Use Home Loan Calculator LIC HFL to Get an Idea of Repayment in Advance

LIC Housing Finance Limited is one of the most trustworthy housing finance companies in India. The fact that LIC HFL disburses loans for several purposes such as purchase, construction, renovation and extension of homes makes it an exciting prospect for customers. What also counts for LIC HFL is the quantum of loan it disburses to applicants. As much as 75%-80% of the property cost can be financed from the housing finance firm as a loan. While the salaried can get a maximum of 30 years to repay the debt, self-employed would need to do so over a period of up to 20 years. However, you must look at Home Loan Calculator LIC HFL as it is vital to ensure you don’t face any issue by the time the loan repayment kicks off. Let’s check out the function of the calculator here.

How Does the LIC HFL Home Loan Calculator Work?

There are different home loan calculators that you must use to get an idea of the expected loan amount, EMI and interest outgo, etc. These calculators come with specific names - home loan eligibility calculator and home loan EMI calculator.

The eligibility calculator tells the loan you can expect to receive, based on your earnings, expenses and overall liabilities, if any. You can thus enter your income, expenses, the company you work at and also the EMI you can set aside for loan repayment in the calculator. The calculator would use its algorithm to figure out the loan amount.

Greater earnings would most probably enhance your repayment potential, particularly if you’re not servicing any debt, be it a loan or credit card. This could result in more loan. The otherwise limited income can cut short the repayment capabilities to a certain extent.

The EMI calculator is a tool by which you can compute the installments combining a portion of both interest and principal towards a home loan. You just need to enter the loan amount, interest rate and tenure in the calculator, which would then show the Equated Monthly Installment (EMI) and the overall interest you are likely to pay over the loan period.

LIC Home Loan Interest Rate to Impact the Amortization Schedule

LIC Home Loan Interest Rate, which ranges from 8.95%-9.15% per annum, decides greatly the repayment liability you face. As the home loan is mostly given on a floating basis, the interest rate would change based on the fluctuation in market conditions. Even though the EMI remains constant, the principal and interest portion can change over the years because of the variation in interest rates that can be the case from time to time.

How to Apply for LIC HFL Home Loan?

You can apply for a home loan at LIC HFL online or at the nearest branch of the housing finance company. Both the online and offline application would require submitting the necessary personal and job details. These details need to be filled properly before getting an in-principle approval. The next up is the list of documents that you need to submit to LIC Housing Finance official who would either come to your office or residence to pick up those documents. After the lender finds your candidature genuine by checking your documents, it would give the final approval.