A home loan is a secured loan obtained from a financial institution for the purchase of a residence. When we want to purchase a ready-to-move-in house or apartment, as well as one that is still being built, we can avail of home loans. variable interest rates are charged to offer home loans by Banks and non-banking financial companies (NBFCs). Life Insurance Corporation (LIC) of India is an Indian from LIC Housing Finance is very easy you just need to online visit their website click on home loan and fill in every detail asked and existing customers are eligible for pre-approved loans based on their salary and credit score. LIC home loan calculator service is also available on their site which helps the loan takers to calculate the amount of EMI to be given and the tenure period. The cost of homes is very high as compared to the salary people make. There is a very smaller number of people who can pay for a home in full on their own while other people need the help of home loans to buy their dream home
How LIC home loan calculator is useful?
A home loan is typically a fairly big sum borrowed from the bank. The EMI will also be significant, so you should always consider how much loan you want, what interest rate you are willing to pay, and how long you want to pay. The LIC Home Loan calculator helps you to determine the proper loan amount, interest rate, and repayment period. You may have a loan amount, interest rate, and term in your mind, but you may be confused by the EMI you pay after it is calculated.
To know how much, you will have to pay as EMI for the home loan from LIC, first visit the official website of the LIC. Click on the ‘Tools and Calculators’ page where there is an option for ‘Home Loan EMI Calculator’. After clicking on the page, there are three fields where you need to enter the following details:
1) Loan Amount,
2) Interest Rate and
3) Tenure in years.
After entering all the necessary details in the LIC home loan calculator, the calculator automatically calculates the loan EMI amount that is needed to be paid and the result is shown on the same page. It is a very quick service; it takes less than a minute to check the EMI amount against the home loan to be taken.
Advantage –
There are many advantages of the LIC home loan calculator, it has been a life-changing invention. Manually is time-consuming to calculate the EMI for the home loan. But the EMI calculator will always generate the result in less than a minute and it is easier to calculate your housing loan EMIs. This helps in getting the details of interest to be paid as per the tenure and the amount of the loan. After all the pieces of information, you will be able to take an informed credit decision on your own. Basically, it helps in negotiation with the lender and settlement for a better interest rate. LIC home loan calculator avoids the risk of mistakes. The manual calculation has a risk of calculation mistakes, but the result provided by the online EMI calculator is perfect, accurate, and quick. The tool can be used for various loan amounts, tenure, and interest rates, and the results are given accordingly.
So, future home loan takers or borrowers from LIC must know how to use the LIC home loan calculator to make a rational decision on taking a home loan.
