financial service provider in India, and one of the popular services it offers is home loans starting at an interest rate of 8.50% per annum. LIC Housing Finance Company offers home loans for up to 30 years with easy EMI options. Borrowers can easily calculate the Equated Monthly Installments or EMI for an LIC home loan using the LIC EMI calculator, which serves as a convenient resource offering a quick and precise overview of potential monthly financial commitments. All one needs is to input details like the tenure, interest rate, and loan amount to estimate monthly EMI using the online LIC Home Loan EMI Calculator. Let us understand all about how to use the LIC housing loan calculator, its benefits, and much more.

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate LIC Home Loan EMI?

The LIC EMI calculator allows borrowers to plan their monthly expenses in a better way. As mentioned, one can calculate home loan EMI using a simple formula with key factors like the number of repayment installments, home loan interest rate, and the principal loan amount.

LIC Home Loan EMI Calculator Formula

The primary purpose of using the LIC Housing Finance calculator online is to get an idea of what amount a borrower needs to pay each month to repay the loan amount and the interest accrued. The LIC Housing Finance calculation formula to get an estimated monthly EMI is mentioned below for your reference:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

In the above formula:

  • P stands for the Principal Amount
  • R stands for the Rate of Interest
  • N stands for the Number of Monthly Repayment Instalments 

Factors Affecting LIC Home Loan EMI

Several factors might affect an LIC home loan EMI, but here we will acquaint you with the three main LIC home loan criteria that can influence your monthly installments, and they are:

  • Interest Rate: The prime factor to impact a home loan's EMI is its interest rate. The higher the interest rate on a home loan, the higher the EMI for it. 
  • Tenure: The repayment period, loan duration, or loan tenure, whatever you may call it, has a direct impact on the home loan EMI. Longer tenures mean lower EMIs and vice-versa. 
  • Principal Amount: The home loan EMI result that gets reflected on the online EMI tool is always proportionate to the loan amount. The higher the loan amount, the higher would be the EMI installment for it.

Benefits of Using LIC Home Loan EMI Calculator

Now that you know how to calculate the LIC Housing Finance EMI using the online EMI calculator, it is time you also understand why you should use it instead of manually calculating it. So, listed below for your reference are the three main benefits of the LIC Housing Finance EMI calculator:

  • Time-Saving: Why waste time calculating the home loan EMI manually when you can do it in seconds using the online EMI calculator available at the official website of the BASIC Home Loan: EMI? It is quicker and helps save a lot of time. 
  • Accurate: It's not just quick; the online LIC home loan EMI calculator is accurate too. There is always a scope for errors in manual EMI calculation, which is not the case when you use the online EMI home loan calculator, which shows accurate results for shorter as well as longer tenures. 
  • Variation Analysis: The best part about using the LIC Housing Finance online EMI calculator is that it allows borrowers to experiment with different loan amounts, interest rates, and tenures. This flexibility of variation analysis helps them compare and choose the best combination that suits their financial capabilities. 

LIC Home Loan Interest Calculator Formula

The LIC Housing Finance home loan interest rate calculator formula focuses specifically on calculating the interest portion of the monthly home loan EMI. The formula for calculating the LIC home loan is as follows:

Total Interest = (P X R X T) / 100

In the above formula:

  • P stands for Principal Amount
  • R stands for the Rate of Interest 
  • T stands for the Time or Tenure in terms of monthly installments

LIC Home Loan Eligibility Criteria

Just like you can ease the stress of calculating home loan EMI using the online EMI calculator tool, you can use the LIC Housing Finance eligibility calculator to check your eligibility for a home loan from LIC HFC. The online home loan eligibility criteria calculator takes into consideration specific data inputs from the borrower, such as the loan amount,  income per month, age, work experience, CIBIL score, existing loan obligations, and the years left for the applicant's retirement.

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Comparison of LIC Home Loan EMI with other Popular Banks

To stay confident about your decision to apply for an LIC Housing Loan, you must compare its EMI with the EMI payable if you choose any other lender. The table given below compares the LIC Housing Finance EMI with 5 prominent banks and NBFCs for a 10-year tenure:

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
LIC Housing Finance 8.5% p.a. onwards Rs. 12,399 Rs. 24,797 Rs. 37,196 Rs. 49,594 Rs. 61,993
Bank of India 8.40% p.a. onwards Rs. 12,345 Rs. 24,690 Rs. 37,035 Rs. 49,381 Rs. 61,726
HDFC Bank 8.5% p.a. onwards Rs. 12,399 Rs. 24,797 Rs. 37,196 Rs. 49,594 Rs. 61,993
Tata Capital 8.70% p.a. onwards Rs. 12,506 Rs. 25,012 Rs. 37,517 Rs. 50,023 Rs. 62,529
Cholamandalam Home Loan 9.00% p.a. onwards Rs. 12,668 Rs. 25,335 Rs. 38,003 Rs. 50,670 Rs. 63,338
Aditya Birla Housing Finance 8.85% p.a. onwards Rs. 12,587 Rs. 25,173 Rs. 37,760 Rs. 50,346 Rs. 62,933
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LIC Home Loan Amortization Schedule

