Facts You Should Know About LIC Home Loan Calculator

When it comes to buying a dream home, it would not be wrong to say that different individuals have different needs. Some prefer to live a luxurious life so buy a beautiful, big home whereas others simply want a comfort and simple living, hence buy a small home. However, one thing that also needs to be mentioned here is the fact that money also plays a vital role here. The more money you have, the bigger and better house you proudly own. But, what about those who don’t have enough cash or savings to own a big house. Afterall, every individual wants to live in a beautiful and big home but due to lack of funds some people don’t make it happen. But, don’t be disheartened as for them there is one smart and perfect solution. Yes, you read that right! Availing a home loan is no doubt an ideal option for those who are falling short of funds/cash to buy their dream home. Now, if we are talking about availing this credit facility, there are certain key factors that you always need to keep in mind.

Yes, apart from keep an eye on the interest rate, it is the LIC Home loan calculator you should be aware of the same so as to have a smooth and hassle-free loan journey. Yes, an EMI calculator is one such effective and smart device that helps in taking you the decision of availing a loan. Well, you can say that it is your perfect partner or companion that never lets you down when you are in need. It solves all your worries and problems in the least time frame and ensures that you get the results in the best possible way. However, to have a better understanding on the same, let’s just dig more about this topic in the article further and discuss more about it below…

We all give attention to the interest rates, believing that it is an important parameter of the loan. Indeed it is, there is no doubt in that, but there are other parameters as well which are equally important to help in realizing your dreams. And, and EMI calculator is one such helpful or you can say a life savior tool that allows you to live a tension-free life by answering all your questions. This smart device works on one simple algorithm, i.e. you provide data and it will fetch the results for you in few seconds. This machine works or functions when you the user feed the credential into the device. Now, what are these credentials? Just read the article below to find out.

It is your very own the Loan Amount, Home loan Interest Rate and Tenure. With these credentials you can easily know the exact amount of your EMIs, interest outgo and total amount payable. The moment you feed these details into the tool, it will fetch the results for you in the least time frame. The algorithm of this device has been designed in such a manner that it will give you the results in just few seconds. And, not to forget it comes with a lot of ease and comfort, hence has become the favorite of many. Earlier people used to do the calculations with a formula which is so complex and time-taking that it was a complete mess for the people then to churn out the results. But, with change in times the things have also changed and with the availability of this smart device it is no more a problem for you to know whether your monthly installments are pocket-friendly or not.  

Suppose, Rakhi Kapoor is looking to avail a home loan of 30 Lakh for a tenure of 25 years at an interest rate of 8.40% per annum from the LIC. But before saying yes to the lender, she wants to know what would be her EMIs and interest outgo? Hence, to know the same, she used the LIC home loan calculator so that to decide whether the monthly amount is pocket-friendly for her or not. So, the calculator churns out the results:

EMI:23,955

Interest Outgo:41,86,494

Total AMount Payable: 71,86,494

After seeing the results it would be easier for her to decide whether to take that offer or not. And this all can happen only with this smart EMI Calculator.

   

 

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