Is insurance mandatory for LIC Home Loan?

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.

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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.

Consequently, how are loan installments calculated? USING MATHEMATICAL FORMULA

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

In this way, how can I reduce my lic home loan tenure?

Tips to reduce Home Loan EMI

  1. Extended Tenure. …
  2. Pay extra amount at least once in a year. …
  3. Increase the amount of EMIs yearly. …
  4. Apply both above options. …
  5. Renegotiate the rate of interest. …
  6. Rate of Interest. …
  7. Tenure. …
  8. Prepayment.

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.

How is loan amount calculated?

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 if my salary is 35000?

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

How much home loan can I get if my salary is 55000?

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.

How much home loan can I get if my salary is 65000?

SBI Home Loan Eligibility Based on Salary

Monthly Income Loan Amount
Rs. 50,000 Rs.33,99,059
Rs. 55,000 Rs.41,54,405
Rs. 60,000 Rs.45,32,079
Rs. 65,000 Rs.49,09,752

How much housing loan can I get on 25000 salary?

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.)

Is property insurance mandatory for home loan as per RBI?

The RBI rules for home loan insurance also stipulate that it is not compulsory for home loan customers to purchase insurance from their lenders.

What is a EMI calculator?

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.

What is the EMI for 20 lakhs home loan?

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

What is the interest rate on LIC policy loan?

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.

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