Although it is essential to buy an insurance cover while taking a loan you are under no obligation to do so, not from any bank nor non-banking finance company. “It is not mandatory to purchase home loan protection plans.
Just so, can I increase my EMI of home loan Lichfl?
LIC Home Loan EMI Increase
There is an option to increase EMIs of your loan after continuing for the minimum tenure. If you have continued payments for the minimum tenure without any defaults and are sure of increasing your EMIs, you can go for it.
In this way, how can I reduce my lic home loan tenure?
Tips to reduce Home Loan EMI
- Extended Tenure. …
- Pay extra amount at least once in a year. …
- Increase the amount of EMIs yearly. …
- Apply both above options. …
- Renegotiate the rate of interest. …
- Rate of Interest. …
- Tenure. …
How is EMI calculated for insurance?
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
The bank uses the latest interest rate to calculate this. So if your monthly net savings is Rs 12,600, the bank assumes that that is the amount available to pay off the EMI. If the prevailing interest rate is 10 per cent and you have applied for a loan tenure of 10 years, you will be eligible for a loan of Rs 9.5 lakh.
How Much Home Loan Can I Get?
|Net Monthly Income (₹)||Loan Amount (₹)|
|₹ 30,000||₹ 17,09,806|
|₹ 35,000||₹ 20,46,586|
|₹ 40,000||₹ 23,83,366|
|₹ 50,000||₹ 30,56,926|
55,000 Monthly Salary. If your monthly income is Rs. 55,000 net, your Home Loan EMI can be a maximum of Rs. 22,500, as per the 50% rule.
SBI Home Loan Eligibility Based on Salary
|Monthly Income||Loan Amount|
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
The RBI rules for home loan insurance also stipulate that it is not compulsory for home loan customers to purchase insurance from their lenders.
Home Loan EMI calculator is a basic calculator that helps you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate.
20 Lakh Home Loan Interest Rates 2021
|Monthly Payment (EMI)||Total Interest Payable in 20 years||Total Payment (Principal + Interest) after 20 years for 20 Lakh of loan amount|
|Rs. 15,267||Rs. 16,64,030||Rs. 36,64,030|
LIC offers around 10-12% interest rate for a loan against their policy. The loan against LIC Policy is disbursed comparatively faster as there is no complicated paperwork required. An individual can get the loan amount within a period of just 3-5 days.