Another important thing to note before applying for a home loan from LIC HFC is its amortization schedule. LIC Home Loan Amortisation Schedule is a table outlining the periodic payments payable by the borrower throughout the tenure to repay the loan amount. It is through the home loan amortization schedule that a borrower can easily understand the monthly payment for a home loan.

Steps to Calculate LIC Home Loan Amortized Interest

Step 1: Divide your LIC home loan interest rate by the total number of EMIs you will make in a year. For instance, 10% p.a. and you make monthly payments, then you would divide 10% by 12 = 0.0083

Step 2: Multiply the number you got in Step 1 with your outstanding loan and you will get the monthly interest payable. For instance, if your loan balance is Rs. 3,500,000, your first month's interest would be 3,500,000 x 0.0083 = Rs. 29,050

Step 3: Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 41,345, you will pay Rs. 41,345 - Rs. 29,050 = Rs. 12,295 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month.

Step 4: Continue repeating these steps to calculate the interest, principal, and outstanding loan balance for each month.

The table displayed below will give you an idea of LIC Home Loan Amortization Schedule 2024:
Year/Month Principal Amount Interest Loan EMI
2024 Rs.180,986.76 Rs.425,805.24 Rs. 5,181,170.00 Rs. 606,792.00
1st Month Rs. 14,513.69 Rs. 36,052.31 Rs. 5,181,170.00 Rs. 50,566
2nd Month Rs. 14,614.68 Rs. 35,951.32 Rs. 5,166,656.31 Rs. 50,566
3rd Month Rs. 14,716.38 Rs. 35,849.62 Rs. 5,152,041.63 Rs. 50,566
4th Month Rs. 14,818.78 Rs. 35,747.22 Rs. 5,137,325.25 Rs. 50,566
5th Month Rs. 14,921.89 Rs. 35,644.11 Rs. 5,122,506.47 Rs. 50,566
6th Month Rs. 15,025.72 Rs. 35,540.28 Rs. 5,107,584.58 Rs. 50,566
7th Month Rs. 15,130.28 Rs. 35,435.72 Rs. 5,092,558.86 Rs. 50,566
8th Month Rs. 15,235.56 Rs. 35,330.44 Rs. 5,077,428.58 Rs. 50,566
9th Month Rs. 15,341.57 Rs. 35,224.43 Rs. 5,062,193.02 Rs. 50,566
10th Month Rs. 15,448.33 Rs. 35,117.67 Rs. 5,046,851.45 Rs. 50,566
11th Month Rs. 15,555.82 Rs. 35,010.18 Rs. 5,031,403.12 Rs. 50,566
12th Month Rs. 15,664.06 Rs. 34,901.94 Rs. 5,015,847.30 Rs. 50,566
Disclaimer: The table gives an approximate idea of the monthly EMI for a loan amount of Rs. 5,181,170 availed at an interest rate of 8.35% p.a., for a loan tenure of 15 years. The EMI is subject to variation depending on various factors such as loan tenure, interest rate, and repayment capacity of the borrower.


Home loan EMI for a prepayment depends on why the loan was prepaid. Whether it is for reducing the EMI installment or cutting the interest cost. In the former case, you can keep the tenure constant when calculating the EMI. In the latter case, you can keep the EMI constant, while reducing the tenure. 

It depends on whether the borrower has opted for a fixed or floater rate basis home loan. For fixed-rate loans, the EMI will remain constant throughout the tenure, whereas, for floater-rate loans, the EMI is subject to change based on the fluctuations in the market interest rates.

To pay your LIC HFL home loan EMI online, you can log in to the official website and pay online using net banking, NEFT, Paytm, or UPI.

Those who miss the LIC home loan EMI will need to pay a late payment fee of up to 2% of the EMI installment per month.

The LIC Home Loan EMI Calculator is 100% accurate, but make sure to enter the correct values when calculating the EMI using this tool. 

The three main details required for using the LIC Housing Finance EMI calculator to get the EMI amount are:

  • Rate of Interest
  • Loan Tenure
  • Principal Loan Amount

The maximum tenure on the LIC HFL EMI Calculator is 300 months. 

The starting interest rate value on the LIC Housing Finance EMI calculator is 5%, and it goes up to 100% to help borrowers check the home loan interest rate and its respective EMI.