1. What is LIC HFL Part Payment Tenure Calculation?

The LIC HFL (Housing Finance Limited) Part Payment Tenure Calculator helps determine how making a partial payment affects your loan tenure. It calculates the reduced tenure after accounting for your part payment amount.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Original Loan Amount — Total loan amount sanctioned
• Part Payment — Lump sum payment made towards principal
• Monthly EMI — Current Equated Monthly Installment

Explanation: The calculation shows how many months of EMI would be needed to repay the remaining principal after the part payment.

3. Importance of Tenure Calculation

Details: Knowing your revised tenure helps in financial planning and understanding the impact of part payments on your loan repayment schedule.

4. Using the Calculator

Tips: Enter the original loan amount, part payment amount, and current monthly EMI. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Does part payment reduce EMI or tenure?
A: This calculator assumes EMI remains the same and tenure reduces. Some lenders may offer options to reduce EMI instead.

Q2: Are there prepayment charges on part payments?
A: LIC HFL may charge prepayment penalties; check your loan agreement for specific terms.

Q3: How often can I make part payments?
A: This depends on your loan terms with LIC HFL. Some loans allow multiple part payments, others may have restrictions.

Q4: Does this calculation account for interest?
A: This is a simplified calculation. For precise figures, consult your lender as interest calculations may vary.

Q5: Can I use this for other lenders?
A: The basic principle applies to most loans, but specific terms may vary by lender.